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Aberdeen Asset Mngmt (ADN)

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Monday 26 November, 2012

Aberdeen Asset Mngmt

Final Results

RNS Number : 9459R
Aberdeen Asset Management PLC
26 November 2012
 



 

 

ABERDEEN ASSET MANAGEMENT PLC

RESULTS FOR THE YEAR TO 30 SEPTEMBER 2012 (AUDITED)

 

Highlights

 

·     Revenue 11% higher at £869.2 million (2011: £784.0 million)

·     Underlying profit before tax increased by 15% to £347.8 million (2011: £301.9 million)

·     21% increase in underlying earnings per share to 22.6p (2011: 18.7p)

·     Final dividend of 7.1p per share (2011: 5.2p), making 11.5p for the full year (2011: 9.0p)

·     Balance sheet strengthened further - net cash more than doubled to £266.4 million (2011: £127.5 million)

·     Assets under management increased by 10% to £187.2 billion (2011: £169.9 billion)

 

2012

2011

£869.2m

£784.0m



Before amortisation and impairment of intangibles

£347.8m

£301.9m

After amortisation and impairment of intangibles

£269.7m

£224.1m



Before amortisation and impairment of intangibles

22.6p

18.7p

After amortisation and impairment of intangibles

17.6p

14.1p

Total dividend per share

11.5p

9.0p

Gross new business

£36.0bn

£43.0bn

Net new business    

£0.0bn

(£1.7bn)

Assets under management at the year end

£187.2bn

£169.9bn

 

Martin Gilbert, Chief Executive of Aberdeen Asset Management PLC commented:

 

"This has been a difficult and uncertain year in the financial markets. Against this backdrop we are pleased to have delivered extremely strong performance for our shareholders by focusing on investment performance and by delivering for our clients. We have been rewarded by continuing strong interest in our funds and significant growth in assets under management. We have strengthened our balance sheet further and remain confident that our long-term philosophy and rigorous investment processes will continue to drive investment performance and shareholder value."

 

A presentation and webcast for analysts and institutions will be held at 10.00am (GMT) on Monday 26 November 2012 at Aberdeen's offices at Bow Bells House, 1 Bread Street, London EC4M 9HH. The webcast can be viewed live on:

 

http://www.media-server.com/m/p/9sani2tb

 

For those unable to attend the presentation or view the live webcast, a replay of the event will be available on the Group's website at www.aberdeen-asset.com

 

For more information:

 

Aberdeen Asset Management

Martin Gilbert                Chief Executive          + 44 (0) 207 463 6000

Bill Rattray                   Finance Director          + 44 (0) 207 463 6000

 

Maitland

Neil Bennett                                                    + 44 (0) 207 379 5151
Rowan Brown                                                 + 44 (0) 207 379 5151

 

Chairman's statement

The year ending 30 September 2012 was, in general, another period of economic and market uncertainty, nevertheless, Aberdeen managed a number of notable achievements. We saw net revenue and underlying pre-tax profit increase by 11% and 15% respectively, and the net cash position grow to £266.4 million by the year end. A 21% increase in underlying earnings per share has enabled us to propose a total dividend for the year of 11.5p per share, a 28% increase on 2011. Over the year our share price rose steadily, resulting in a year end market capitalisation of £3.7 billion.  In March, Aberdeen was promoted to the FTSE-100 index for the first time in its 29 year history.

 

These results are directly attributable to the strong investment performance that is the product of a disciplined and rigorous investment process, illustrating that the Group flourishes when our clients prosper.

 

Financial highlights

Net revenue for the year of £869.2 million was 11% higher than in 2011, reflecting healthy growth in recurring management fees, supplemented by increased performance fee income. The quality of income remains high, with recurring fees accounting for 94% of net revenue and the blended average fee rate rising to 45.1 basis points (2011: 41.2 basis points).

 

Operating expenses increased by 9%, with some controlled addition to headcount in distribution and additional resource committed to the promotion of the Aberdeen brand and positioning of our product range to satisfy existing and expected investor trends.

 

Underlying operating profit, which is stated before amortisation of intangible assets, increased by 14% to £352.7 million (2011: £309.3 million) and the operating margin improved further to 40.6% (2011: 39.5%). Underlying earnings per share increased by 21% to 22.6p (2011: 18.7p).

