Annual Financial Report

FIDELITY ASIAN VALUES PLC ANNUAL FINANCIAL REPORT, PROXY FORM AND ADDITIONAL DISCLOSURES TO THE PRELIMINARY RESULTS FOR THE PERIOD TO 31 JULY 2011 Further to the voluntary disclosure of the Company's annual results for the period ended 31 July 2011 by way of a preliminary announcement dated 27 September 2011, in accordance with the Disclosure and Transparency Rules ("the Rules") 4.1.3 and 6.3.5(2) this announcement contains the text of the preliminary announcement dated 27 September 2011 together with the additional text in compliance with the Rules. The Company's annual report and financial statements for the period ended 31 July 2011 together with the accompanying proxy form have been submitted to the UK Listing Authority, and are available for inspection on the National Storage Mechanism (NSM): www.hemscott.com/nsm.do The annual report and financial statements is available on the Company's website at https://www.fidelity.co.uk/static/pdf/common/investment-trusts/asia/asian-value-plc-2011.pdf Christopher Pirnie, FIL Investments International, Company Secretary - 01737 837929 21 November 2011 Preliminary Announcement of Audited Results For the year ended 31 July 2011 Chairman's Statement PERFORMANCE In the year to 31 July 2011, the Net Asset Value (NAV) per share of the Company increased by 19.3% whereas its benchmark, the MSCI All Countries (Combined) Far East ex Japan Index (Benchmark Index), rose by 16.3% (All figures in UK sterling terms and on a total return basis). Although the ordinary share price increased by 15.3% over the year, the discount widened from 8.6% to 11.6%. MARKETS Asia Pacific equities advanced over the year under review, although markets turned increasingly volatile in 2011. Consumer discretionary stocks led the advance across the region as rising income levels boosted corporate earnings and raised growth expectations. Consumer staples stocks also advanced, particularly benefiting from rising risk aversion during the last quarter of the year. South Korean automobile manufacturers and Chinese retailers were among the best performers. Materials and energy stocks advanced in line with rising international prices. Both these sectors gave up some of their gains during the last quarter of the review period as Chinese policymakers intensified efforts to contain the rise in inflation and asset prices. In contrast, information technology, utilities, and telecommunications stocks underperformed the Benchmark Index. The latter half of the period was characterised by increased volatility as the sovereign debt crisis in the European Union, political unrest in the Middle-East and North Africa, the devastating effects of the earthquake and tsunami in Japan and rising concerns about global economic growth dampened investor sentiment. Furthermore, weakening economic data in the US, the end of the second round of quantitative easing and an increasingly polarised debate about the US sovereign debt limit towards the end of the period contributed to risk aversion. Meanwhile, the rise in inflationary pressures across Asia resulted in a number of Central Banks raising interest rates, which adversely impacted share prices. Nevertheless, optimism driven by the changing composition of growth in Asia - from export led to domestic demand driven - together with healthy corporate earnings growth, contributed to positive stock market performance. OUTLOOK Asian markets have dropped sharply in response to recent developments in the US and in the European Union, as they remain correlated to the West, but the region's economy is significantly less reliant on the West than in the past. Relative to the rest of the world, Asia has better potential for sustainable earnings growth, making it a favoured market for investors. Most Asian central banks have been tightening their monetary policies in the last few quarters. They will have the flexibility to relax interest rates and credit policy to offset a potential marginal downward revision in OECD growth. The Board continues to believe that Asia's healthy financial system, robust domestic demand, low debt levels and high savings rates will continue to support a multiyear growth cycle. SUBSCRIPTION SHARES On 4 March 2010 the Company allotted a total of 12,188,212 subscriptions shares to qualifying shareholders and dealings in these shares commenced on 8 March 2010 with an exercise price of 191.00 pence per share. Details of the subscription shares exercised during the year are outlined in Note 13 on page 43. GEARING On 3 February 2011 the Company renewed its one year revolving credit facility for US$15 million with ING Bank N.V. The facility is fully drawn down at present and the Board continues to review the gearing position on a regular basis. Up to 31 July 2011, the Company issued a total of 686,469 ordinary shares on the exercise of the rights attaching to subscription shares leaving 11,501,743 subscription shares remaining to be exercised before 31 May 2013. DIVIDEND Subject to shareholders' approval at the forthcoming Annual General Meeting, the Directors recommend a final dividend of one penny per ordinary share (2010: nil). This dividend will be payable on 8 December 2011 to shareholders on the register at close of business on 7 October 