Annual Financial Report
British & American Investment Trust PLC
Annual Financial Report
for the year ended 31 December 2013
Registered number: 00433137
Directors Registered office
J Anthony V Townsend (Chairman) Wessex House
Jonathan C Woolf (Managing Director) 1 Chesham Street
Dominic G Dreyfus (Non-executive) London SW1X 8ND
Ronald G Paterson (Non-executive) Telephone: 020 7201 3100
Registered in England
No.433137
30 April 2014
This is the Annual Financial Report as required to be published under DTR 4 of
the UKLA Listing Rules.
Financial Highlights
For the year ended 31 December 2013
2013 2012
Revenue Capital Total Revenue Capital Total
return return return return
£000 £000 £000 £000 £000 £000
Profit/ 2,940 (814) 2,107 (1,435) 672
(loss) (3,754)
before tax
- realised
Profit - 9,745 -
before tax 9,745 1,446 1,446
-
unrealised
__________ __________ __________ __________ __________ __________
Profit 2,940 2,107
before tax 5,991 8,931 11 2,118
- total
__________ __________ __________ __________ __________ __________
Earnings
per £1 10.35p 23.96p 34.31p 7.02p 0.04p 7.06p
ordinary
share -
basic
__________ __________ __________ __________ __________ __________
Earnings
per £1 8.40p 17.12p 25.52p 6.01p 0.03p 6.04p
ordinary
share -
diluted
__________ _________ __________ __________ _________ __________
Net assets 23,345
30,024
__________ __________
Net assets
per
ordinary
share
- deducting
preference 80p 53p
shares
at par
__________ __________
- diluted 86p 67p
__________ __________
Diluted net
asset value
per
ordinary
share at 22
April 2014 74p
__________
Dividends
declared or
proposed
for the
period
per
ordinary
share
- interim 2.7p 2.7p
paid
- final 5.1p 4.9p
proposed
per 3.5p 3.5p
preference
share
Chairman's Statement
I report our results for the year ended 31 December 2013.
Revenue
The return on the revenue account before tax amounted to £2.9 million (2012:
£2.1 million), an increase of 40 percent, resulting from higher levels of both
UK and overseas dividends received during the year, including special
dividends. Gross revenues totalled £3.3 million, of which £3.0 million (2012:
£2.3 million) represented income from portfolio investments and £0.3 million
(2012: £0.2 million) from film, property and other income.
The total return before tax amounted to a gain of £8.9 million (2012: £2.1
million gain), which comprised net revenue of £2.9 million, a realised loss of
£3.5 million and an unrealised gain of £9.7 million. The revenue return per
ordinary share was 10.4p (2012: 7.0p) on an undiluted basis and 8.4p (2012:
6.0p) on a diluted basis.
Net Assets
Group net assets at the year end were £30.0 million (2012: £23.3 million), an
increase of 28.6 percent. This compares to increases in the FTSE 100 and All
Share indices of 14.4 percent and 16.7 percent, respectively, over the period.
On a total return basis, after adding back dividends paid during the year,
group net assets increased by 38.2 percent compared to a total return on the
two indices of between 18 percent and 20 percent. This substantial
outperformance even over what was a very strong year for the indices themselves
was the result of a significant recovery in the value of our largest
investment, Geron Corporation. As explained in more detail in the Managing
Director's report, Geron's share price rose by over 200 percent over the year
upon the publication in the final quarter of very favourable clinical trial
results. However, in March of this year, Geron's share price retreated
significantly following the imposition of a clinical hold on these trials by
the US Federal Department of Health (FDA) pending clarification of certain
observed, but low level, liver abnormalities. Geron expects to provide this
clarification to the FDA as soon as possible.
The net asset value per ordinary share increased to 86p (2012: 67p) on a
diluted basis. Deducting prior charges at par, the net asset value per ordinary
share increased to 80p (2012: 53p).
Reflecting the substantial increase in net asset value over the year,
particularly in the final quarter, our share price increased from 77 pence to
over 100 pence over the year registering a significant premium to net asset
value at year end as investors expected further value creation from the
investment in Geron. More generally over the year, the share price had
maintained the previous year's pattern of trading at approximately net asset
value.
