TIDMBPFU
REGULATORY ANNOUNCEMENT
Blue Planet Financials Growth & Income Investment Trusts No 1-10 plc
Half Yearly Report and Accounts
For the six months ended 30 September 2011
Blue Planet
Financials Growth and Income Investment Trusts plc
Blue Planet Financials Growth and Income Investment Trust No 1 plc
(Registered Number 162796)
Blue Planet Financials Growth and Income Investment Trust No 2 plc
(Registered Number 162797)
Blue Planet Financials Growth and Income Investment Trust No 3 plc
(Registered Number 162798)
Blue Planet Financials Growth and Income Investment Trust No 4 plc
(Registered Number 162799)
Blue Planet Financials Growth and Income Investment Trust No 5 plc
(Registered Number 162800)
Blue Planet Financials Growth and Income Investment Trust No 6 plc
(Registered Number 162801)
Blue Planet Financials Growth and Income Investment Trust No 7 plc
(Registered Number 162802)
Blue Planet Financials Growth and Income Investment Trust No 8 plc
(Registered Number 162803)
Blue Planet Financials Growth and Income Investment Trust No 9 plc
(Registered Number 162804)
Blue Planet Financials Growth and Income Investment Trust No 10 plc
(Registered Number 162805)
Each of the above named investment trusts is a separate limited company
registered in Scotland, but otherwise they are to all intents and purposes
identical. The information contained in this Half Yearly Report and Accounts,
including the financial statements, applies equally to each of the ten Blue
Planet Financials Growth and Income Investment Trusts (the "Trusts"), and
reference to the "Company" shall be deemed to be a reference to each of them.
Trading in the shares of the Trusts
The Trusts' shares can be traded in share units on the London Stock Exchange,
under code "BPFU". Each unit comprises 10 shares, 1 in each of the 10 trusts.
It is generally cheaper for investors to trade in the units rather than the
underlying shares.
Officers and Advisors
Directors Investment Manager
Victoria W Killay (Non-Executive Blue Planet Investment Management Ltd
Chairman)
Dean Bucknell (Non-Executive) 18A Locker Street
Glenn Cooper (Non-Executive) - Sliema
resigned on
24 July 2011 Malta SLM 3124
The Rt Hon Lord Steel of Aikwood Telephone No: +356 2131 4309
(Non-Executive) - appointed on 6
September 2011 Facsimile No: + 356 2131 5219
Local call rate from UK: 0845 527
7588
e-mail: info@blueplanet.eu
www.blueplanet.eu
Administrator, Secretary and Registrars
Registered Office
Blue Planet Investment Advisers Ltd Capita Registrars
Greenside House The Registry
25 Greenside Place 34 Beckenham Road
Edinburgh EH1 3AA Beckenham
Telephone No: +44 131 466 6666 Kent BR3 4TU
Facsimile No: + 44 131 466 6677 Shareholder Helpline No: 0871 664
0300 (calls cost 10p per minute plus
e-mail: info@bpia.eu network extras, lines are open 8:30am
- 5:30pm Mon - Fri)
www.bpia.eu
From overseas: +44 208 639 3399
e-mail: ssd@capitaregistrars.com
www.capitaregistrars.com
Chartered Accountants and Statutory Bankers
Auditor
Deloitte LLP Lloyds TSB Bank Plc
Saltire Court 1st Floor
20 Castle Terrace 48 Chiswell Street
Edinburgh EH1 2DB London EC1Y 4XX
Stockbroker Custodians
Fairfax Plc RBC Dexia Investor Services Trust
46 Berkeley Square, Mayfair 71 Queen Victoria Street
London WIJ 5AT London EC4V 4DE
Blue Planet Investment Management Ltd is authorised and regulated by the
Malta Financial Services Authority.
Blue Planet Investment Advisers Ltd is authorised and regulated by the
Financial Services Authority
Blue Planet Financials Growth & Income Investment Trusts No.1-10 plc are
members of the Association of Investment Companies.