 

Operating cashflow was strong, and this enabled us to grow the net cash position to £266.4 million (2011: £127.5 million) at the year end. We will use £80 million of this cash to pay the proposed final dividend, but will achieve our aim of meeting the regulatory capital requirements, without reliance on the consolidation waiver, by the end of 2012. The capital position has been strengthened further since the year end, with the holders of £65 million of convertible bonds having elected to convert their holdings to ordinary shares.

 

Dividend

The Board is recommending a final dividend of 7.1p per share, making a total payment for the year of 11.5p per share, an increase of 28% on the total payment for 2011. The Board remains committed to a progressive dividend policy.

 

New business

New business totalling £36.0 billion was added during the year, with two-thirds of those flows being into pooled funds. By contrast, over 50% of outflows, also £36.0 billion, were from lower margin segregated mandates. As a result, 45% of our year-end assets under management (AuM) is invested in pooled funds (2011: 40%). Gross inflows were sourced from investors in Continental Europe (36%), the UK (23%), the Americas (25%), Asia Pacific (15%) and the Middle East (1%).

 

Consistent with recent years, the major inflows were into our global emerging markets (GEM), Asia Pacific and global equity products. We continue to work to moderate the scale of inflows to GEM, as we are committed to avoiding any dilution to the quality of the portfolios. We also saw healthy interest in our emerging market debt (EMD) and Asian fixed income capabilities, both higher margin products.  Indeed, our flagship EMD fund passed the $2 billion milestone during the year. However, overall fixed income flows remained negative, primarily due to outflows from the more traditional developed market strategies. We also experienced net outflows from the solutions business. Although our property funds reported a small net outflow, we have strengthened our global property platform with expanded multi manager teams in Asia and the US, and have added specialist distribution capabilities in both regions.

 

Our equity teams again delivered consistent outperformance against their respective benchmarks over both the longer and shorter term and, in due course, once sentiment towards the Eurozone improves, we believe that our pan-European equities team will attract interest from investors.  Fixed income performance remains generally above benchmark over five years, although a few strategies underperformed over one year as the teams believe government bonds remain overvalued and so favoured a short duration stance. 

 

Within solutions, performance was good in fund of hedge funds (FoHF) although it was a mixed year for new business with outflows from the multi manager capability, which continues its transition following the acquisition of the RBS business. Nevertheless, we continue to widen the appeal to our existing investor and consultant base.

 

Business development

Our distribution efforts included the launch of a number of funds in various jurisdictions, led by multi asset, FoHF and EMD capabilities. Among these was a diversified growth fund in the UK, a multi strategy fund in Luxembourg and an emerging markets bond fund in the US.

 

In early October, we announced the opening of a new office in New York to support our expansion in North America. The office will serve as a business development and marketing centre and complements our existing North American headquarters in Philadelphia. In addition, we added business development staff in Chicago, Dallas, Los Angeles, Miami, San Francisco and Toronto.

 

Our main focus is on markets with the largest asset pools, particularly the Americas and Europe, and Aberdeen's marketing and sponsorship programmes continue to gain traction in these key geographies.  As well as our continued sponsorship of Cowes Week, Aberdeen was also the main sponsor of this year's Scottish Open golf tournament, as part of a three year agreement.

 

Earlier in the year, the Group won a number of awards. UK wins included the Investment Week Fund Manager Group of the Year as well as Investment Trust Group of the Year from both What Investment and Money Observer. Around Europe (Belgium, Finland, Italy, Norway) we were named best Speciality Equity House, while in France we received an award for Best Equity Manager. Finally, our EMD, multi asset, FoHF capabilities were also recognised at various award ceremonies. Most recently, Aberdeen was named Best Overall Group at the 11th Annual European FoHF Awards.

 

In preparation for the Retail Distribution Review, the Group launched unbundled share classes in our UK and Luxembourg fund ranges ahead of the 31 December deadline.

 

The Board

On behalf of the Board as a whole, I would like to thank all our staff for their continued hard work and dedication which is at the heart of these results.

