TIDMBPW
Officers and Advisors
Directors Investment Manager
Philip Court (Non-Executive Chairman)Blue Planet Investment Management Ltd
D Christopher Jones (Non-Executive)18A Locker Street
Kenneth C Murray (Non-Executive)Sliema
Malta SLM 3124
Telephone No: +356 2131 4309
UK local call rate 0845 527 7588
Facsimile No: + 356 2131 5219
e-mail: info@blueplanet.eu
www.blueplanet.eu
Secretary and Registered Office Registrars
Blue Planet Investment Advisers LtdCapita Registrars
Greenside House Northern House
25 Greenside Place Woodsome Park
Edinburgh EH1 3AA Fenay Bridge
Telephone No: +44 131 466 6666 Huddersfield HD8 0LA
Facsimile No: +44 131 466 6677 Shareholder Helpline No. 0 871 664 0300 (calls cost 10p per minute
e-mail: info@bpia.eu + network extras)
www.bpia.eu Overseas +44 208 639 3399
e-mail: ssd@capitaregistrars.com
www.capitaregistrars.com
Capita Registrars
Auditors Bankers
Deloitte & Touche LLP Lloyds TSB Scotland Plc
Saltire Court Henry Duncan House
20 Castle Terrace 120 George Street
Edinburgh EH1 2DB Edinburgh EH2 4LH
Stockbroker Custodians
Fairfax Plc RBC Dexia Investor Services Trust
46 Berkeley Square 71 Queen Victoria Street
Mayfair London EC4V 4DE
London W1J 5AT
Registered Number
SC177928
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 Worldwide Financials Investment Trust plc is a member of the Association of Investment Companies.
Financial Record
Investment Policy and Objective
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 high rate of total return. Not more than 15% of the Company's portfolio may be invested in
any one company at the time the investment is made. The maximum gearing 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 75%). The company's
benchmark index is the Bloomberg World Financials Index and there is no restriction on the amount that may be invested
in any one country. The actual number of investment holdings, 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 ended Year ended
ended 31 January 2008 31 July 2008
31 January 2009
Shareholders' funds (GBP'000) 8,499 25,261 18,389
Net asset value per share (p) 60.38 176.82 129.52
Share price (p) (Bid) 35.00 135.00 107.00
Discount (%) 42.0 23.7 17.4
Gearing (%)* 6.8 - 26.3
Revenue available for shareholders (GBP'000)** (31) (101) 600
Revenue return per share (p) (0.22) (0.70) 4.20
Total return per share (p) (66.04) (39.93) (87.45)
Dividend per share(p) - - 3.22
Dividend yield on our shares (%) - - 3.00
Dividend yield on BBG World Financial Index (%) 6.20 3.10 4.00
Total return on BBG World Financial Index in GBP (%) (29.30) (6.00) (19.00)
* Net debt as a percentage of shareholders' funds.
** July 2008 includes VAT recovered of GBP202,500.
Dividend
No interim dividend has been declared.
The Investment Manager
Blue Planet Investment Management Ltd is a Malta based investment management Company which specialises in managing
investments in financial companies. Its corporate philosophy is that consistent out-performance is more likely to be
achieved by specialisation than it is from the generalist approach, which currently prevails across most of the fund
management industry.
Stock markets comprise of many sectors and at any point in time a number of these sectors will be in economic decline
and will produce below average returns to investors. The financial sector is not immune to these cycles. However,
financial companies, and in particular banks, play a crucial and central role in free market economies. Money
transmission is perhaps the single most important function performed in any free market economy and it is the banks'
dominance of this function that gives them tremendous economic muscle. This role will ensure that banks endure whilst
other sectors come and go. Blue Planet believes that investors should only invest in those sectors that have superior
long-term economic prospects and, crucially, which are undervalued. It believes that the World's financial sector is
one such sector.
By focusing on only one sector Blue Planet believes that it is able to develop a level of expertise and understanding of
that sector that generalist fund managers cannot.