Investment Policy and Objectives
The investment policy of the Company is to invest in securities (as defined by
the Financial Services & Markets Act 2000) including equities and debt issued
by quoted financial companies located anywhere in the world with the objective
of providing investors with a total return greater than the Bloomberg World
Financial Index. Not more than 15% of the Company's portfolio may be invested
in any one entity at the time the investment is made. The maximum gearing that
will be employed is set by the Directors from time to time and is currently 50%
of shareholders funds (the Company's Articles permit a maximum gearing of 50%).
The Company's benchmark index is the Bloomberg World Financial Index and there
is no restriction on the amount that may be invested in any one country. The
actual number of investment holdings and sub-sector allocations, the level of
gearing and country allocations will depend on market conditions and the
judgement of the Board of what is in the best interest of shareholders.
Financial Record Six months Six months Year ended
ended ended 31 March
30 September 30 September 2011
2011 2010 (audited)
(unaudited) (unaudited)
Shareholders' funds (GBP'000) 754 1,179 1,070
Net asset value per share (p) 5.52 8.62 7.83
Share price (p) (Bid) 2.80 6.20 4.80
Discount (%) 49.3 28.1 38.7
Gearing (%)* - 48.4 47.2
Return available for shareholders (20) (4) (37)
(GBP'000)
Revenue return per share (p) (0.14) (0.03) (0.27)
Total return per share (p) (2.17) (3.98) (5.21)
Dividend per share (p) - - -
Dividend yield on our shares (%) - - -
Dividend yield on Benchmark Index 3.31 2.44 2.35
(%)
* Net debt as a percentage of shareholders' funds
Dividend
No interim dividend has been declared.
The Investment Manager
Blue Planet Investment Management Ltd (BPIM) is a Malta based investment
management company. It is a totally independent and specialises in managing
investments in financial companies.
BPIM as the Investment Manager of the Company receives an annual fee of 1.50%
per annum of the total assets of the Company which is paid monthly. Mr Dean
Bucknell is a Director of BPIM which is owned by an Employee Trust for the
benefit of its employees. Blue Planet Investment Advisers Ltd provides
administration and secretarial services to the Company at an annual fee of GBP
10,000 per annum. Blue Planet Investment Advisers Ltd also provides an
investment advisory service to BPIM. The investment management, administration
and secretarial services agreements may only be terminated on receipt of two
years' notice.
In addition to Blue Planet Financials Growth & Income Investment Trusts No 1-10
plc, BPIM also manages the Blue Planet International Financials Investment
Trust plc (formerly Blue Planet European Financials Investment Trust plc) and
the Blue Planet Worldwide Financials Investment Trust plc. Details of the Blue
Planet Saving Scheme, investment trusts and other products can be obtained from
the fund administrator and company secretary Blue Planet Investment Advisers
Ltd, Greenside House, 25 Greenside Place, Edinburgh, EH1 3AA (Tel no: +44 131
466 6666), email: info@bpia.eu, website: http://www.bpia.eu.
Website Information
Please take the time to visit our website:
www.blueplanet.eu
If you wish to receive a monthly fact sheet on the trusts please visit:
http://www.blueplanet.eu/blueplanet_downloads.136.html
To download historical Annual and Interim reports and past monthly fund fact
sheets:
http://www.blueplanet.eu/blueplanet_downloads.124.html
To view stock market RNS announcements:
http://www.blueplanet.eu/blueplanet_news.8.html
Interim Management Report
Performance
Over the last few years since the onset of the global financial crisis,
successful investment timing in markets has been a difficult task. Volatility
has been extreme, as a lack of sustained confidence pervades the market. Being
the wrong side of a sudden market plunge, or missing out on a short rally,
which is often snuffed out within days, has a huge impact on performance. An
index can experience movements in excess of 2% in a day, and individual stocks
can amplify that many times over with 10% rises or falls not uncommon. The
peripheral European countries' debt crisis has been the main and continuing
cause of volatility both in 2010 and 2011 and has impacted worldwide markets.
When added to that there have been natural disasters in New Zealand and Japan,
extraordinary political unrest in the Middle East and North Africa, and
fluctuating views on the pace of economic recovery in the US and China,, it is
not surprising that the past six months has been a bumpy ride.