 

During the year, I was pleased to welcome to the Board a new independent non-executive director, Richard Mully, and shortly after the year-end, Rod MacRae, our Global Head of Risk, joined as an executive director. Gerhard Fusenig resigned from the Board in March following Credit Suisse's sale of its shareholding, and I would like to record the thanks of the entire Board for his considerable contribution over the last three years.

 

Giles Weaver will retire from the Board at the conclusion of the Annual General Meeting in January, following twelve years' service. I would like to place on record the thanks of all of his colleagues for his valuable contribution and commitment throughout that period.  I would expect to announce the appointment of a further independent non-executive director, as part of the ongoing refreshment of the Board, in due course.

 

Outlook

It is perhaps unwise to anticipate an end to the uncertainty engendered by the global economic and political backdrop, but I do believe that our clients and shareholders will be well served by the long term investment philosophy and rigorous process of our teams. While equity based products continue to generate healthy sales, we are confident that our sustained efforts in connection with other asset classes will make an increasingly important contribution to the Group's performance in the coming months.

 

Roger Cornick

Chairman

 

 


Group Income Statement







For the year to 30 September 2012










2012



2011




Before

amortisation

& impairment

 

Amortisation

& impairment

Total

Before

amortisation & impairment

 

Amortisation &  impairment

Total


Notes

£m

£m

£m

£m

£m

£m

Gross revenue


1,048.8

-

1,048.8

954.5

-

954.5

Commissions payable


(179.6)

-

(179.6)

(170.5)


(170.5)

Net revenue

2

869.2

-

869.2

784.0

-

784.0









Operating costs


(516.5)

-

(516.5)

(474.7)

-

(474.7)

Amortisation and impairment of intangible assets


-

(78.1)

(78.1)

-

(77.8)

(77.8)

Operating expenses


(516.5)

(78.1)

(594.6)

(474.7)

(77.8)

(552.5)

Operating profit


352.7

(78.1)

274.6

309.3

(77.8)

231.5

Net finance costs

5

(5.1)

-

(5.1)

(7.7)

-

(7.7)

Other gains and losses


0.2

-

0.2

0.3

-

0.3









Profit before taxation


347.8

(78.1)

269.7

301.9

(77.8)

224.1

Tax expense

6

(62.7)

16.6

(46.1)

(60.2)

20.0

(40.2)

Profit for the year


285.1

(61.5)

223.6

241.7

(57.8)

183.9

Attributable to:








Equity shareholders of the Company




208.7



169.7

Other equity holders




14.9



14.2





223.6



183.9

Earnings per share








Basic

8



18.88p



15.01p

Diluted

8



17.55p



14.06p

 



 

 

Group Statement of Comprehensive Income


 

 

 For the year to 30 September 2012

 

 


2012

2011

 

 


£m

£m

 

 

 Profit for the year

223.6

183.9

 

 




 

 

 Net actuarial gain on defined benefit pension schemes

0.6

6.0

 

 

 Translation of foreign currency net investments

(9.2)

2.3

 

 

 Available for sale assets:



 

 

  - losses during the period

(0.7)

(4.7)

 

 

  - losses recycled from equity to the income statement

4.6

1.7

 

 

 Tax on items of other comprehensive income

(3.4)

1.6

 

 

 Other comprehensive (expense) income, net of tax

(8.1)

6.9

 

 




 

 

Total comprehensive income for the year

215.5

190.8

 

 




 

 

 Attributable to:



 

 

 Equity shareholders of the Company

200.6

176.6

 

 

 Other equity holders

14.9

14.2

 

 

Group Balance Sheet

 

 As at 30 September 2012

 



2012

2011


Notes

£m

£m

 Assets




 Non-current assets




 Intangible assets

9

994.1

1,060.0

 Property, plant and equipment


19.1

20.1

 Other investments

10

53.1

46.8

 Deferred tax assets


15.9

22.5

 Pension surplus

13

12.9

5.4

 Trade and other receivables


3.6

4.4

 Total non-current assets


1,098.7

1,159.2

 Current assets




 Stocks of shares in managed funds


0.2

0.4

 Assets backing investment contract liabilities

11

2,311.9

1,128.1

 Trade and other receivables


254.2

325.8

 Other investments

10

58.5

63.3

 Cash and cash equivalents


347.9

209.5

 Total current assets


2,972.7

1,727.1

 Total assets


4,071.4

2,886.3





 Equity




 Called up share capital


115.1

114.9

 Share premium account


815.9

812.2

 Other reserves


209.0

216.8

 Retained loss


(51.6)