Blue Planet believes that in future pension funds and others will increasingly use specialist advisors to advise them
specifically and solely on the allocation of their assets across sectors and will then place the designated funds with
specialist investment managers in those sectors. This segregation of roles and increased specialisation will, it
believes, reduce conflicts of interest and lead to better investment performance.
On 18 June 2008 Blue Planet Investment Management Ltd (a company registered in Malta) was appointed as the Investment
Manager of the Company at an unchanged annual fee of 1.50% per annum of the total assets of the Company which is paid
monthly. Mr Kenneth Murray is a Director of the Company which is controlled by an Employee Trust for the benefit of the
employees of the Company. Blue Planet Investment Management Ltd, the former manager of the Trust has changed its name to
Blue Planet Investment Advisers Ltd and will continue to provide administration and secretarial services to the Trust at
an unchanged fee of GBP75,000 per annum. Blue Planet Investment Advisers Ltd also provides an investment advisory service
to Blue Planet Investment Management Ltd. The investment management, administration and secretarial services agreements
may only be terminated on receipt of two years' notice.
In addition to Blue Planet Worldwide Financials Investment Trust plc, Blue Planet Investment Management Ltd also manages
the Blue Planet European Financials Investment Trust plc, the Blue Planet Financials Growth and Income Investment Trust
1-10 plc and the Blue Planet Global Financials Fund. Details of Blue Planet's Savings Scheme, investment trusts and
other products can be found on its website, www.bpia.eu. Alternatively, they may be obtained from Blue Planet
Investment Advisers Ltd, Greenside House, 25 Greenside Place, Edinburgh, EH1 3AA (Tel no: +44 131 466 6666).
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
Interim Management Report
Performance
The performance of your Fund in the last six months has been very unsatisfactory. In the half year period to 31st
January 2009 the total return of the net asset value per share ("NAV") of the Fund was -50.0% with the NAV falling to
60.38p, whilst our benchmark index, the Bloomberg World Financials Index, in sterling terms, made a total return of
-29.3%. The fall in the index's base currency of US dollars was -48.4%, but the strength of the dollar relative to
sterling mitigated the fall in the index. The share price total return of your Fund has been -65.8% during the interim
period and the Fund ended January 2009 at a bid price of 35p a share. This share price represents a 42% discount to the
NAV of the Fund.
In the past six months equity prices have plummeted, corporate bonds have fallen, commodity prices have collapsed and
currencies have experienced huge volatility whilst interest rates globally have been slashed as recession has set in.
Six months ago we believed that the falls that had already been experienced by financial stocks would minimise the
future downside risks for these stocks. This has not been the case. The collapse of Lehman Brothers in September 2008
started a new wave of risk aversion and further destroyed confidence in banks. Sentiment remains depressed despite the
efforts of Governments and Central Banks to support the banking system.
We believed that we had constructed a defensive portfolio. In hindsight, it clearly was not defensive enough. In
addition to the general weakness of financial equities and bonds that affected all regions of the world, we experienced
some specific problems within the portfolio. URSA Bank, our largest holding at the start of the reporting period,
suffered from rumours regarding its financial position. This drove the share price down, until it announced a merger
with MDM Bank in Russia in December 2008. The general corporate bond sell-off in October 2008 adversely affected the
prices of the bonds we held, however this was compounded by a specific problem with one of the Fund's holdings.
Eurokommerz failed to pay its bond coupons on time, or meet a redemption option on one of its bonds. Bonds from this
company were also held by the Blue Planet Global Financials Fund. Finally, the rapid depreciation of the Russian Rouble
against Sterling at the start of 2009 negatively impacted the NAV of the Fund. Some hedging was in place, but the
negative impact was still felt. Our Indian investments were the highlight of the portfolio during the period. Some
holdings were sold at a small profit, although Indian financial equity share prices have overall followed the general
trend and been weak.
The Company purchased 121,500 of its own shares during the interim period to hold as treasury shares. Total treasury
shares held represent 1.5% of the total shares in issue. The Directors have the ability to repurchase shares in the
market where they believe it would result in an increase in the net asset value per share for the remaining
shareholders.