The net asset value ("NAV") of your Fund has regrettably fallen 29.5% in the
last half year, more than the Fund's benchmark index, which has fallen 23.1% in
the same period. The Trust's share price has fallen 41.7% since the year end
and the discount to NAV has widened significantly to 49.3%.
The recent past performance of the Trust has been acutely affected by the
problems that have beset global financial shares. It has also been adversely
affected by its high Total Expense Ratio, which arises because of the small
size of the Fund, and by the high costs of a GBP7.5m fixed rate, fixed term loan.
If these two costs are added together, by the end of the interim period, they
accounted for over 13% of the Fund's total assets. Without these prohibitively
high costs, it can clearly be seen that the Fund would have outperformed,
rather than underperformed its benchmark. The fixed term loan period is due to
end in January 2012. The Directors are addressing the issue of the high Total
Expense Ratio as a top priority.
The details of the current portfolio are outlined below. Its content denotes a
cautious stance. European stock indices have been on a downward trend since
mid-February with the Euro debt crisis. In the last two months these fears have
spread to global stock markets, as, despite continued profit growth in US
corporates and within many emerging markets, fears of a new global recession
have multiplied. Standard & Poors downgrading of the USA's AAA credit rating
after the protracted political wrangling over the US debt ceiling to save it
from a default, precipitated sharp falls. We intend to remain cautious, as the
markets remain very nervous until clarity is achieved on the future of the
Euro-area and its most indebted countries.
Portfolio
At the end of the interim period a year ago the portfolio held short-dated,
higher-yielding corporate bonds. These were redeemed or sold before the end of
2010 and equity investments were increased, as this asset class enjoyed a
strong end to 2010. Thus, at the last year end the portfolio was primarily
invested in equities. During 2011, as we turned more cautious on the outlook
for equity markets, gearing in the fund was reduced to zero, and an emphasis
was placed on increasing the yield in the portfolio, as bonds were
re-introduced and the level of investments in equities was substantially cut.
Equity investments have been retained in a number of well-capitalised and
profitable financial companies in stronger economies and short-term hedging
positions in reverse index trackers were in place. The bonds in the portfolio
are either sterling or US dollar denominated. Cash is held both on deposit and
in liquidity funds, this is mostly in sterling, apart from a Norwegian kroner
term deposit.
Figure 1: Portfolio movements - by security type
Security Type Sep-11 Mar-11
Cash & Liquidity 58.5% 13.2%
Funds
Equities 18.7% 86.8%
Bonds 22.8% -
Total 100.0% 100.0%
Figure 2: Portfolio movements - geographic locations of holdings
Country Sep-11 Mar-11
UK 54.4% 19.6%
Euro-area 12.4% 0.8%
USA 12.3% 34.9%
Norway 10.4% 0.0%
Russia 5.7% 7.2%
Australia 2.8% 0.0%
Switzerland 1.1% 0.0%
Czech Republic 0.9% 0.0%
Rep of Ireland 0.0% 16.4%
India 0.0% 14.5%
Indonesia 0.0% 4.5%
Thailand 0.0% 2.1%
Total 100.0% 100.0%
The largest geographic location for investments at the end of the interim
period was the UK. This is largely due to cash holdings in sterling. Whilst
remaining wary of all the problems facing the UK economy, the Fund held shares
primarily in insurers and asset-managers since the second half of 2010. These
equity holdings were subsequently sold to take profits and the proceeds were
used to purchase bonds, or held as cash. The Fund ended the interim period with
UK investments in a Lloyds TSB and Close Brother Group bonds and small
cross-holdings in the Blue Planet Worldwide Financials Investment Trust and the
Blue Planet International Financials Investment Trust, both of whose NAV values
were at significant premium to their share prices. Immediately following the
half-year end a position in a long-dated corporate bond fund has been added.
Exposure to the Euro-area is currently low, with the nearly half of it
comprising a position in a sterling denominated liquidity fund located in
Luxembourg, and most of the rest comprising short-term positions in reverse
index trackers that were being used as generic market hedges and have since
been removed from the portfolio. We expect to retain a limited exposure to the
Euro-area whilst fiscal concerns persist and depress European financials share
prices. Despite the recent strength of the German economy, full year 2011 GDP
growth will be modest for the EU as a whole, and concerns are rising of a
double dip recession. No holdings remain in Ireland, as the BP Global
Financials hedge fund domiciled in Ireland was redeemed in July 2011.