Dividend
We are pleased to recommend an increased final dividend of 5.1p per ordinary
share, which together with the interim dividend makes a total payment for the
year of 7.8p (2012: 7.6p) per ordinary share. This represents an increase of
2.6 percent over the previous year's total dividend and a yield of 7.3 percent
based on the share price of 107p at the end of the year. The final dividend
will be payable on 26 June 2014 to shareholders on the register at 16 May 2014.
A dividend of 1.75p will be paid to preference shareholders resulting in a
total payment for the year of 3.5p per share.
Alternative Investment Fund Managers Directive
The Alternative Investment Fund Managers Directive (AIFMD), which creates a
European-wide framework for regulating managers of alternative investment funds
(AIFs), came into force in July 2013.
The AIFMD is intended to reduce systemic risk created by the financial sector
and aims to improve regulation, enhance transparency and investor protection,
develop a single EU market for AIFs and implement effective mechanisms for
micro- and macro- prudential oversight.
On 31 January 2014 the company successfully registered under the Alternative
Investment Fund Managers Directive as a small registered UK AIFM.
Outlook
Equity markets in the UK and USA performed strongly over the year, rising by 15
percent and 26 percent, respectively. With the exception of a significant fall
back in June caused by concerns arising from changed expectations in the pace
of monetary tightening in the USA, the indices rose steadily over the period.
In fact, consideration of the likely path of the withdrawal of monetary easing
in the USA and elsewhere has dominated most aspects of financial analysis and
investment for some time. Therefore, the re-affirmation in the second half of
2013 by both the US Federal Reserve and the Bank of England that levels of
monetary easing were likely to remain in place for some time to come,
accompanied by low rates of interest, provided a strong impetus for markets to
make continued progress. This was despite the underlying inference that such
continuing monetary stimulus policies indicated continuing weakness in the
respective economies.
Nevertheless, while Central Banks remain concerned about the pace of recovery
of their economies from the recent recession and allied levels of
un-employment, the economies themselves have shown steady growth over the last
year, in the USA and the UK in particular, and these trends look likely to
continue in the near future.
Although a number of long-running financial concerns such as the weak recovery
in Europe and a slowing in China's growth remain unresolved and other global
political uncertainties have intensified, markets did not seem to be overly
concerned by these factors in most of the first quarter until Russia's
unexpected occupation of Crimea in March, giving rise to more serious concerns
of a global geopolitical nature and their potential effect on global economic
outlooks.
Against this background, we maintain our long-term and income generating
strategies that are primarily based on equity investment in the UK and USA,
while reducing exposures where appropriate in view of the somewhat changed
international investment environment.
As at 22 April 2014, group net assets had decreased to £26.0 million, a
decrease of 13.7 percent since the beginning of the calendar year. This
decrease reflects the fall in the price of Geron Corporation noted above,
without which the portfolio would have increased by 4.0 percent. This is
equivalent to 64 pence per share (prior charges deducted at par) and 74 pence
per share on a diluted basis. Over the same period the FTSE 100 decreased 1.0
percent and the All Share Index decreased 0.7 percent.
Anthony Townsend
30 April 2014
Managing Director's report
Our portfolio significantly outperformed during the period, even against a
strong year for equities. This was due to the substantial recovery in the final
quarter in the price of Geron Corporation, our largest investment, which
increased from a price of $1.50 at the beginning of the quarter to a price of
$4.75 at year end. The reasons for this increase are set out below.
Equity markets in the UK and USA rose steadily over the year, with a temporary
setback at mid-year as Central Banks continued to indicate that monetary easing
measures were likely to remain in place for a considerable period of time and
as growth in leading economies, with the exception of the Eurozone, continued
to improve to levels which began to be seen as generally sustainable. Although
becoming more broadly based, this growth was not at the time being translated
into significant growth in employment or inflationary price pressure and hence
Central Banks' comfort in maintaining high levels of liquidity in markets.
This accommodative stance by the US Federal Reserve also placed considerable
downward pressure on the US dollar providing further stimulus to US growth
through exports.
