Final Results
Aberdeen New Dawn Invest Trust PLC
08 July 2003
ABERDEEN NEW DAWN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF ANNUAL UNAUDITED RESULTS
for the year ended 30 April 2003
The year to 30 April 2003 has seen our asset value decline by 20.4%
outperforming our benchmark index, the MSCI AC Asia Pacific Index (ex. Japan),
which fell 22.4%. We are, however, proposing to increase the final dividend to
3.8p, a rise of 26.6%. This is the result of larger payouts from the underlying
portfolio and, I believe, is a better reflection of the economic progress the
region has achieved in the past year.
This last financial year has presented global investors with many challenges
and, as I stated in the Interim Report, the US accounting scandals and the
concerns of a US/Iraq war had a negative effect on investor confidence. Since
then doubts have arisen over the strength of the US economic recovery and Asia
has been impacted by the SARS virus, directly affecting China, Hong Kong,
Singapore and Taiwan and the aviation, retail and tourism industries across the
region.
In stock exchange terms Pakistan, Sri Lanka and Thailand were the only markets
showing positive returns, rising 42.3%, 37.5% and 5.8% respectively. The largest
declines occurred in Taiwan, Hong Kong and Korea, with negative returns of
33.4%, 29.6% and 27.4% respectively. However, since our year end and with the
rally following the swift military conflict in Iraq, all our markets have risen
with Sri Lanka, Thailand and China showing positive returns of 49.6%, 23.3% and
19.6%. Pakistan and Sri Lanka's exceptional performances are due to the relief
rally post the Afghanistan conflict and the Tamil peace talks in Sri Lanka.
Thailand and Indonesia led the rebound in South East Asia. Consumer spending and
export growth have been the twin pillars supporting Thailand's recovery, while
in Indonesia, a stronger rupiah, relative political stability and lower interest
rates helped demand.
Against a lacklustre global backdrop, relatively strong economic growth
continued in Asia with China again the region's top performer recording 8%
economic growth in 2002 as a result of substantial foreign investment and
healthy personal consumption. Looking ahead we expect China again to show good
growth, albeit at a slightly more moderate rate, and for elsewhere in the region
to register growth in the order of 3-4% as domestic demand revives. A
sustainable rebound is still contingent on a pick-up in the US economy, although
China is developing as an engine of regional growth. There is some danger in a
weaker dollar, since it makes exports from the rest of the world more expensive
to the US consumer. Equally, US interest rate cuts allow for similar easing in
Asia.
Indeed, Asian companies continue to represent very good value and our managers
in Singapore have used borrowings to increase exposure and have been taking
advantage of the recent weakness in markets, partly caused by the SARS scare, to
effect this. We are encouraged that companies have resisted any urge to jettison
the hard-learnt disciplines of the 1997 crisis. Cash is being invested more
sensibly - or indeed returned to shareholders. Governments have been similarly
restrained, although overheating may catch up with one or two countries. I
remain confident about the prospects for the region and believe that our
investment strategy of selecting stocks with undemanding valuations will be able
to maximise total return to Shareholders over the long term.
Ronnie Scott Brown, our founder Chairman and Director, has regretfully chosen to
reduce his business commitments and is not seeking re-election as a Director at
the forthcoming Annual General Meeting. We as a Board, and I personally, wish to
thank Ronnie for the dedication and integrity that he has shown over the past 14
years.
Richard Clough
Chairman
8 July 2003
Statement of Total Return
--------------------------- ---------------- ----------------
Year ended Year ended
30 April 2003 30 April 2002
(unaudited) (audited)
------- ------ ------ ------- ------ ------
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
--------------------------- ------- ------ ------ ------- ------ ------
(Losses)/gains on - (12,613) (12,613) - 11,138 11,138
investments
Income 2,447 - 2,447 2,035 - 2,035
Investment management fee (219) (219) (438) (220) (220) (440)
Other expenses (367) - (367) (342) - (342)
Exchange (losses)/gains (47) 473 426 4 (23) (19)
--------------------------- ------- ------ ------ ------- ------ ------
Net return/(loss) before 1,814 (12,359) (10,545) 1,477 10,895 12,372
finance costs and
taxation
Interest payable and (91) (91) (182) (93) (93) (186)
similar charges
--------------------------- ------- ------ ------ ------- ------ ------
Return/(loss) on ordinary 1,723 (12,450) (10,727) 1,384 10,802 12,186
activities before
taxation
Taxation on ordinary (537) 93 (444) (509) 94 (415)
activities
--------------------------- ------- ------ ------ ------- ------ ------
Return/(loss) on ordinary 1,186 (12,357) (11,171) 875 10,896 11,771
activities after taxation
Dividends in respect of (884) - (884) (698) - (698)
equity shares
--------------------------- ------- ------ ------ ------- ------ ------
Transfer to/(from) 302 (12,357) (12,055) 177 10,896 11,073
reserves
=========================== ======= ====== ====== ======= ====== ======
Return per Ordinary share 5.10 (53.11) (48.01) 3.76 46.83 50.59
(pence):
=========================== ======= ====== ====== ======= ====== ======
The revenue column of this statement represents the revenue account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
Balance Sheet
----------------------------------------- --------- ---------
As at As at
30 April 2003 30 April 2002
(unaudited) (audited)
--------- ---------
£'000 £'000
----------------------------------------- --------- ---------
Fixed assets
Investments 51,318 61,787
----------------------------------------- --------- ---------
Current assets
Debtors 471 323
Cash at bank and in hand 1,308 835
----------------------------------------- --------- ---------
1,779 1,158
Creditors: amounts falling due within one (6,079) (3,906)