2011 (ex-dividend date 5 October 2011). As the Company's objective is long term capital growth, any revenue surplus is a function of a particular year's business and it should not be assumed that dividends will continue to be paid in future. CONTINUATION VOTE In accordance with the Articles of Association of the Company, an ordinary resolution that the Company continue as an investment trust for a further two years was passed at the 2009 Annual General Meeting. A further continuation vote will take place at this year's Annual General Meeting. The Company's performance record has been excellent since launch with a NAV increase of 145.2% compared to an increase in the Benchmark Index of 69.4%. During the past 12 months the Company's NAV has outperformed the Benchmark Index by 3.0% and is also ahead of the Benchmark Index over 3, 5 and 10 years. Therefore your Board recommends that shareholders vote in favour of the continuation vote. A further continuation vote will take place at the Annual General Meeting in 2013. ANNUAL GENERAL MEETING The 2011 Annual General Meeting will be held on Wednesday, 23 November 2011 at Fidelity's Cannon Street office commencing at 11.00 am. All shareholders and Fidelity Saving Plan and ISA Scheme investors are invited to attend. The Portfolio Manager will be making a presentation on the year under review and the immediate prospects for the Company. Mr Hugh Bolland Chairman 26 September 2011 Enquiries: Chris Davies - Head of Investment Trusts, FIL Investments International - 01737 837 723 Anne Read - Corporate Communications, FIL Investments International - 0207 961 4409 Christopher Pirnie - Company Secretary, FIL Investment International, - 01737 837 929 MANAGER'S REVIEW MARKETS Stock markets in Far East ex Japan rose over the 12-month review period, underpinned by gains made in the early half of the year which was driven by expectations of sustained global economic recovery. The latter half of the year saw a return to volatility due to a number of geopolitical events, along with rising inflation in Asia. These factors, combined with tightening monetary policies throughout the Asia Pacific ex-Japan region, contributed to uncertainty. Nevertheless, strong economic growth in Asia characterised by rising income levels and strong consumption growth, boosted confidence. Meanwhile corporate earnings were largely in line with expectations. Thailand was the best performing market in the region, boosted by strong economic activity and return of political stability in the country. Korean equities advanced mainly on account of strong performance by shipbuilding and engineering firms, and also due to robust performance by its leading automobile manufacturers. Indonesian and Malaysian equities also advanced strongly in view of strong growth expectations as the former received a boost to its sovereign rating and the latter's government announced an economic transformation plan. Meanwhile, China delivered lacklustre growth as a rapid rise in inflation and fears about overheating in the economy prompted the People's Bank of China to raise interest rates and reserve requirements, and regulators were forced to tighten property markets. Notwithstanding the overall lacklustre performance, consumer discretionary and internet firms were leading contributors to positive growth in Chinese equities. Consumer staples names also advanced, particularly benefiting from rising risk aversion during the last quarter of the year. Materials and energy names advanced in-line with rising international commodity and energy prices. Information technology, utilities, and telecommunication names delivered positive returns but underperformed the Benchmark Index. On the economic front, inflationary pressure rose throughout the region and a number of Central Banks raised interest rates. Industrial Production and Purchasing Managers' indices showed signs of softening and the pace of export growth somewhat moderated. China's Purchasing Managers' Index (PMI) eased modestly in July to 50.7, whilst exports slipped by 0.6% from a month ago. The inflation rate increased further to a new high of 6.4 % in June, forcing the People's Bank of China to raise interest rates by 0.25% to 6.56% in July. PORTFOLIO REVIEW The Company outperformed its Benchmark Index over the review period, with the NAV rising by 19.3% against the index return of 16.3%. The strong performance could largely be attributed to favourable stock selection in South Korea and Malaysia. Selected holdings in Hong Kong and Philippines also enhanced returns. The Company's exposure to consumer discretionary names contributed strongly. I favour the sector due to the rapid consumption growth, particularly in China. For instance, an overweight holding in Macau-based casino operator SJM Holdings benefited from strong earnings growth, driven by a rise in VIP gaming. I remain optimistic about growth due to the firm's leadership position in Macau, and its strong cash holdings which will allow the firm to fund expansion projects. Holdings in South Korea-based KIA Motors and automobile component manufacturer Hyundai Mobis also boosted performance in view of strong earnings growth. In particular, the former gained from rising global brand recognition and strong sales growth. Korean