Outside the Euro-area there is an equity investment in the Czech Republic, a
holding in Komercni Banka owned by Societe Generale. This is a well-run
profitable bank, in one of Eastern Europe's best-managed economies, that also
provides a very good yield. There is also a sterling-denominated bond issued by
the Swiss-based insurer Swiss Life, which has no exposure to the peripheral
Euro-area countries suffering from debt-problems.
Over the last six months equity investments in the US have been concentrated on
the card servicers and asset managers, as card services companies have been
seeing charge-offs falling sharply, and the asset managers have increased
assets under management and grown fee income. These investments have been cut
sharply as the equity component of the portfolio has been reduced. US
investments at the end of the interim period were equity investments in JP
Morgan Chase & Co, Discover Financial Services, KKR & Co and Morgan Stanley.
There is also a holding in a preferred stock exchange-traded-fund and
sterling-denominated bonds issued by AIG and J. P. Morgan. As the third quarter
results are reported, some changes are expected to these holdings.
The outlook for the Nordic economies is far stronger than for most mainland
European economies, especially Norway, whose prudent public finances are the
envy of most economies worldwide. The Fund has some of its cash placed in a
term deposit in Norwegian kroner, which attracts a far better rate of interest
than deposits in sterling.
Russian banks went through a tough year in 2009, as bad debts soared and
profits were largely eaten up by provisioning. The smaller banks in Russia
suffered the most and this has led to a shake-up in the Russian banking sector,
with 100 fewer banks in operation now. The major banks strengthened their
positions and saw profits picking up in 2010. This recovery has been
accelerating in 2011, as demand for loans increases, margins stabilise and
provisions for bad loans are lower. High inflation has been a concern. This has
moderated as the year progresses and the Russian Central Bank has raised
interest rates and has taken steps to return reserve requirement rates for
banks to pre-crisis levels. However banking penetration in Russia is low and as
disposable income increases, retail lending should see strong growth. The Fund
holds equity positions in Russia's largest bank, Sberbank, and a small position
in Bank St Petersburg. It also holds high-yielding, short-dated Eurobonds
denominated in US dollars in three Russian banks - Nomos Bank, Alfa Bank and
Russian Agricultural Bank.
As equity holdings have been reduced during 2011 Indian, Indonesian and Thai
holdings have been sold. All have under-penetrated banking markets. The
valuations of Indian banks are low, and the Indonesian and Thai economies
remain robust through all the turmoil of Western economies. These are countries
which the Fund will undoubtedly return to. The only holding in the Fund in Asia
Pacific at the half-year end was a National Australia Bank bond, denominated in
sterling.
Borrowings, Gearing and Liquidity
Gearing stood at 47.2% at the March 2011 year end, but the level of equity
investments were gradually reduced, with the Fund ending the interim period
ungeared, net of cash.
The Fund has access to an unsecured, sterling, fixed loan of GBP750k per trust (GBP
7.5m across all ten trusts) in place until 23 January 2012. This loan, which is
a fixed loan and would incur breakage charges if repaid, was drawn down at the
end of the interim period.
Dividend
No interim dividend has been declared for the first half of the year.
Investment income is considerably down from the level in the interim period a
year ago and despite administrative and interest expenses being lower the
revenue return per share is sharply negative. The outlook for income for the
remainder of the year is modest, despite the yield from the bonds. Thus it is
unlikely that sufficient income will be available to resume paying a dividend
in 2012. However, once the fixed loan period expires in January 2012, costs
against income will reduce. The Directors appreciate the importance of
dividends to many shareholders and plan to resume dividend payouts as soon as
it is possible to do so.
Risk
Your Company is, and will continue to be, exposed to a number of risks which
are detailed in full in the Investment Managers Report in the Annual Report.
The key market risk arises from the uncertainty regarding the future price
performance of the equities held by your Company. If gearing is employed this
risk is magnified. The Company is invested in a single industry sector. Being
invested in a single sector exposes the Fund to the risk that the Financial
Sector will underperform relative to other sectors of the market.