(123.7)

 Total equity attributable to shareholders of the parent


1,088.4

1,020.2

 Non-controlling interest


14.0

16.2

 Perpetual capital securities


198.1

198.1

 Total equity


1,300.5

1,234.5





 Liabilities




 Non-current liabilities




 Interest bearing loans and borrowings

12

-

82.0

 Pension deficit

13

28.3

29.7

 Provisions


5.9

2.2

 Deferred tax liabilities


36.4

46.5

 Total non-current liabilities


70.6

160.4

 

 Current liabilities




 Investment contract liabilities

11

2,311.9

1,128.1

 Interest bearing loans and borrowings

12

81.5

-

 Trade and other payables


269.4

329.7

 Current tax payable


37.5

33.6

 Total current liabilities


2,700.3

1,491.4

 Total liabilities

 

 

2,770.9

 

1,651.8

 Total equity and liabilities


4,071.4

2,886.3

 

 

Group Statement of Changes in Equity

For the year to 30 September 2012


 

Share
capital

£m

Share
premium
account

£m

 

Other
reserves

£m

 

Retained
earnings

£m

Non- controlling interest

£m

Perpetual

capital

securities

£m

 

Total equity £m

Balance at 30 September 2010

114.8

812.1

216.8

(170.5)

13.6

198.1

1,184.9

Profit for the period

-

 -

-

169.7

 -

 14.2

183.9

Other comprehensive income

 -

-

-

 6.9

-

-

6.9

Total comprehensive income

 -

 -

-

176.6

14.2

190.8

Arising on the issue of shares

0.1

0.1

 -

 -

 -

 -

0.2

Share based payment charge

 -

 -

 -

54.4

 -

-

54.4

Purchase of own shares

 -

 -

 -

(98.1)

 -

 -

(98.1)

Dividends paid to shareholders

-

-

 -

(86.1)

 -

(14.2)

(100.3)

Non-controlling  interest in consolidated funds

-

-

-

-

2.6

-

2.6

Balance at 30 September 2011

114.9

812.2

216.8

(123.7)

198.1

1,234.5

Profit for the period

 -

 -

 -

208.7

 -

14.9

 223.6

Other comprehensive expense

 -

 -

(6.7)

 (1.4)

 -

 -

(8.1)

Total comprehensive (expense) income

 -

 -

(6.7)

207.3

-

14.9

215.5

Arising on the issue of shares

 -

0.1

 -

 -

 -

 -

0.1

Conversion of convertible bonds

0.2

2.8

(0.3)

0.3

-

-

3.0

Conversion of preference shares

-

0.8

(0.8)

-

-

-

-

Share based payment charge

 -

 -

 -

53.8

 -

 -

53.8

Purchase of own shares

 -

 -

 -

(83.1)

 -

 -

(83.1)

Dividends paid to shareholders

 -

 -

 -

(106.2)

 -

(14.9)

 (121.1)

Non-controlling interest in consolidated funds

 -

 -

 -

 -

(2.2)

 -  

(2.2)

Balance at 30 September 2012

115.1

815.9

209.0

(51.6)

14.0

198.1 

1,300.5

 

Group Statement of Cash Flows

 

For the year to 30 September 2012

 



2012

2011


 Notes

 £m

 £m

 Core cash generated from operating activities


419.8

399.3

 Short-term timing differences on open end fund settlements


(5.3)

7.9

 Cash generated from operations


414.5

407.2

 Net interest paid


(2.1)

(7.1)

 Tax paid


(43.6)

(26.4)

 Net cash generated from operations


368.8

373.7

 Non-recurring costs paid


-

(7.3)

 Net cash generated from operating activities

4

368.8

366.4

 Cash flows from investing activities




 Proceeds from sale of investments


52.4

50.2

 Acquisition of businesses, net of cash acquired


-

(3.3)