automobile and component producers benefited due to a disruption in Japanese automobile production following the catastrophic earthquake in March 2011. Additionally, share prices in South Korea based internet and catalogue retailer CJO Shopping surged, particularly in the last quarter of the review period on expectations that the firm will receive a business license to expand into all parts of China. In addition, selected positions in the industrials space enhanced performance. A holding in Sarin Technologies, which manufactures machinery for the diamond industry advanced on account of a rise in demand. The overweight stance in construction equipment manufacturer Doosan Infracore and industrial plant construction firm Samsung Engineering also contributed to outperformance. Elsewhere, not having a stake in China Life Insurance added to relative performance as its share price declined due to slower growth in insurance premiums and falling investment returns. Whilst the overall contribution from consumer discretionary names was positive, selected holdings disappointed. The holding in China-based automobile producer BYD Company weighed on performance as sales and earnings declined sharply. A stake in retail supply chain manager Li & Fung declined in line with a fall in US growth expectations and also due to expectations of a rise in the company's costs. Within financials, the overweight stance in China Merchants Bank eroded value as it gave up initial gains amidst rising interest rates, and increasing fund raising pressure due to capital constraints. I have maintained a focus on companies that are leaders in their fields. This is reflected in their high and growing market shares and pricing power. The portfolio favours companies with management who have a proven track record of managing through extreme cycles. Typically these companies tend to outperform during downturns and are likely to emerge stronger after. Within the information technology space, a holding in mobile handset manufacturer HTC and real estate investment portal operator SouFun were significant new additions. Whilst the former leads in the smartphone handset market, the latter will benefit from a rise in advertising spending by property developers in an uncertain property market. Both these companies benefit from strong brand recognition in their respective markets. Exposure to industrials was raised to an overweight position. This was done by purchasing a position in diversified industrial conglomerate Hutchison Whampoa, which contributed to the outperformance, and buying a stake in Samsung Engineering. These purchases were funded by selling the stake in South Korea-based construction equipment manufacturer Doosan Infracore, which is likely to be impacted by slower growth in Chinese fixed asset investments, and in Malaysia-based Gamuda Berhad which reached our valuation. New holdings in Taiwan-based Nan Ya Plastics and South Korea-based Honam Petrochemical were added in view of strong earnings growth potential given limited capacity expansion in the industry and a favourable pricing environment. Elsewhere, consumer staples firms namely, LG Household & Healthcare, Shenguan Holdings and President Chain Store in Taiwan were added. Over the period, the underweight in financials was increased by selling companies which reached target valuations or were likely to be adversely impacted by rising interest rates, such as real estate firms. For instance, I sold the exposure to Hong Kong-based Swire Pacific, Singapore based real estate firm CapitaLand and Parkway Life, which is a health care real estate investment trust, for better opportunities elsewhere. Instead, I initiated a holding in Cheung Kong Holdings in view of its strong balance sheet which enhances the company's positioning in an uncertain market environment. I also made changes in the exposure to banking names by trimming the stake in China Merchants Bank, whilst retaining an overweight exposure, and selling the stake in India-based Punjab National Bank. Whilst the former remains positioned for growth, the latter may suffer due to falling margins and a rise in non-performing assets. I also took profits by selling shares in Hang Seng Bank as share prices were likely to be impacted by regulatory changes. OUTLOOK FOR THE REGION Activity across Asia remains upbeat, however the region's underlying economic momentum is slowing. The consensus outlook is for regional growth to moderate over the rest of the year against a backdrop of high inflation and tighter monetary conditions. However there is less pressure on both of these given the weakening growth outlook in developed markets. Furthermore, fiscal sustainability problems continue to cloud the outlook for developed economies, which are the region's key trading partners. Nevertheless, Asian economies are less indebted and far better positioned in terms of savings and currency reserves than most of their western counterparts. Fundamental secular growth drivers in Asia remain in place, hence compelling investment opportunities remain. I maintain consistency in my investment process and continue to focus on companies with high and growing market shares and pricing power. John Lo Portfolio Manager 26 September 2011 PRINCIPAL RISKS AND UNCERTAINTIES