Nevertheless, the financials sector remains a large part of the market and
constitutes nearly 19% of the Bloomberg World Index. Banks play a crucial and
central role in free market economies, as the response of governments and
central banks to the recent crisis has shown. The prices of the individual
securities in the portfolio are monitored on a daily basis and the Board, which
meets quarterly, imposes borrowing limits to ensure gearing levels are
appropriate to market conditions. When gearing is employed the potential impact
of changes to interest rates is taken into consideration. The securities we buy
and sell are all listed on recognised exchanges and are readily realisable.
The Fund is exposed to currency risk, due to the range of currencies in which
investments are held. A significant proportion of the Company's assets are held
in securities denominated in foreign currencies and movements in these
currencies can significantly affect the total return and net assets. The fund
manager tracks currency movements on a regular basis and hedging is considered
on a case-by-case basis.
Where investments are made in emerging markets there is a risk of higher
volatility in the price performance of these equities and their associated
currencies. Political risk and adverse economic circumstances are more likely
to arise, putting the value of the investment at a higher risk. The
registration and settlement arrangements in emerging markets may be less
developed than in more mature markets so operational risks of investing are
higher.
Going Concern
The Company's business activities, together with the risk factors likely to
affect its future position are set out in this report. The Directors consider
that the Company has adequate financial resources in the form of readily
realisable listed securities, including cash and loan facilities to continue in
operational existence for the foreseeable future. For this reason they continue
to use the going concern basis in preparing the accounts.
Blue Planet Services and Price Information Sources
Shareholders can view the Company's share price and additional information
about the Fund on the website of Blue Planet Investment Management Ltd
(www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com
). To find the Company's share unit price on the London Stock Exchange website
go to the Home page and type "BPFU" in the "Price Search" field.
Blue Planet Investment Advisers Ltd offers a Blue Planet Investment Trust
Savings Scheme via Equiniti Financial Services Limited (on behalf of Lloyds
TSB) to enable lump sum investments or regular savings.
Board Changes
In July 2011 Glen Cooper retired from the Board and I would like to thank him
for his diligent service. In his stead I am very pleased to announce that in
September the Rt Hon Lord Steel of Aikwood was appointed to the Board.
Outlook
Despite the problems the market has faced, company balance sheets have been
strengthened over the past couple of years, as companies learned hard lessons
from the financial crisis that unfolded in 2007 and 2008, and profits, in at
least the first half of the year, have remained strong. European banks alone
have added over EUR270bn of core Tier 1 capital since 2008, which is an increase
of almost 50%. A large number of announced mergers and acquisitions have
highlighted an increased willingness for corporates to buy. Amongst financials,
Santander followed its purchase of a 70% stake in Bank Zachodni in Poland in
2010, with an offer for the remainder of the bank in 2011. Capital One, in
which the Fund is invested, has made two acquisitions this year and Warren
Buffet has recently bought into Bank of America. Financial company's
profitability has been increasing, but valuations are very low. Many insurers
and banks in both the US and Europe have seen their valuations fall to below 1x
tangible book value in August 2011 - the same as they did in the first few
months of 2009. In Europe, bank multiples imply that either earnings in 2012
will be over 50% below current forecasts, if earnings multiples are to approach
average levels, or that there is a great deal of upside for European bank share
prices.
These valuations provide good opportunities for long-term investment, however,
with the current volatility, the Fund will continue to focus on a core of
equities in the better managed economies, as well as high dividend yielding
stocks and fixed income. Ultimately we expect financial markets to recover once
a resolution is found to the Euro-area crisis. Until that time we intend to
maintain a cautious stance.
I would like to thank all shareholders for your continuing support.