 Purchase of intangible assets


(13.4)

(2.4)

 Purchase of property, plant & equipment


(7.6)

(5.9)

 Purchase of investments


(53.8)

(62.1)

 Net cash used in investing activities


(22.4)

(23.5)





 Cash flows from financing activities




 Purchase of own shares


(83.1)

(98.1)

 Repayment of borrowings


-

(77.9)

 Dividends paid and coupon payments


(126.0)

(105.5)

 Net cash used in financing activities


(209.1)

(281.5)





 Net increase in cash and cash equivalents


137.3

61.4

 Cash and cash equivalents at 1 October


209.5

150.8

 Exchange rate fluctuations on cash and cash equivalents


1.1

(2.7)

 Cash and cash equivalents at 30 September


347.9

209.5

 

Notes to the Accounts

 

1.

 

Preparation in accordance with IFRS

This preliminary announcement of results sets out information which will be more fully covered in the Annual Report for the year to 30 September 2012.

2.

Revenue

2012

2011



 £m

 £m


Revenue comprises:




Gross management fees

993.1

909.7


Commissions payable to intermediaries

(179.6)

(170.5)


Net management fees

813.5

739.2


Performance fees

47.5

36.3


Transaction fees

8.2

8.5


Net revenue

869.2

784.0



 

3

Segmental reporting

 


The Group operates a single business segment of asset management for reporting and control purposes.

 

IFRS 8 Operating Segments requires disclosures to reflect the information which the Group management board, being the body that is the Group's chief operating decision maker, uses for evaluating performance and the allocation of resources. The Group is managed as a single asset management business, with multiple investment strategies of equities, fixed income and property, complemented by our solutions business which provides multi asset and fund of alternatives services. These strategies are managed across a range of products, distribution channels and geographic regions. Reporting provided to the Group management board is on an aggregated basis.



4.

Analysis of cash flows


2012

2011




 £m

 £m


Reconciliation of profit after tax to operating cash flow





Profit after tax


223.6

183.9


Depreciation 


8.3

5.7


Amortisation and impairment of intangible assets


78.1

77.8


Unrealised foreign currency (gains) losses


(1.0)

1.2


Gains on investments


(0.2)

-


Share based element of remuneration


61.9

60.4


Net finance costs


5.1

7.7


Income tax expense


46.1

40.2




421.9

376.9


Increase in provisions


3.7

0.1


Decrease (increase)  in stock


0.2

(0.1)


(Increase) decrease in trade and other receivables


(1.4)

0.9


Decrease (increase) in open end fund receivables


69.7

(30.4)


(Decrease) increase in trade and other payables


(4.6)

14.2


(Decrease) increase in open fund payables


(75.0)

38.3


Net cash inflow from operating activities


414.5

399.9


Net interest paid


(2.1)

(7.1)


Income tax paid


(43.6)

(26.4)


Net cash generated from operating activities


368.8

366.4

 





5.

Net finance costs


2012

2011




 £m

 £m


Interest on 7.2% subordinated notes 2016


-

4.3


Interest on 3.5% convertible bonds 2014


3.2

3.2


Interest on overdrafts, revolving credit facilities and other interest bearing accounts


1.7

0.2




4.9

7.7


Release of discount on liability component of convertible bonds


2.0

1.7


Amortisation of issue costs on convertible bonds


0.5

0.6


Total finance costs


7.4

10.0


Finance revenue - interest income


(2.3)

(2.3)


Net finance costs


5.1

7.7






6.

Tax  expense


2012

2011




 £m

 £m


Current year tax charge on profit before, amortisation and impairment of intangible assets

64.2

59.3


Adjustments in respect of prior periods


(1.5)

0.9




62.7

60.2


Tax credit on amortisation and impairment of intangible assets

(16.6)

(20.0)




46.1

40.2


 

 




7.