The Board confirms that there is an ongoing process for identifying, evaluating and managing the principal risks faced by the Company. The Board, with the assistance of the Manager, has developed a risk matrix which, as part of the internal controls process, identifies the key risks that the Company faces. The matrix has identified strategic, marketing, investment management, company secretarial and other support function risks. The Board reviews and agrees policies for managing these risks. The process is regularly reviewed by the Board. During this review, risks are identified, introduced and graded. This process, together with the policies and procedures for the mitigation of risks, is updated and reviewed regularly in the form of comprehensive internal controls reports which are considered by the Audit Committee. The Board also determines the nature and extent of any risks it is willing to take in order to achieve its strategic objectives. The Board considers the following to be the major specific risks facing the Company: Top risks Risk Mitigations Poor management of assets or under The Company has a clearly defined performance for several years in strategy and investment remit. succession Performance is reviewed at each Board meeting, including performance attribution and income forecasts. There is a clearly defined management agreement, and borrowing limits are also set by the Board. The Company is managed by a highly experienced Portfolio Manager. The Asia Pacific Investment Management team supports the Portfolio Manager, and the Asia Pacific Chief Investment Officer and Board reviews performance regularly. Loss of reputation in the market place Reputational risks are often the consequence of risk events in another category, such as investment performance, corporate governance rules or regulatory issues. The Board performs reviews of such risks on a periodic basis. Hostile takeover The Board reviews the Company's performance, including performance attribution, at each Board meeting. A premium/discount policy is in place and regular dialogue is undertaken with major shareholders through the Manager. Unauthorised use of the Company's There is an effective and appropriate assets segregation of duties in place. The Portfolio Manager is able to authorise, but not place, trades on behalf of the Company and does not have access to trading systems. Fidelity's trading desk deals only with approved counterparties, but does not settle trades or have contact with the Custodian. These are handled by the Investment Services department. The independent Custodian safeguards the Company's assets, including cash, which are held in the name of the nominee of the Custodian and segregated from the Manager's assets. Breaches of investment restrictions The Portfolio Manager is aware of the Company's investment restrictions. Fidelity's Investment Compliance group independently performs time of trade and end of day checks to ensure all investment restrictions are complied with. Breaches of S.1159 regulations of the Compliance with all investment Corporation Tax Act 2010 restrictions including taxation rules imposed by Section 1159 is monitored on a daily basis by Fidelity's Investment Compliance group. Escalation procedures are in place to notify the Board of any breaches. Breaches of UK Bribery Act 2010 The Bribery Act came into force on 1 July 2011, and the Board has adopted Fidelity's policies and controls in place to support ethical, non corrupt practices. The Board will be receiving reporting from Fidelity with respect to Bribery Act compliance. Further risks identified within the matrix on page 16 are: Market risks The Company's assets consist mainly of listed securities and the principal risks are therefore market related such as market recessions, interest rate movements, deflation/inflation, terrorism and protectionism. Risks to which the Company is exposed and which form part of the market risks category are included in Note 17 to the financial statements on pages 45 to 49 together with summaries of the policies for managing these risks. These comprise: market price risk (which comprises other price risk, interest rate risk and foreign currency exposure); liquidity risk, counterparty risk and credit risk. Loan risk The Company has a one year revolving credit facility in place with ING Bank N.V. The extent to which any loan facilities are retained or renewed is always kept under the most careful scrutiny. The impact of limited finance from counterparties including suppliers has not impacted the Company to date, however there are alternative suppliers available in the market place should the need arise. Counterparty risk The Company relies on a number of main counterparties, namely the Manager, Registrar, Custodian and Auditor. The Manager is the member of a privately owned group of companies on which a regular report is provided to the Board. The Manager, Registrar and Custodian are subject to regular audits by Fidelity's internal controls team and the counterparties' own internal controls reports are received by the Board and any concerns investigated. Performance risks The achievement of the Company's performance objective relative to the market involves risk. Strategy, asset allocation and stock selection