Portfolio
The charts below illustrate that the Fund has ended the six month period with a reduction in exposure to both equities
and bonds and a higher element of cash. Figure 1 shows the geographical movements in the portfolio (excluding cash
holdings) over the period. Figure 2 shows the movement in the security types.
Figure 1. Portfolio movements - geographic locations (excluding cash)
Country Jul-08Jan-09
India 25.8%37.5%
Russia 37.4%32.5%
Eire 9.8%29.1%
Ukraine 1.6% 0.9%
Poland 8.7% 0.0%
USA 7.6% 0.0%
Greece 5.0% 0.0%
Austria 2.3% 0.0%
Georgia 0.9% 0.0%
Kazachstan 0.9% 0.0%
Figure 2. Portfolio movements - security type
Security TypeJul-08Jan-09
Equities72.5%65.0%
Bonds 17.5%10.0%
Cash 7.9%25.0%
Liquidity Funds 2.1% 0.0%
At the end of the interim period our investments were largely in three countries, the highest weighting being in India.
India's economy is driven by domestic demand. It has suffered in the global slowdown, but to a lesser degree than many
other of the World's economies, especially those that have a high dependence on strong commodity prices. Growth
forecasts for the Indian economy for the year to March 2010 are about 6%. Although corporate earnings in India have
slowed, the financial performance of banks has remained strong. Average profits increased 31% year-on-year in the most
recently reported quarter's results. Banks in India have about 20% of their balance sheets in government bonds due to
statutory liquidity requirements. This means that as interest rates have fallen the banks have generated significant
profits on treasuries. At the same time, loan growth, whilst slowing, has remained strong in 2008 at 24% growth
year-on-year, boosting income from banking operations. Loan growth is expected to remain in the high teens in 2009.
Concerns persist on how high the level of non-performing loans will rise due to the general weakening of the economy,
but these concerns appear to be overdone, and banks in India remain in very good shape. At their current low valuations,
they remain an attractive long-term investment opportunity.
Russia has remained a key focus, but has been the main source of underperformance in this period. URSA Bank, our largest
holding at the start of the reporting period, suffered from rumours regarding its financial position, which were only
partially alleviated by its reporting an increase in profits for the first half of 2008 of 61%. Its announcement in
December 2008 that it is merging with MDM Bank in Russia has much more effectively bolstered sentiment and its share
price has made some degree of recovery.
In October 2008, after the collapse of Lehman Brothers there was a sharp fall in corporate bond prices on a global
basis. This included having a detrimental affect on the prices of the bonds we held. In December a problem was
experienced with one of the Fund's bond holdings that reduced this particular bond's value to almost nothing. The bond
was issued by Eurokommerz, which is the largest factoring company in Russia. Despite the company's credit rating being
confirmed by Moody's at the end of October, the company announced in December that it was delaying payment of the
coupons due on its bonds and missed the deadline to respond to a put option on one of its bonds. Following this, a
thorough review of all the bonds held in the portfolio was made and some bonds were sold.
In January 2009 the Russian Rouble reversed its strength against Sterling in quite a spectacular manner. The Rouble lost
17% of its value against Sterling in the month. Despite hedging being in place in the latter part of the month this had
a negative impact on the NAV of the Fund. Whilst January's devaluation was painful for those, like us, with investments
denominated in Roubles, Russia will benefit from the devaluation of its currency, as it will increase competitiveness
and profitability for export companies, will boost internal demand and bring the return of credit to the real economy.
Russia is an underleveraged and under-penetrated economy. Its foreign debts are almost all covered by reserves.
Penetration levels for goods and services are very low compared to Western Europe and there is a great deal of scope for
productivity gains in Russia. In addition, it still has vast natural resources, for which demand will increase again in
time.