Dividends and coupons payable


2012

2011




£m

£m


Dividend on convertible preference shares  





Dividend paid


0.2

0.3







Coupon payments on perpetual capital securities





Coupon payments made during the year


19.8

19.4







Dividends on ordinary shares





Declared and paid during the year:





Final dividend for 2011 - 5.2p (2010 : 3.8p)


57.5

42.9


Interim dividend for 2012 - 4.4p (2011: 3.8p)


48.5

42.9




106.0

85.8







Total dividends and coupon payments paid during the year


126.0

105.5


 

Proposed for approval at the Annual General Meeting

 (not recognised as a liability at 30 September)




Dividends on ordinary shares:  





Final dividend for 2012 - 7.1 p (2011 : 5.2p)


81.2

59.5

The total ordinary dividend for the year is 11.5p per share including the proposed final dividend of 7.1p per share.

The proposed final dividend of 7.1p per ordinary share will be paid on 24 January 2013 to qualifying shareholders on the register at the close of business on 7 December 2012. 

The coupon payments on perpetual capital securities are tax deductible. The deduction for 2012 is £4.9 million (2011: £5.2 million), resulting in a net cost of £14.9 million (2011: £14.2 million).

 

8.

Earnings per share

 


The calculations of earnings per share are based on the following profits and numbers of shares.

 

Basic earnings per share amounts are calculated by dividing profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year. 

 

Diluted earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number of ordinary shares that would be issued on the conversion of all the potentially dilutive shares into ordinary shares.

 

Underlying earnings per share figures are calculated by adjusting the profit to exclude amortisation and impairment of intangible assets. The purpose of providing the underlying earnings per share is to allow readers of the accounts to clearly consider trends without the impact of these non-cash items.

 

 



         IAS33

       Underlying

 


Basic earnings per share

2012

£m

2011

 £m

2012

 £m

2011

 £m

 


Profit attributable to shareholders

223.6

183.9

223.6

183.9

 


Dividend on convertible preference shares

(0.2)

(0.3)

(0.2)

(0.3)

 


Coupon payments in respect of perpetual capital securities (net of tax)

(14.9)

(14.2)

(14.9)

(14.2)

 


Profit  for the financial year

208.5

169.4

208.5

169.4

 


Amortisation and impairment of intangible assets, net of attributable taxation

61.5

57.8

 


Underlying profit for the financial year

270.0

227.2

 


Weighted average number of shares (millions)

1,104.2

1,128.4

1,104.2

1,128.4

 


Basic earnings  per share

18.88p

15.01p

24.45p

20.13p

 



 


Diluted earnings per share

 


Profit  for calculation of basic earnings per share, as above

208.5

169.4

270.0

227.2

 


Add: interest on 2014 convertible bonds, net of attributable taxation

4.3

4.0

4.3

4.0

 


Add: dividend on convertible preference shares

0.2

0.3

0.2

0.3

 


Profit  for calculation of diluted earnings per share

213.0

173.7

274.5

231.5

 



 


Weighted average number of shares (millions)

 


For basic earnings per share

1,104.2

1,128.4

1,104.2

1,128.4


Dilutive effect of 2014 convertible bonds

48.6

48.6

48.6

48.6


Dilutive effect of convertible preference shares

3.1

4.4

3.1

4.4


Dilutive effect of LTIP awards

0.2

0.6

0.2

0.6


Dilutive effect of exercisable share options and deferred shares

57.5

53.8

57.5

53.8



1,213.6

1,235.8

1,213.6

1,235.8


Diluted earnings per share

17.55p

14.06p

22.62p

18.73p



9.

Intangible assets


2012

2011




£m

£m


Management contracts


310.6

370.1


Distribution contracts


21.2

30.2


Goodwill


652.9

654.4


Software


9.4

5.3




994.1

1,060.0











10.

Other investments


2012

2011




£m

£m


Non-current assets





Non-current investments


53.1

46.8







Current assets





Seed capital investments


40.4

29.8


Investment in funds to hedge deferred bonus liabilities

11.5

-


Investments of  life and pensions subsidiary

6.6

23.1


Listed securities - held for trading


-

10.4




58.5

63.3




Seed capital investments consist of amounts invested in funds when the intention is to dispose of these as soon as practicably possible.

 

Investments in certain Aberdeen managed funds are held to hedge against liabilities from bonus awards that are deferred and settled in cash by reference to the share price of those funds.

 

 

11.