Against this increasingly firm background supported by continued unprecedented
levels of monetary easing, careful and nervous watch was being maintained by
investors throughout the year for the first signs that liquidity might start to
be withdrawn. For example, a misinterpretation by the market of a communication
by the US Federal Reserve on this subject in June, resulted in a reversal in
markets of 5 percent which was subsequently reversed upon clarification by the
new Federal Reserve Chairman. In the UK, concerns began to arise by the end of
the year that the employment target embedded in the medium term guidance policy
implemented by the new Bank of England governor would be met far sooner than
originally expected, but this was allayed by a re-calibration of the policy to
a series of alternative economic indicators.
From this, it was evident that leading Central Banks were determined to
maintain support for their economies not only through the continued provision
of liquidity but also through the forward communication of these policies. And
despite concerns arising from the clear signs of return to growth, markets
nevertheless followed the lead given by Central Banks and remained firm,
surpassing in many cases the historic highs reached in 2007 prior to the
multi-year recession of the last five years.
Geron
In September, Geron Corporation announced extremely favourable clinical trial
results in the treatment of Myelofibrosis, a blood cancer, using its
proprietary drug Imetelstat, a telomerase inhibitor, by its investigators at
the Mayo Clinic in the USA. The trials confirmed that treatment with Imetelstat
had resulted in a number of complete remissions in patients with this
previously untreatable and ultimately fatal condition.
Imetelstat was developed by Geron using its telomerase based technology which
was awarded the Nobel prize in 2009. Although the company had discontinued
trials of this drug in other solid tumour cancer indications (lung and breast)
in prior years, contributing to the significant falls in share price in those
years, it maintained its work in liquid tumour indications (blood) which were
considered to be more reactive to the actions of the drug.
The potential market for a successful blood cancer treatment worldwide is
significant, and if Geron's trials in this area are ultimately successful, the
value to Geron would be considerable. The 200 percent rise in Geron's share
price on the announcement of the success of the early trials last year is
indicative of this.
In March, the US Federal Drug Administration (FDA), placed another of Geron's
blood trials (Essential Thrombocythemia - ET) on clinical hold requesting
further information on the reversibility of various low-level liver effects
observed in the trials. The FDA allowed the Mayo Clinic Myelofibrosis trial to
continue for those patients who had shown positive clinical responses
indicating the clear benefit seen in the treatment. As a result, Geron's share
price fell considerably, retracing the gains it had made in the previous
quarter. Geron has stated it is confident it will be able to address the FDA's
concerns but until such time as the clinical hold is lifted, Geron's share
price is likely to continue to be weak.
Outlook
Equity markets have been somewhat more volatile since the beginning of the year
as a number of concerns have arisen. There is now less confidence that monetary
easing will continue as long as previously expected as economic growth has
outperformed expectations and employment levels have risen. By contrast, levels
of growth in China have been reduced and the Eurozone continues weak with the
possibility of multi-year stagnation in prospect. Markets are also worried by
the emergence of possible asset bubbles in certain areas (US equities, real
estate and credit in China, UK central London property) and the potential for a
correction has increased.
In addition, levels of political instability in various emerging growth areas
of the world (Brazil, Thailand, Turkey, Russia) have increased together with a
general feeling that the progress achieved in emerging from the great recession
of 2007/8 might become embroiled in wider events as the confrontational
approach of earlier years in world politics begins to reassert itself following
Russia's recent military occupation of Crimea.
The combination of these events did in fact generate a correction in equity
markets around the beginning of the second quarter. As a result, market
sentiment and outlook more generally has weakened, certainly for the short
term, despite further and possibly reactionary indications from the US Federal
Reserve that US$ monetary policy might remain accommodative for longer than the
market had previously anticipated.
As previously announced, we have initiated a policy of limited gearing while
interest rates remain low and the medium term outlook for interest rates
remains favourable. We will continue to incur modest levels of gearing to avail
ourselves of investment opportunities while rates remain below yields on such
investment, while reducing exposures where appropriate in view of the somewhat
changed international investment environment and outlook.