The investment in the Republic of Ireland is in Blue Planet's Global Financials Fund, listed in Dublin. The size of this
holding was increased in September 2008. This Fund is largely invested in high yielding corporate bonds, and had
performed extremely well in the second half of 2008, despite a fall in bond prices in October 2008. However the Fund
held two bonds issued by Eurokommerz and the problems experienced by this company in December, referred to above, made
this a very poor month for the Fund.
Investments in Poland, Greece, Austria, Georgia and Kazakhstan were sold, as financial shares in many emerging markets
suffered more than those in more developed markets, despite the concentration of the financial problems resting with the
developed market banks. The US financial tracker fund that was held at the start of the half-year period was a trading
position that was soon sold.
Currency hedging has been in place at times during the six month period. These hedges have provided a mitigation to the
extreme currency fluctuations seen.
Borrowings and Gearing
Gearing in the fund has averaged at about 28% over the past six months. Towards the end of the interim period it was
reduced and ended the interim period at 6.85%. The Fund had drawn loans of GBP0.8m and ?2.588m at the end of the interim
period. These are part of a revolving term loan facility in place until May 2009. There are undrawn facilities of GBP11.9m
Generally, gearing beneficially affects the Company's NAV when the values of its investments are rising, but adversely
affects it in periods when the values of investments are falling.
Dividend
The Directors have declared no interim dividend for the first half of the year. Last year no interim dividend was paid.
A full year dividend of 3.22p per share was paid on 14 November 2008. The revenue per share was boosted last year by the
VAT refund. For the first half of this year the revenue return per share has been negative. Income has been higher than
a year ago, but the fall in administrative expenses has been offset by higher interest charges as some gearing has been
maintained in the Fund during the period. Investment income for the second half of the Fund's financial year is forecast
to be higher than for the first half. This is attributable to the timing of dividend and coupon payouts by our
investments. If the income reaches the forecast levels then the Directors hope that it will be possible to pay a final
dividend based on the full year's results.
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 and bonds 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 under perform relative to other sectors of the market, as has been the case during this interim
period.
In mitigation the specialist expertise of Blue Planet Investment Management Ltd reduces risk. Blue Planet Investment
Management Ltd believes that more knowledge equals less risk. The financials sector in which we are invested is the
largest sector of the market and constitutes approximately a quarter of the Bloomberg World Index. Banks play a crucial
and central role in free market economies; a role that will ensure the prosperity of the banking sector as a whole over
the long term.
The Fund is exposed to currency risk, due to the range of currencies in which investments are held. The majority 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.
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 price on the London Stock Exchange website go to the Home page and type "BPW" in the "Price Search"
field.
Blue Planet Investment Advisers Ltd offers a Blue Planet Saving Plan via Equiniti Financial Services Limited (on behalf
of Lloyds TSB) to enable lump sum investments or regular savings.
Outlook
At the moment confidence in markets has entirely evaporated. Bad news stories abound and good news stories are treated
with scepticism. This mood cannot last forever. The point of capitulation will come. It is taking longer than we
anticipated, as there is a lot of bad news to wade through. Many of the World economies are already in, or are slipping
into, recession. House prices are still falling in the US and the UK, amongst others. Business confidence and consumer
spending have nosedived and unemployment is rising.
The fourth quarter 2008 results from banks have shown a wide divergence of performance. But the bad results have been
very bad. Royal Bank of Scotland has announced that it has made a GBP24.1bn loss in 2008. Citigroup made a loss of $18.7bn
in 2008, equivalent to GBP12.9bn, The Swiss private and investment bank UBS reported a loss of CHF 17.9bn, equivalent to
GBP10.5bn. Deutsche Bank reported a loss of ?3.9bn, or about GBP3.4bn in 2008. However, there are many banks that have fared
much better, including European and Russian banks. As described above, Indian banks increased profits by 31% on average
in their results to the 31st December 2008.
Governments and Central Banks are doing all they can to revive the fortunes of banks in order to revive their economies.
The markets need to see some positive signs that economies, in particular the US economy, are turning a corner. Then the
markets will start to differentiate and appreciate the stronger economies and better banks. When sentiment turns we will
be well positioned with our existing investments and will have the cash available to re-invest in the market. The severe
falls in the stock markets present excellent opportunities that we can take advantage of.