Victoria W Killay
Chairman
03 November 2011
Income Statement
For the six months ended 30 For the six months ended 30 For the year ended 31 March
September 2011 September 2010 2011
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP GBP GBP GBP GBP GBP GBP GBP GBP
Capital (losses) /
gains on investment
Net realised losses - (396,101) (396,101) - (299,833) (299,833) - (356,630) (356,630)
Unrealised gains / - 148,979 148,979 - (110,205) (110,205) - (77,874) (77,874)
(losses)
Exchange losses - (30,639) (30,639) - (165,422) (165,422) - (198,533) (198,533)
Net capital losses on - (277,761) (277,761) - (575,460) (575,460) - (633,037) (633,037)
investment
Realised gain on lapsed - - - - 59,713 59,713 - - -
warrants
Income from investments 12,970 - 12,970 32,659 - 32,659 37,533 - 37,533
Bank interest 661 - 661 811 - 811 1,224 - 1,224
receivable
Gross revenue and 13,631 (277,761) (264,130) 33,470 (515,747) (482,277) 38,757 (633,037) (594,280)
capital losses
Administrative expenses (22,456) (6,612) (29,068) (24,870) (10,617) (35,487) (51,466) (17,763) (69,229)
Net return before (8,825) (284,373) (293,198) 8,600 (526,364) (517,764) (12,709) (650,800) (663,509)
interest payable and
taxation
Interest payable (11,115) (11,115) (22,230) (13,015) (13,015) (26,030) (24,385) (24,385) (48,770)
Return on ordinary (19,940) (295,488) (315,428) (4,415) (539,379) (543,794) (37,094) (675,185) (712,279)
activities before
taxation
Taxation on ordinary 407 (415) (8) 853 - 853 579 - 579
activities (note 3)
Return on ordinary (19,533) (295,903) (315,436) (3,562) (539,379) (542,941) (36,515) (675,185) (711,700)
activities after
taxation
Return per ordinary (0.14)p (2.17)p (2.31)p (0.03)p (3.95)p (3.98)p (0.27)p (4.94)p (5.21)p
share (note 4)
The Total column of the income statement represents the profit & loss account
of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
There were no recognised gains and losses other than those disclosed above.
Accordingly a statement of total recognised gains and losses is not required.
Balance Sheet
At 30 At 30 At 31 March
September September 2011
2011 2010 GBP
GBP GBP (audited)
(unaudited) (unaudited)
Fixed assets
Listed equity investments 385,934 1,241,303 1,618,188
Listed non - equity investments 373,067 459,951 -
Current assets 759,001 1,701,254 1,618,188
Debtors 77,199 165,854 35,251
Cash at Bank and in hand 876,285 228,889 245,084
Creditors: amounts falling due within (958,387) (117,417) (828,989)
one year (note 7)
Net current (liabilities) / assets (4,903) 277,326 (548,654)
Total assets less current liabilities 754,098 1,978,580 1,069,534
Creditors: amounts falling due - (800,000) -
after more than one year
Net assets 754,098 1,178,580 1,069,534
Capital and reserves
Called-up share capital 136,677 136,677 136,677
Share premium account 1,180,248 1,180,248 1,180,248
Other reserves
Capital reserve - realised (421,772) 125,082 17,164
Capital reserve - investment holding (103,997) (278,855) (247,030)
losses
Capital redemption reserve 8,450 8,450 8,450
Revenue reserve (45,508) 6,978 (25,975)
Shareholders' funds 754,098 1,178,580 1,069,534
Net asset value per ordinary share 5.52p 8.62p 7.83p
(note 4)
Statement of Directors' responsibilities
The Directors confirm that this set of condensed financial statements has been
prepared in accordance with the ASB's Statement " Half Yearly Financial
Reports" and that the interim management report herein includes a fair review
of the information required by DTR 4.2.7 and DTR 4.2.8.