Jonathan Woolf
30 April 2014
Group income statement
For the year ended 31 December 2013
2013 2012
Revenue Capital Total Revenue Capital Total
return return return return
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
Investment income (note 3,340 - 3,340 2,486 - 2,486
2)
Holding gains on
investments at fair
value through profit or
loss - 9,745 9,745 - 1,446 1,446
Losses on disposal of
investments at fair - (3,545) (3,545) - (1,237) (1,237)
value through profit or
loss
Expenses (395) (209) (604) (379) (198) (577)
________ ________ ________ ________ ________ ________
Profit before finance 2,945 2,107
costs and tax 5,991 8,936 11 2,118
Finance costs (5) - (5) - - -
________ ________ ________ ________ ________ ________
Profit before tax 2,940 5,991 8,931 2,107 11 2,118
Tax (2) - (2) (3) - (3)
________ ________ ________ ________ ________ ________
Profit for the period 2,938 5,991 8,929 2,104 11 2,115
________ ________ ________ ________ ________ ________
Earnings per share
Basic - ordinary shares 10.35p 23.96p 34.31p 7.02p 0.04p 7.06p
________ ________ ________ ________ ________ ________
Diluted - ordinary 8.40p 17.12p 25.52p 6.01p 0.03p 6.04p
shares
________ ________ ________ ________ ________ ________
The group does not have any income or expense that is not included in the
profit for the period. Accordingly, the 'Profit for the period' is also the
'Total Comprehensive Income for the period' as defined in IAS 1(revised) and no
separate Statement of Comprehensive Income has been presented.
The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance published by the Association of
Investment Companies. All items in the above statement derive from continuing
operations.
All profit and total comprehensive income is attributable to the equity holders
of the parent company. There are no minority interests.
Group statement of changes in equity
For the year ended 31 December 2013
Share Capital Retained Total
capital reserve earnings
£ 000 £ 000 £ 000 £ 000
Balance at 31 December 2011 35,000 (12,911) 1,341 23,430
Changes in equity for 2012
Profit for the period - 11 2,104 2,115
Ordinary dividend paid (note 4) - - (1,850) (1,850)
Preference dividend paid (note 4) - - (350) (350)
________ ________ ________ ________
Balance at 31 December 2012 35,000 (12,900) 1,245 23,345
Changes in equity for 2013
Profit for the period - 5,991 2,938 8,929
Ordinary dividend paid (note 4) - - (1,900) (1,900)
Preference dividend paid (note 4) - - (350) (350)
________ ________ ________ ________
Balance at 31 December 2013 35,000 (6,909) 1,933 30,024
________ ________ ________ ________
Registered number: 00433137
Group Balance Sheet
For the year ended 31 December 2013
Group
2013 2012
£ 000 £ 000
Non-current assets
Investments - fair value through profit or loss 31,057 21,137
Current assets
Receivables 195 1,190
Derivatives - fair value through profit or loss 459 3,204
Cash and cash equivalents 317 740
__________ __________
971 5,134
__________ __________
Total assets 32,028 26,271
__________ __________
Current liabilities
Trade and other payables 287 1,307
Bank loan 1,448 -
Derivatives - fair value through profit or loss 269 1,619
__________ __________
(2,004) (2,926)
__________ __________
Total assets less current liabilities 30,024 23,345
__________ __________
Net assets 30,024 23,345
__________ __________
Equity attributable to equity holders
Ordinary share capital 25,000 25,000
Convertible preference share capital 10,000 10,000
Capital reserve (6,909) (12,900)
Retained revenue earnings 1,933 1,245
__________ __________
Total equity 30,024 23,345
__________ __________
Approved: 30 April 2014
Group cash flow statement
For the year ended 31 December 2013
Year ended Year ended
2013 2012
£ 000 £ 000
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax 8,936 2,118
Adjustments for:
Gain on investments (6,200) (209)
Scrip dividends (9) (8)
Film income tax deducted at source (85) (3)
Proceeds on disposal of investments at fair 29,769 16,255
value through profit and loss
Purchases of investments at fair value (31,077) (14,111)
through profit and loss
__________ __________
Operating cash flows before movements in 1,334 4,042
working capital
Increase in receivables (2,472) (3,372)
Increase in payables 1,347 1,798
__________ __________
NET CASH FROM OPERATING ACTIVITIES BEFORE
INTEREST 209 2,468
Interest paid (5) -
__________ __________
NET CASH FROM OPERATING ACTIVITIES AFTER
INTEREST 204 2,468
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid on ordinary shares (1,900) (1,850)
Dividends paid on preference shares
(175) -
Bank loan
1,448 -
__________ __________
NET CASH USED IN FINANCING ACTIVITIES (627) (1,850)
__________ __________
NET (DECREASE)/INCREASE IN CASH AND CASH
EQUIVALENTS (423) 618
CASH AND CASH EQUIVALENTS AT BEGINNING OF
YEAR 740 122
__________ __________
CASH AND CASH EQUIVALENTS AT END OF YEAR
317 740
__________ __________
Purchases and sales of investments are considered to be operating activities of
the company, given its purpose, rather than investing activities.