I would like to thank all shareholders for your continuing support.
Philip Court
Chairman
3 March 2009
Balance Sheet (Unaudited)
At 31 January 2009 At 31 January 2008 At 31 July 2008
GBP GBP GBP
Fixed assets
Equity investments 6,517,332 22,865,956 20,927,120
Non-Equity investments 995,070 1,968,082 4,874,363
7,512,402 24,834,038 25,801,483
Current assets
Debtors 1,917,836 83,514 644,043
Cash at bank and in hand 2,498,448 399,942 2,199,519
Creditors: amounts falling due within (3,429,825) (56,790) (10,255,579)
one yer (note 6)
Net current assets/(liabilities) 986,459 426,666 (7,412,017)
Net assets 8,498,861 25,260,704 18,389,466
Capital and reserves
Called-up share capital 7,142,859 7,142,859 7,142,859
Share premium account 6,021,360 6,021,360 6,021,360
Other reserves:
Capital reserve-realised 6,401,349 13,892,994 11,496,847
Capital reserve-unrealised (11,045,384) (1,735,885) (6,822,879)
Revenue reserve (21,323) (60,624) 551,279
Shareholders' funds 8,498,861 25,260,704 18,389,466
Net asset value per ordinary share 60.38p 176.82p 129.52p
-(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
Philip Court
Chairman
3 March 2009
Income Statement (Unaudited)
For the six months For the six months For the year
ended 31 January ended 31 January ended 31 July
2009 2008 2008
Revenue Capital Total Revenue Capital Total Revenue Capital Total
(GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP) (GBP)
Capital gains/(losses) on investment
Net realised losses
- (4,605,562) (4,605,562) - (1,235,345) (1,235,345) - (4,174,546) (4,174,546)
Unrealised losses
- (4,361,462) (4,361,462) - (3,862,182) (3,862,182) - (8,888,559) (8,888,559)
Exchange (losses)/gains
- (218,354) (218,354) - (377,161) (377,161) - 36,487 36,487
Net Capital losses on investment
- (9,185,378) (9,185,378) - (5,474,688) (5,474,688) - (13,026,618)(13,026,618)
Income from investments
228,478 - 228,478 136,689 - 136,689 956,405 - 956,405
Bank interest receivable
14,587- 14,587 38,714 - 38,714 63,585 - 63,585
Gross revenue and capital losses
243,065 (9,185,378) (8,942,313) 175,403 (5,474,688)(5,299,285) 1,019,990 (13,026,618) (12,006,628)
Administrative expenses
(203,589) (62,275) (265,864) (253,361) (106,568) (359,929) (302,198) (2,926) (305,124)
Net return before interest payable and taxation
39,476 (9,247,653) (9,208,177) (77,958) (5,581,256) (5,659,214) 717,792 (13,029,544) (12,311,752)
Interest payable
(70,350) (70,350) (140,700) (23,280) (23,280) (46,560) (58,133) (58,133) (116,266)
Return on ordinary activities before taxation
(30,874) (9,318,003) (9,348,877) (101,238) (5,604,536) (5,705,774) 659,659 (13,087,677) (12,428,018)
Taxation on ordinary activities (note 3)
(613) - (613) 616 - 616 (59,418) - (59,418)
Return on ordinary activities after taxation
(31,487) (9,318,003) (9,349,490) (100,622) (5,604,536) (5,705,158) 600,241 (13,087,677) (12,487,436)
Return per ordinary share (note 4)
(0.22)p (65.82)p (66.04)p (0.70)p (39.23)p (39.93)p 4.20p (91.65)p (87.45)p
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.