On behalf of the Board
Victoria W Killay
Chairman
03 November 2011
Cash Flow Statement
For the six For the six For the year
months months ended ended
ended 30 September 31 March
30 September 2010 2011
2011 GBP GBP
GBP (unaudited) (audited)
(unaudited)
Operating activities
Investment income received 10,099 20,706 32,627
Interest received 161 810 1,224
Investment management and (18,450) (26,986) (46,580)
administration fees paid
Cash paid to and on behalf of (1,920) (2,071) (4,465)
directors
Other cash payments (14,950) (13,741) (20,092)
Exchange differences on foreign (23,695) (165,422) (198,533)
currency cash balances
Net cash outflow from operating (48,755) (186,704) (235,819)
activities (note 6)
Servicing of finance
Interest paid (22,044) (25,837) (48,640)
Taxation
Taxation recovered 1,187 2,723 3,793
Capital expenditure and financial
investment
Purchase of investments (3,535,522) (7,576,097) (10,507,374)
Sale of investments 4,243,279 6,628,986 9,647,305
Cash inflow / (outflow) before financ 638,145 (1,156,929) (1,140,735)
ing
Management of liquid resources
Cash placed on deposit (177,605) - -
Financing
Proceeds from share issue - 560 560
Increase / (decrease) in cash 460,540 (1,156,369) (1,140,175)
Reconciliation of Movements in Shareholders' Funds
Capital
reserve-
Capital Capital investment Total
Share Share redemption reserve- holding Warrant Revenue shareholders'
capital premium reserve realised losses reserve reserve funds
GBP GBP GBP GBP GBP GBP GBP GBP
For the six months
ended 30 September 2011
(unaudited)
Shareholders' funds at 136,677 1,180,248 8,450 17,164 (247,030) - (25,975) 1,069,534
1 April 2011
Return on ordinary - - - (438,936) 143,033 - (19,533) (315,436)
activities after
taxation
Shareholders' funds at 136,677 1,180,248 8,450 (421,772) (103,997) - (45,508) 754,098
30 September 2011
For the six months
ended 30 September 2010
(unaudited)
Shareholders' funds at 136,621 1,179,611 8,450 552,835 (167,229) 59,846 10,540 1,780,674
1 April 2010
Proceeds of share issue 56 504 - - - - - 560
Transfer from warrant - 133 - - - (133) - -
reserve
Realised gain on lapsed - - - 59,713 - (59,713) - -
warrants
Return on ordinary - - - (487,466) (111,626) - (3,562) (602,654)
activities after
taxation
Shareholders' funds at 136,677 1,180,248 8,450 125,082 (278,855) - 6,978 1,178,580
30 September 2010
For the year ended 31
March 2011 (audited)
Shareholders' funds at 136,621 1,179,611 8,450 552,835 (167,229) 59,846 10,540 1,780,674
1 April 2010
Proceeds of share issue 56 504 - - - - - 560
Transfer from warrant - 133 - 59,713 - (59,846) - -
reserve
Return on ordinary - - - (595,384) (79,801) - (36,515) (711,700)
activities after
taxation
Shareholders' funds at 136,677 1,180,248 8,450 17,164 (247,030) - (25,975) 1,069,534
31 March 2011
Notes
1. The financial statements for the six months to 30 September 2011 have been
prepared on the basis of the accounting policies set out in the Company's
Annual Reports and Accounts as at 31 March 2011 and in accordance with the
statement on half year financial reports issued by the ASB and applicable
UK law and accounting standards.
2. All expenses are charged to the revenue account with the exception of
management fees and interest charges on borrowings, one half of which less
the appropriate tax relief is charged to capital.
3. The taxation charge arises from overseas withholding tax on investment
income and overseas capital gains tax on sale of investments.
4. The return per ordinary share is based upon the following figures:
30 Sept 2011 30 Sept 2010 31 Mar 2011
(unaudited) (unaudited) (audited)
Revenue return (GBP) (19,533) (3,562) (36,515)
Capital return (GBP) (295,903) (539,379) (675,185)
Weighted average number of ordinary shares 13,667,700 13,663,977 13,667,700
in issue during the period
The net asset value per ordinary share is calculated on 13,667,700 ordinary
shares in issue at the end of the period.