1 Basis of preparation and going concern
The financial information set out above contains the financial information of
the company and its subsidiaries (together referred to as the "Group") for the
year ended 31 December 2013. The financial statements have been prepared on the
historical cost basis except for the measurements at fair value of investments,
derivative financial instruments and subsidiaries. The same accounting policies
as those published in the statutory accounts for 31 December 2012 have been
applied.
The information for the year ended 31 December 2013 is an extract from the
statutory accounts to that date. Statutory accounts for 2012, which were
prepared under IFRS as adopted by the EU, have been delivered to the registrar
of companies and those for 2013, prepared under IFRS as adopted by the EU, will
be delivered in due course.
The auditors have reported on the 31 December 2013 year end accounts and their
reports were unqualified and did not include references to any matters to which
the auditors drew attention by way of emphasis without qualifying their reports
and did not contain statements under section 498(2) or (3) of the Companies Act
2006.
The directors, having made enquiries, consider that the Group has adequate
financial resources to enable it to continue in operational existence for the
foreseeable future. Accordingly, the directors believe that it is appropriate
to continue to adopt the going concern basis in preparing the Group's accounts.
2 Income
2013 2012
£ 000 £ 000
Income from investments
UK dividends 2,436 1,838
Overseas dividends 484 342
Scrip and in specie dividends 9 8
Interest on fixed income securities 102 102
Property unit trust income 22 22
Film revenues 138 179
__________ __________
3,191 2,491
__________ __________
Other income 149 (5)
__________ __________
Total income 3,340 2,486
__________ __________
Total income comprises:
Dividends 2,929 2,188
Interest 102 102
Film revenues 138 179
Property income 22 22
Gain/(loss) on foreign exchange 46 (5)
Other interest 103 -
__________ __________
3,340 2,486
__________ __________
Income from investments
Listed investments 3,012 2,261
Unlisted investments 179 230
__________ __________
3,191 2,491
__________ __________
Of the £2,929,000 (2012 - £2,188,000) dividends received in the group accounts,
£2,351,000 (2012 - £1,571,000) related to special and other dividends received
from investee companies that were bought after the dividend announcement. There
was a corresponding capital loss of £2,442,000 (2012 - £1,633,000), on these
investments.
3 Earnings per ordinary share
The calculation of the basic (after deduction of preference dividend) and
diluted earnings per share is based on the following data:
2013 2012
Revenue Capital Total Revenue Capital Total
return return return return
£ 000 £ 000 £ 000 £ 000 £ 000 £ 000
Earnings:
Basic 2,588 5,991 8,579 1,754 11 1,765
Preference
dividend 350 - 350 350 - 350
__________ __________ __________ __________ __________ __________
Diluted 2,938 5,991 8,929 2,104 11 2,115
__________ __________ __________ __________ __________ __________
Basic revenue, capital and total return per ordinary share is based on the net
revenue, capital and total return for the period after tax and after deduction
of dividends in respect of preference shares and on 25 million (2012: 25
million) ordinary shares in issue.
The diluted revenue, capital and total return is based on the net revenue,
capital and total return for the period after tax and on 35 million (2012: 35
million) ordinary and preference shares in issue.