Assets backing investment contract liabilities


These assets are held by the Group's life assurance and pooled pension subsidiary to meet its contracted liabilities.

 

The risks and rewards of these assets fall to the benefit of or are borne by the underlying policyholders. Therefore, the investment contract liabilities shown in the Group's balance sheet are equal and opposite in value to the assets held on behalf of the policyholders.  The Group has no direct exposure to fluctuations in the value of assets which are held on behalf of policyholders, nor to fluctuations in the value of the assets arising from changes in market prices or credit default. The Group's exposure to these assets is limited to the revenue earned, which varies according to movements in the value of the assets.






12.

Interest bearing loans and borrowings


2012

2011




 £m

 £m


Non-current liabilities





3.5% convertible bonds 2014


-

82.0







Current  liabilities





3.5% convertible bonds 2014


81.5

-







On the 31 October 2012, the Company notified remaining bondholders that all outstanding bonds in issue on 3 January 2013 will be redeemed in full (note 14). The liability for the convertible bonds has been reclassified as a current liability at 30 September 2012.

 

13.

Retirement benefits

The Group's principal form of pension provision is by way of three defined contribution schemes operated world-wide. The Group also operates several legacy defined benefit schemes which include, in the UK, the CGA Staff Pension Fund, the Murray Johnstone Limited Retirement Benefits Plan and the Edinburgh Fund Managers Group plc Retirement & Death Benefits Plan. These defined benefit schemes are closed to new membership and to future service accrual. 




2012

2011




 £m

 £m


Pension scheme deficits


(28.3)

(29.7)


Pension scheme surplus


12.9

5.4




(15.4)

(24.3)



14.

Post balance sheet event

On 31 October, the Company notified the holders of the 3.5% convertible bonds 2014 that all outstanding bonds in issue on 3 January 2013, together with accrued interest on such date, will be redeemed. Bondholders remain able to exercise their conversion rights until 27 December 2012. As at 23 November 2012, holders of £68.1 million had exercised their rights to convert to ordinary shares with £21.9 million still to be converted prior to 3 January 2013.  

 

The outstanding bonds of £82.7 million, gross excluding unamortised issue costs, at 30 September 2012 have been reclassified as a current liability.

 

15.

 

 

 

 

 

 

 

The financial information set out above does not constitute the Company's statutory accounts for the years ended 30 September 2012 or 2011. The financial information for 2011 is derived from the statutory accounts for 2011 which have been delivered to the Registrar of Companies. The statutory accounts for 2012 will be delivered following the Company's Annual General Meeting.  The auditors have reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under section 498(2) or (3) of the Companies Act 2006 or equivalent preceding legislation.

 

 

ASSETS UNDER MANAGEMENT

 


2012

2011


£bn

£bn

Equities

100.7

75.1

Fixed income

36.3

40.0

Aberdeen solutions

23.6

24.8

Property

18.7

20.5

Money market

7.9

9.5


187.2

169.9




Segregated mandates

102.8

102.4

Pooled funds

84.4

67.5


187.2

169.9

 

QUARTERLY NEW BUSINESS FLOWS

 


3 mths to

31 Dec 11

£m

3 mths to

31 Mar 12 £m

3 mths to

30 Jun 12

£m

3 mths to

30 Sep 12

£m

Year to

30 Sep 12

£m

Gross inflows:






  Segregated mandates

3,337

2,893

3,133

3,026

12,389

  Pooled funds

4,502

7,486

5,660

5,961

23,609


7,839

10,379

8,793

8,987

35,998

Net inflows:






  Segregated mandates

(2,968)

(539)

(881)

(1,962)

(6,350)

  Pooled funds

158

2,970

1,186

1,987

6,301


(2,810)

2,431

305

25

(49)

 

 


3 mths to

31 Dec 11

£m

3 mths to

31 Mar 12 £m

3 mths to

30 Jun 12

£m

3 mths to

30 Sep 12

£m

Year to

30 Sep 12

£m

Gross inflows:






  Equities

4,250

7,093

5,378

5,659

22,380

  Fixed income

1,612

1,743

1,463

1,609

6,427

  Aberdeen solutions

661

493

578

504

2,236

  Property

223

139

182

253

797

  Money market

1,093

911

1,192

962

4,158


7,839

10,379

8,793

8,987

35,998

Net inflows:






  Equities

932

3,966

2,508

2,830

10,236

  Fixed income

(2,065)

(265)

(1,610)

(1,797)

(5,737)

  Aberdeen solutions

(1,247)

(568)

(550)

(841)

(3,206)

  Property

38

(306)

64

(2)

(206)

  Money market

(468)

(396)

(107)

(165)

(1,136)


(2,810)

2,431

305

25

(49)

 

NEW BUSINESS FLOWS TO 30 SEPTEMBER 2012 - EQUITIES

 


3 mths to

31 Dec 11

£m

3 mths to

31 Mar 12 £m

3 mths to

30 Jun 12

£m

3 mths to

30 Sep 12

£m

Year to

30 Sep 12

£m

Gross inflows:






  Asia Pacific

814

1,755

1,654

1,629

5,852

  Global emerging markets

2,309

3,820

2,217

2,329

10,675

  Europe

37

16

6

48

107

  Global & EAFE

989

1,420

1,200

1,570

5,179

  UK

18

37

43

16

114

  US

83

45

258

67

453


4,250

7,093

5,378

5,659

22,380

Net flows:






  Asia Pacific

(176)

830

850

719

2,223

  Global emerging markets

1,127

2,492

794

1,281

5,694

  Europe

(14)

(33)

(36)

(3)

(86)

  Global & EAFE

307

805

771

1,159

3,042

  UK

(72)

(20)

(41)

(303)

(436)

  US

(240)

(108)

170

(23)

(201)


932

3,966

2,508

2,830

10,236

 

NEW BUSINESS FLOWS 30 SEPTEMBER 2012 - FIXED INCOME

 


3 mths to

31 Dec 11

£m

3 mths to

31 Mar 12 £m

3 mths to

30 Jun 12

£m

3 mths to

30 Sep 12

£m

Year to

30 Sep 12

£m

Gross inflows:






  Asia Pacific

235

145

105

178

663

  Australia

765

572

487

395

2,219

  Convertibles

16

38

23

30

107

  Currency overlay

14

74

4

31

123

  Emerging markets

354

430

535

602

1,921

  Europe

42

80

33

113

268

  Global

42

28

21

21

112

  High yield

70

148

60

77

355

  UK

24

39

101

103

267

  US

50

189

94

59

392


1,612

1,743

1,463

1,609

6,427

Net flows:






  Asia Pacific

164

57

(496)

85

(190)

  Australia

87

(345)

(137)

(164)

(559)

  Convertibles

(16)

4

(11)

5

(18)

  Currency overlay

(107)

51

(27)

(18)

(101)

  Emerging markets

57

276

196

336

865

  Europe

(39)

(24)

(196)

(116)

(375)

  Global

(1,513)

(6)

(65)

(1,589)

(3,173)

  High yield

20

104

(15)

33

142

  UK

(667)

(331)

(630)

(247)

(1,875)

  US

(51)

(51)

(229)

(122)

(453)


(2,065)

(265)

(1,610)

(1,797)

(5,737)

 

NEW BUSINESS FLOWS TO 30 SEPTEMBER 2012 - ABERDEEN SOLUTIONS

 


3 mths to

31 Dec 11

£m

3 mths to

31 Mar 12 £m

3 mths to

30 Jun 12

£m

3 mths to

30 Sep 12

£m

Year to

30 Sep 12

£m

Gross inflows:






  Indexed equities

4

-

4

1

9

  Multi asset

215

244

140

268

867

  Long only multi manager

418

211

408

200

1,237

  Funds of hedge funds

24

38

26

35

123

  Funds of private equity

-

-

-

-

-


661

493

578

504

2,236

Net flows:






  Indexed equities

(208)

(98)

(382)

(199)

(887)

  Multi asset

26

(65)

(125)

(213)

(377)

  Long only multi manager

(833)

(204)

85

(189)

(1,141)

  Funds of hedge funds

(232)

(200)

(128)

(240)

(800)

  Funds of private equity

-

(1)

-

-

(1)


(1,247)

(568)

(550)

(841)

(3,206)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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