5. No interim dividend is proposed.
6. Cash Flow Statement
Reconciliation of net revenue return to net 30 Sept 30 Sept 31 Mar
cash outflow from operating activities 2011 2010 2011
GBP GBP GBP
(unaudited) (unaudited) (audited)
Net return before interest payable and (8,825) 8,600 (12,709)
taxation
Administrative expenses charged to capital (6,612) (10,617) (17,763)
Increase in other debtors (7,155) (13,925) (1,730)
Decrease in other creditors (1,334) (2,439) (1,899)
Tax suffered on investment income (1,134) (2,901) (3,185)
Exchange differences on foreign currency (23,695) (165,422) (198,533)
cash balances
Net cash outflow from operating activities (48,755) (186,704) (235,819)
Reconciliation of net cash flow to movement 30 Sept 30 Sept 31 Mar
in net funds / (debt) 2011 2010 2011
GBP GBP GBP
(unaudited) (unaudited) (audited)
Increase / (decrease) in cash balances 460,540 (1,156,369) (1,140,175)
Increase in cash on deposit 177,605 - -
Changes in net funds / (debt) resulting from 638,145 (1,156,369) (1,140,175)
cash flows
Exchange differences (6,944) - -
Movement in net funds / (debt) in the period 631,201 (1,156,369) (1,140,175)
7. Creditors falling due within one year include bank loans which are subject
to a covenant which sets a maximum gearing threshold. Details of the loans
outstanding at 30 September 2011 were as follows:
Amount (GBP) Interest Rate Repayment Date
(%)
Sterling loan 750,000 5.99 23 January 2012
8. At 30 September 2011 the Company had authority to buy back 2,049,000 of its
own shares in accordance with the authority granted at the Annual General
Meeting on 4 August 2011. No shares were bought back during the period under
review
9. The figures and financial information for the year ended 31 March 2011 are
extracted from the latest published accounts of the Company and do not
constitute statutory accounts for the period as defined in section 434 of the
Companies Act 2006. Those accounts have been delivered to the Registrar of
Companies and include the report of the auditors which was unqualified and did
not contain a statement either under section 498(2) or 498(3) of the Companies
Act 2006. The half yearly Report and Accounts have not been audited or reviewed
by the Company's Auditors.
Portfolio Information
As at 30 September 2011 Country Valuation % of
Name Portfolio
(GBP)
Equities
80,000 JPM Sterling Liquidity Luxembourg 80,000 4.9
Institutional Distribution Fund
34,037 Henderson UK & Europe Long Dated United 50,850 3.1
Credit Fund Kingdom
832 Lyxor ETF XBear CAC 40 France 38,761 2.4
908 Lyxor ETF XBear FTSE/MIB Italy 38,473 2.4
99,050 Blue Planet Worldwide Financials United 28,725 1.8
Investment Trust plc Kingdom
18,144 Sberbank Russia 25,401 1.6
1,137 JP Morgan Chase & Co United 21,893 1.3
States
1,444 Discover Financial Services United 21,178 1.3
States
931 iShares S&P U.S. Preferred Stock United 20,949 1.3
Index States
120 Komercni Banka A.S. Czech 14,237 0.9
Republic
1,102 Lyxor ETF STOXX Europe 600 France 11,954 0.7
Insurance
43,893 Blue Planet International United 10,534 0.6
Financials Investment Trust plc Kingdom
5,215 Bank St. Petersburg Russia 8,612 0.5
1,095 KKR & Co. L.P. United 7,278 0.4
States
781 Morgan Stanley United 6,738 0.4
States
90 Bank of America Corp United 351 0.0
States
385,934 23.6
Debt
Securities
87,800 Lloyds TSB Bank plc 6.625% 03/15 United 83,044 5.1
Kingdom
71,000 ASIF III Jersey Ltd 5.375% 10/16 Jersey 70,152 4.3
50,000 Close Brothers Group plc 6.5% 02/ United 50,309 3.1
17 Kingdom
46,000 JP Morgan Chase & Co 4.25% 01/17 United 46,478 2.8
States
46,000 National Australia Bank 3.625% 11 Australia 44,991 2.8
/17
49,400 Nomos Bank 6.5% 10/13 Russia 30,167 1.8
25,000 Swiss Re Co Ltd 6.3024% 03/49 Switzerland 18,047 1.1
26,500 ABH Financial Ltd 8.2% 06/12 Russia 16,941 1.0
19,800 RSHB Capital S.A. 7.175% 05/13 Russia 12,938 0.8
373,067 22.8
Listed 759,001 46.4
Investments
Cash 876,285 53.6
Total 1,635,286 100.0
END
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