4 Dividends
2013 2012
£ 000 £ 000
Amounts recognised as distributions to equity
holders in the period:
Dividends on ordinary shares:
Final dividend for the year ended 31 December 2012
of 4.9p (2011:4.7) per share 1,225 1,175
Interim dividend for the year ended 31 December
2013 of 2.7p 675 675
(2012:2.7p) per share
__________ __________
1,900 1,850
__________ __________
Proposed final dividend for the year ended 31
December 2013 of 5.1p (2012:4.9p) per share 1,275 1,225
__________ __________
Dividends on 3.5% cumulative convertible preference
shares:
Preference dividend for the 6 months ended 31
December 2012 of 1.75p (2011:1.75p) per share 175 175
Preference dividend for the 6 months ended 30 June
2013 of 1.75p (2012:1.75p) per share 175 175
__________ __________
350 350
__________ __________
Proposed preference dividend for the 6 months ended
31 December 2013 of 1.75p (2012:1.75p) per share 175 175
__________ __________
The preference dividend for the 6 months ended 31 December 2012 was paid as
dividend in specie.
The proposed final dividend is subject to approval by shareholders at the
Annual General Meeting and has not been included as a liability in these
financial statements in accordance with IFRS.
We have set out below the total dividend payable in respect of the financial
year, which is the basis on which the retention requirements of Sections 1158
and 1159 of the Corporation Tax Act 2010 are considered.
Dividends proposed for the period
2013 2012
£ 000 £ 000
Dividends on ordinary shares:
Interim dividend for the year ended 31 December
2013 of 2.7p (2012:2.7p) per share 675 675
Proposed final dividend for the year ended 31
December 2013 of 5.1p (2012:4.9p) per share 1,275 1,225
__________ __________
1,950 1,900
__________ __________
Dividends on 3.5% cumulative convertible preference
shares:
Preference dividend for the year ended 31 December
2013 of 1.75p (2012:1.75p) per share 175 175
Proposed preference dividend for the year ended 31
December 2013 of 1.75p (2012:1.75p) per share 175 175
__________ __________
350 350
__________ __________
5 Net asset values
Net asset Net assets
value per attributable
share
2013 2012 2013 2012
£ £ £ 000 £ 000
Ordinary shares
Undiluted 0.80 0.53 20,024 13,345
Diluted 0.86 0.67 30,024 23,345
The undiluted and diluted net asset values per £1 ordinary share are based on
net assets at the year end and 25 million (undiluted) ordinary and 35 million
(diluted) ordinary and preference shares in issue.
The undiluted net asset value per convertible £1 preference share is the par
value of £1. The diluted net asset value per ordinary share assumes the
conversion of the preference shares to ordinary shares.
Principal risks and uncertainties
The principal risks facing the company relate to its investment activities and
include market risk (other price risk, interest rate risk and currency risk),
liquidity risk and credit risk. The other principal risks to the company are
loss of investment trust status and operational risk. These will be explained
in more detail in the notes to the 2013 Annual Report and Accounts, but remain
unchanged from those published in the 2012 Annual Report and Accounts.
Related party transactions
The company rents its offices from Romulus Films Limited, and is also charged
for its office overheads.
The salaries and pensions of the company's employees, except for the three
non-executive directors, are paid by Remus Films Limited and Romulus Films
Limited and are recharged to the company.
There have been no other related party transactions during the period, which
have materially affected the financial position or performance of the group.
During the period transactions between the company and its subsidiaries have
been eliminated on consolidation.
Capital Structure
The company's capital comprises £35,000,000 (2012 - £35,000,000) being
25,000,000 ordinary shares of £1 (2012 - 25,000,000) and 10,000,000 non-voting
convertible preference shares of £1 each (2012 - 10,000,000). The rights
attaching to the shares will be explained in more detail in the notes to the
2013 Annual Report and Accounts, but remain unchanged from those published in
the 2012 Annual Report and Accounts.
Directors' responsibility statement
The directors are responsible for preparing the financial statements in
accordance with applicable law and regulations. The directors confirm that to
the best of their knowledge the financial statements prepared in accordance
with the applicable set of accounting standards, give a true and fair view of
the assets, liabilities, financial position and the profit of the company and
the undertakings included in the consolidation taken as a whole and that the
Chairman's Statement, Managing Director's Report and the Directors' report
include a fair review of the information required by rules 4.1.8R to 4.2.11R of
the FSA's Disclosure and Transparency Rules, together with a description of the
principal risks and uncertainties that the company faces.
Annual General Meeting
This year's Annual General Meeting has been convened for Wednesday 18 June 2014
at 12.15pm at Wessex House, 1 Chesham Street, London SW1X 8ND.
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