year
----------------------------------------- --------- ---------
Net current liabilities (4,300) (2,748)
----------------------------------------- --------- ---------
Total assets less current liabilities 47,018 59,039
Provision for liabilities and charges (98) (64)
----------------------------------------- --------- ---------
Net assets 46,920 58,975
========================================= ========= =========
Share capital and reserves
Called-up share capital 5,817 5,817
Share premium account 9,317 9,317
Special reserve 14,138 14,138
Other reserves:
Redemption reserve 10,207 10,207
Capital reserve - realised 4,688 5,711
Capital reserve - unrealised 285 11,619
Revenue reserve 2,468 2,166
----------------------------------------- --------- ---------
Equity Shareholders' funds 46,920 58,975
========================================= ========= =========
Net asset value per Ordinary share 201.66 253.47
(pence):
========================================= ========= =========
Cash Flow Statement
-------------------------------------- ------ ------
Year ended Year ended
30 April 2003 30 April 2002
(unaudited) (audited)
------ ------
£'000 £'000 £'000 £'000
-------------------------------------- ------ ------ ------ ------
Net cash inflow from operating 1,037 1,056
activities
Servicing of finance
Bank and loan interest paid (178) (197)
-------------------------------------- ------ ------ ------ ------
Net cash outflow from servicing of (178) (197)
finance
Taxation
Net UK tax (paid)/recovered (64) 40
Withholding tax paid (4) -
-------------------------------------- ------ ------ ------ ------
Net tax (paid)/recovered (68) 40
Financial investment
Purchases of investments (9,041) (11,357)
Sales of investments 7,389 13,081
-------------------------------------- ------ ------ ------ ------
Net cash (outflow)/inflow from (1,652) 1,724
financial investment
Equity dividend paid (698) (617)
-------------------------------------- ------ ------ ------ ------
Net cash (outflow)/inflow before (1,559) 2,006
financing
Financing
Repurchase of Ordinary shares - (43)
Drawdown/(repayment) of loan 1,559 (2,000)
-------------------------------------- ------ ------ ------ ------
Net cash inflow/(outflow) from 1,559 (2,043)
financing
-------------------------------------- ------ ------ ------ ------
Increase/(decrease) in cash - (37)
====================================== ====== ====== ====== ======
Reconciliation of net cash flow to
movements in net debt
Increase/(decrease) in cash as above - (37)
Cash (inflow)/outflow from (drawdown)/ (1,559) 2,000
repayment of loan
Exchange movements 473 (23)
-------------------------------------- ------ ------ ------ ------
Movement in net debt in the year (1,086) 1,940
Opening net debt (2,165) (4,105)
-------------------------------------- ------ ------ ------ ------
Closing net debt (3,251) (2,165)
====================================== ====== ====== ====== ======
Notes:
1. Dividend
The Directors have today declared a first and final dividend of 3.80p per
Ordinary share for the year ended 30 April 2003 (2002 - 3.00p) which, if
approved by Shareholders at the Annual General Meeting, will be payable on 26
August 2003 to Shareholders on the register on 25 July 2003 (Provisional
Ex-Dividend 23 July 2003).
2. Income
2003 2002
£'000 £'000
Income from investments
UK dividend income 66 61
Overseas dividends 2,214 1,946
Scrip dividends 143 -
------ ------
2,423 2,007
------ ------
Other income
Deposit interest 24 28
------ ------
Total income 2,447 2,035
====== ======
3. Return per share
2003 2002
Revenue Capital Total Revenue Capital Total
p p p p p p
Ordinary 5.10 (53.11) (48.01) 3.76 46.83 50.59
======= ======= ======= ======= ======= =======
The revenue return per Ordinary share is based on net revenue after taxation of
£1,186,000 (2002 - £875,000) and
on 23,267,133 (2002 - 23,269,188) Ordinary shares, being the weighted average
number of Ordinary shares in issue
during the year.
The capital loss per Ordinary share is based on a net capital loss for the year
of £12,357,000 (2002 - gain of £10,896,000) and on 23,267,133 (2002 -
23,269,188) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.
4. Net asset value per share
The net asset value per share and the net asset values attributable to Ordinary
Shareholders at the year end
calculated in accordance with the Articles of Association were as follows:
Net asset value Net asset values
per share attributable attributable
2003 2002 2003 2002
p p £'000 £'000
Ordinary shares 201.66 253.47 46,920 58,975
======= ======== ======== =======
The movements during the year of the assets attributable to the Ordinary shares
were as follows:-
2003 2002
£'000 £'000
Net assets attributable at 1 May 58,975 47,945
Total recognised (losses)/gains for the year (11,171) 11,771
Repurchase of Ordinary shares - (43)
Dividends appropriated in the year (884) (698)
------- -------
Net assets attributable at 30 April 46,920 58,975
======= =======
The net asset value per Ordinary share is based on net assets, and on 23,267,133
(2002 - 23,267,133) Ordinary shares, being the number of Ordinary shares in
issue at the year end.
5. The financial information for the year ended 30 April 2003 comprises
non-statutory accounts within the meaning of section 240 of the Companies Act
1985. The financial information for the year ended 30 April 2002 has been
abridged from the published accounts that have been delivered to the Register of
Companies and on which the report of the auditors is unqualified and does not
contain a statement under section 237 (2) or (3) of the Companies Act 1985. The
statutory accounts for 2003 will be finalised on the basis of the financial
information presented by the directors in this preliminary announcement and will
be delivered to the Register of Companies in due course.
6. Copies of the Annual Report will be posted to all shareholders in due course
and further copies may be obtained from the Registered Office, One Bow
Churchyard, Cheapside, London EC4M 9HH.
Aberdeen Asset Management PLC
Secretaries
8 July 2003
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