might lead to under performance of the Benchmark Index and target. Monitoring of these risks is carried out by the Board which, at each Board meeting, considers the asset allocation of the portfolio and the risks associated with particular countries and industry sectors within the parameters of the investment objective. The Portfolio Manager is responsible for actively managing and monitoring the portfolio selected in accordance with the asset allocation parameters and seeks to ensure that individual stocks meet an acceptable risk-reward profile. The NAV of the Company is published each working day Top Risks Risk Mitigation Income - dividends risks The Company's objective of long term capital growth relies less on income to support dividends than investment trust companies with a more income oriented target. Nevertheless, generating income to meet expenses and provide adequate reserves is subject to the risk that income generation from its investments fails to meet the level required. The Board monitors this risk through the receipt of detailed income reports and forecasts which are considered at each meeting. Share price risks The price of the Company's shares relative to the Benchmark Index and in absolute terms, as well as its discount to NAV, are not factors the Company is able to control. Some short term influence over the discount may be exercised by the use of share repurchases at acceptable prices. The Company's ordinary share price, subscription share price, NAV and discount volatility are monitored daily by the Manager and considered by the Board at each of its meetings. Gearing risks The Company has the option to invest up to the total of its loan facilities in equities. In a rising market the Company would benefit but in a falling market the impact would be detrimental. In order to manage the level of gearing the Board regularly considers this item and sets gearing limits accordingly. The Portfolio Manager follows the Board approved guidelines and may invest part of the loan facility in Fidelity Institutional Liquidity Fund plc and short term cash deposits to control the level of net gearing. Control systems risks The Company is dependent on the Manager's control systems and those of its Custodian and Registrar both of which are monitored and managed by the Manager in the context of the Company's assets and interests on behalf of the Board. The security of the Company's assets, dealing procedures and the maintenance of investment trust status under s1159 of the Corporation Tax Act 2010, among other things, rely on the effective operation of such systems. These are regularly tested and a programme of internal audits is carried out by the Manager to maintain standards. Other risks Other risks monitored on a regular basis include loan covenants, which are subject to daily monitoring, together with the Company's cash position, and the continuation vote (at a time of poor performance). RELATED PARTIES All of the Directors are considered by the Board to be independent of management with the exception of Kathryn Matthews due to her recent relationship with the manager. No Director is under a contract of service with the Company and no contracts existed during or at the end of the financial period in which any Director was materially interested and which was significant in relation to the Company's business. There have been no other related party transactions requiring disclosure under Financial Reporting Standard ("FRS") 8. STATEMENT OF DIRECTORS' RESPONSIBILITIES The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Generally Accepted Accounting Practice. The financial statements are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss for the period. In preparing these financial statements, the Directors are required to: • select suitable accounting policies and then apply them consistently; • make judgements and estimates that are reasonable and prudent; • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for ensuring that adequate accounting records are kept which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that its financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under applicable law and regulations the Directors are also responsible for preparing a Directors' Report, including a Business Review, a Directors' Remuneration Report and a Corporate Governance Statement that comply with that law and those regulations. The Directors have delegated the responsibility for the maintenance and integrity of the corporate and financial information included on the Company's section of the Manager's website www.fidelity.co.uk/its to the Manager. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. We confirm that to the best of our 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 profit or loss of the Company; and the Directors' Report includes a fair review of the development and performance of the business and the position of the Company together with a description of the principal risks and uncertainties it faces. Approved by the Board on 26 September 2011 and signed on its behalf by Hugh Bolland Chairman Income Statement for the year ended 31 July 2011 2011 2010 revenue capital total revenue capital total Notes £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments designated at fair value through profit or loss 9 - 22,068 22,068 - 25,432 25,432 Income 2 3,070 - 3,070 2,446 - 2,446 Investment management fee 3 (1,509) - (1,509) (1,161) - (1,161) Other expenses 4 (522) - (522) (799) - (799) Exchange gains/(losses) on other net assets 7 (54) (47) 9 181 190 Exchange gains/(losses) on loans - 287 287 - (178) (178) Net return before finance costs and taxation 1,046 22,301 23,347 495 25,435 25,930 Finance costs 5 (214) - (214) (131) - (131) Net return on ordinary activities before taxation 832 22,301 23,133 364 25,435 25,799 Taxation on return on ordinary activities 6 (312) - (312) (200) - (200) Net return on ordinary activities after taxation for the year 520 22,301 22,821 164 25,435 25,599 Return per ordinary share Undiluted 7 0.85p 36.35p 37.20p 0.27p 41.73p 42.00p Diluted 7 0.84p 36.10p 36.94p n/a n/a n/a A Statement of Total Recognised Gains and Losses has not been prepared as there are no gains and losses other than those reported in this Income Statement. The total column of the Income Statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. Reconciliation of Movements in Shareholders' Funds for the year ended 31 July 2011 share capital other non- share premium redemption distributable other capital revenue total capital account reserve reserve reserve reserve reserve equity Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Opening shareholders' funds: 1 August 2009 15,235 - 1,785 7,367 19,239 47,523 985 92,134 Bonus issue of subscription shares* 1 - - - (1) - - - Exercise of rights attached to subscription shares and conversion into ordinary shares* - - - - - - - - Issue of ordinary shares on exercise of rights attached to subscription shares 9 60 - - - - - 69 Net return on ordinary activities after taxation for the year - - - - - 25,435 164 25,599 Dividend paid to shareholders 8 - - - - - - (609) (609) Closing shareholders' funds: 31 July 2010 15,245 60 1,785 7,367 19,238 72,958 540 117,193 Exercise of rights attached to subscription shares and conversion into ordinary shares 13 - - - - - - - - Issue of ordinary shares on exercise of rights attached to subscription shares 13 163 1,080 - - - - - 1,243 Net return on ordinary activities after taxation for the year - - - - - 22,301 520 22,821 Closing shareholders' funds: 31 July 2011 15,408 1,140 1,785 7,367 19,238 95,259 1,060 141,257 * Restated from 5 pence last year to reflect that the nominal value of the subscription shares is 0.01 pence. Balance Sheet as at 31 July 2011 2011 2010 Notes £'000 £'000 Fixed assets Investments designated at fair value through profit or loss 9 146,156 121,786 Current assets Debtors 10 738 1,187 Cash at bank 4,423 1,272 5,161 2,459 Creditors Bank loans 11 (9,116) (5,729) Other creditors 12 (944) (1,323) (10,060) (7,052) Net current liabilities (4,899) (4,593) Total net assets 141,257 117,193 Capital and reserves Share capital 13 15,408 15,245 Share premium account 1,140 60 Capital redemption reserve 1,785 1,785 Other non-distributable reserve 7,367 7,367 Other reserve 19,238 19,238 Capital reserve 95,259 72,958 Revenue reserve 1,060 540 Total equity shareholders' funds 141,257 117,193 Net asset value per ordinary share Undiluted 14 229.21p 192.19p Diluted 14 223.20p 191.99p Cash Flow Statement for the year ended 31 July 2011 2011 2010 Notes £'000 £'000 Operating activities Investment income received 2,410 2,257 Investment management fee paid (1,105) (1,145) Directors' fees paid (78) (93) Other cash payments (322) (720) Net cash inflow from operating activities 15 905 299 Servicing of finance Interest paid on bank loans (215) (215) Net cash outflow from servicing of finance (215) (215) Financial investment Purchase of investments (142,254) (91,819) Disposal of investments 139,813 94,199 Net cash (outflow)/inflow from financial (2,441) 2,380 investment Dividend paid to shareholders 8 - (609) Net cash (outflow)/inflow before financing (1,751) 1,855 Financing Exercise of rights attached to subscription 1,244 52 shares Unsecured loan drawn down 22,028 5,857 Unsecured loan repaid (18,354) (6,890) Net cash inflow/(outflow) from financing 4,918 (981) Increase in cash 16 3,167 874 The above statements have been prepared on the basis of the accounting policies as set out in the annual financial statements to 31 July 2011. This preliminary statement, which has been agreed with the Auditor, was approved by the Board on 26 September 2011. It is not the Company's statutory financial statements. The statutory financial statements for the financial year ended 31 July 2010 have been delivered to the Registrar of Companies. The statutory financial statements for the financial year ended 31 July 2011 have been approved and audited but have not yet been filed. The statutory financial statements for the financial years ended 31 July 2010 and 31 July 2011 received unqualified audit reports, did not include a reference to any matters to which the Auditor drew attention by way of emphasis without qualifying the report and did not contain statements under section 498(2) and (3) of the Companies Act 2006. The annual report and financial statements will be posted to shareholders as soon as is practicable and in any event no later than 24 October 2011.

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