Cash Flow Statement (Unaudited)
For the six months For the six months ended For the year
ended 31 January 2009 ended 31 January 2008 31 July 2008
(GBP) (GBP) (GBP)
Operating activities 275,702 188,143 930,582
Interest received 14,587 38,714 63,585
Investment management (182,193) (270,974) (502,665)
and administration fees paid
Cash paid to and on behalf of directors (24,037) (22,000) (44,000)
Other cash payments (70,495) (108,088) (200,968)
Refund of VAT 405,000 - -
Net cash inflow/(outflow) 418,564 (174,205) 246,534
from operating activities
Servicing of finance
Interest paid (160,307) (77,690) (127,102)
Taxation
Taxation recovered - 4,858 4,858
Capital expenditure and financial investment
Purchase of investments (28,464,808) (40,858,566) (81,537,951)
Sale of investments 33,220,532 61,635,876 96,382,659
Cash inflow before financing 5,013,981 20,530,273 14,968,998
Equity dividend paid (457,167) - -
Management of liquid resources
Cash withdrawn from/(placed) on deposit 1,019,629 - (992,612)
Financing
Repayment of loan (4,390,156) (19,998,078) (12,999,832)
Purchase of treasury shares (83,948) - (88,960)
Increase in cash 1,102,339 532,195 887,594
Reconciliation of Movements in Shareholders' Funds (Unaudited)
For the six months ended 31 January 2009
Share Share Capital Capital Revenue Total
capital premium reserve- reserve- reserve shareholders'
realised unrealised funds
GBP GBP GBP GBP GBP GBP
Shareholders' funds at 1 August 20087,142,859 6,021,360 11,496,847 ( 6,822,879) 551,279 18,389,466
Return on ordinary - - (5,095,498) (4,222,505) (31,487) (9,349,490)
activities after
taxation
Purchase of treasury shares - - - - (83,948) (83,948)
Dividend paid during period - - - - (457,167) (457,167)
Shareholders' funds at 31 January 20097,142,859 6,021,360 6,401,349 (11,045,384) (21,323) 8,498,861
For the year ended 31 July 2008
Share Share Capital Capital Revenue Total
capital premium reserve- reserve- reserve shareholders'
realised unrealised funds
GBP GBP GBP GBP GBP GBP
Shareholders' funds at 1 August 20077,142,859 6,021,360 15,732,209 2,029,436 39,998 30,965,862
Purchase of treasury shares - - - - (88,960) (88,960)
Return on ordinary - - (4,235,362) (8,852,315) 600,241 (12,487,436)
activities after
taxation
Shareholders' funds at 31 July 20087,142,859 6,021,360 11,496,847 (6,822,879) 551,279 18,389,466
For the six months ended 31 January 2008
Share Share Capital Capital Revenue Total
capital premium reserve- reserve- reserve shareholders'
realised unrealised funds
GBP GBP GBP GBP GBP GBP
Shareholders' funds at 1 August 2007 7,142,859 6,021,360 15,732,209 2,029,436 39,998 30,965,862
Return on ordinary - - (1,839,215) (3,765,321) (100,622) (5,705,158)
activities after
taxation
Shareholders' funds at 31 January 20087,142,859 6,021,360 13,892,994 (1,735,885) (60,624) 25,260,704
Notes
1.The financial statements for the six months to 31 January 2009 have been prepared on the basis of the accounting
policies set out in the Company's Annual Report and Accounts as at 31 July 2008 and in accordance with the statement on
half yearly 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/credit arises wholly from overseas withholding tax on investment income.
4.The return per ordinary share is based upon the following figures:
31 Jan 200931 Jan 200831 Jul 2008
Revenue return (31,487) (100,622) 600,241
Capital return (9,318,003)(5,604,536)(13,087,677)
Weighted average number of ordinary 14,157,22614,285,718 14,280,756
shares in issue during the period
The net asset value per ordinary share is calculated on the 14,076,218 ordinary shares in issue at the end of the period
after deducting treasury shares.
No interim dividend is proposed, a final dividend for 2008 of 3.22p was paid on 14 November 2008.
5.Cash Flow Statement:
Reconciliation of net revenue return to net cash inflow from operating activities
31 Jan 2009 31 Jan 2008 31 Jul 2008
GBP GBP GBP
Net return before interest payable and taxation 39,476 (77,958) 717,792
Administrative expenses charged to Capital (62,275) (106,568) (2,926)
Decrease/(increase) in other debtors 464,432 59,862 (370,338)
Decrease in other creditors (22,456) (50,157) (37,755)
Tax (suffered)/received on investment income (613) 616 (60,239)
Net cash inflow/(outflow) from operating activities418,564 (174,205) 246,534
Reconciliation of net cash flow to movement in net debt
31 Jan 2009 31 Jan 200831 Jul 2008
GBP GBP GBP
Increase in cash balances 1,102,339 532,195 887,594
Cash withdrawn from/(placed) on deposit (1,019,629) - 992,612
Repayment of loan 4,390,156 19,998,078 12,999,832
Changes in net debt resulting from cash flows 4,472,866 20,530,273 14,880,038
Exchange differences (218,354) (377,161) 36,487
Movement in net debt in the period 4,254,512 20,153,112 14,916,525
6. The loans comprise two unsecured multi-currency loan facilities which are subject to a covenant which set a maximum
gearing threshold. Details of the loans outstanding at 31 January 2009 were as follows
Loan Interest Rate Repayment Date
Sterling loan GBP800,000 2.59% 12 May 2009
Euro loan GBP2,280,5782.72% 12 May 2009
There are undrawn facilities of GBP11,919,422 and no early repayment penalties.
7. During the period the company purchased 121,500 of its own shares with a nominal value of GBP60,750 for a
consideration of GBP83,948 and holds these as treasury shares. The total number of shares held in treasury is 209,500.
These shares have no voting rights, do not rank for dividend and are excluded from the calculation of net asset value
and return per ordinary share. At 31 January 2009 the company had the authority to purchase further 1,932,500 of its
own shares in accordance with the authority granted at the annual general meeting on 13 November 2008.
8. The figures and financial information for the year ended 31 July 2008 are extracted from the latest published
accounts of the Company and do not constitute statutory accounts for the period as defined in section 240 of the
Companies Act 1985. 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 237(2) or 237(3) of the Companies
Act 1985.
Portfolio Information
At 31 January 2009
Valuation (GBP)% of portfolio
Equities
61,696BP Global Financials-A Class 2,187,953 29.1
6,397,274URSA Bank 1,084,423 14.4
295,594 LIC Housing Finance 930,311 12.4
380,000 Union Bank Of India 785,298 10.5
300,000 Federal Bank Ltd 590,058 7.9
717,937 South Indian Bank Ltd 507,664 6.8
81,285 Bank Vozrozhdenie 361,285 4.8
5,635,213Raiffeisen Bank Aval 64,241 0.9
732 Federal Bank Ltd (P-Notes) 1,442 0.0
35 BNP Paribas 925 0.0
140 Banco Bilbao Vizcaya Argentaria 904 0.0
79 National Bank of Greece S.A. 893 0.0
400 Intesa Sanpaolo SPA 858 0.0
100 UBS AG 856 0.0
96 DNB NOR ASA 221 0.0
6,517,332 86.8
Non-Equities
1,340,000 PSB Finance (Promsvyazbank) 9.58% Bonds 05/12 410,096 5.4
23,400,000 DAL Capital (Rosbank) 8% Bonds 09/09 379,889 5.0
6,455,000 Bank Kedr 12.30% Bonds 09/09 103,087 1.4
200,000 Renaissance Securities 8.75% Bonds 11/09 88,030 1.2
24,200,000 Eurokommerz 11.5% Bonds 12/09 13,968 0.2
995,070 13.2
Total 7,512,402 100.0
Geographical Regions
India 2,814,773 37.5
Russia 2,440,778 32.5
Eire 2,187,953 29.1
Ukraine 64,241 0.9
France 925 0.0
Spain 904 0.0
Greece 893 0.0
Italy 858 0.0
Switzerland 856 0.0
Norway 221 0.0
Total 7,512,402 100.0
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