RNS Number:2565Q
Australian Opp Inv Tst PLC
21 January 2002
Objective of the Company
The objective of the Company is to provide long term capital appreciation by
investing in a portfolio of listed Australasian securities including New
Zealand, focusing on investment companies, financial services companies and
small industrial companies. In addition, the Company may invest in unlisted and
mining companies and up to 25% of its assets in special situations worldwide.
Financial highlights
% change
At since
30 November 31 May
2001 2001
Australian Dollar
Australian All Ordinaries Index 3276.9 -1.21%
Australian Small Capitalisation Index 1689.7 -0.62%
Total assets less current liabilities (A$'000) 37,396 -3.93%
Fully-diluted net asset value per ordinary share (A$) 2.0512 6.61%
Basic net asset value per ordinary share (A$) 1.7162 10.37%
£ Sterling / Australian $ exchange rate 2.7419 2.17%
£ Sterling
Australian All Ordinaries Index (Sterling adjusted) 1195.1 0.97%
Australian Small Capitalisation Index (Sterling 616.3 1.57%
adjusted)
Total assets less current liabilities (£'000) 13,639 -1.80%
Fully-diluted net asset value per ordinary share 74.81 8.97%
(pence)
Basic net asset value per ordinary share (pence) 62.59 12.82%
Middle Market share price per ordinary share (pence) 59.5 20.20%
The Financial Times reported that the Company is the best performing Investment
Trust in the Asia and Australasian region over one year.
Chairman's Statement
During the half year to 30 November 2001 the basic net asset value per ordinary
share ("NAV") rose 12.8% from 55.5 pence to 62.6 pence, compared to a rise of
1.0% in the sterling adjusted Australian All Ordinaries Index and a rise of 1.6%
in the sterling adjusted Australian Small Capitalisation Index, which is now the
Company's benchmark. This is a strong out performance by the Company's portfolio
of investments.
The Australian economy showed continued strength during the period under review
with GDP growing by 1.1% in the September quarter and with annualised growth of
4% for the first three quarters of the calendar year. The balance of payments
current account deficit declined from A$4.3 billion in the March quarter to
A$2.8 billion in the September quarter, reflecting robust export growth
notwithstanding softening global demand. The weak Australian dollar, which moved
in a range of A$2.70 and A$3.01 against sterling ending the period at A$2.74,
provided a competitive edge to exporters and enabled the economy to record trade
surpluses. Inflation remained low at 2.5%, which allowed the Reserve Bank to
continue easing monetary conditions, along with other central banks, to counter
global recessionary tendencies. The most recent cut of 1/4 % in official rates
was in December. The Australian economy is expected to continue to perform well
in 2002 on the basis that the US economy begins to recover. The New Zealand GDP
is forecast to record growth of 2.5% in 2001, with continued good export
performance supported by the competitive level of the New Zealand dollar.
Over the period the stock market, as measured by the All Ordinaries Index, fell
marginally by 1.2% from 3317 to 3276, with a high of 3425 being reached in June
and a low of 2867 following the terrorist attacks on 11 September when all world
markets fell sharply. The Small Capitalisation Index moved in a similar trend,
declining 0.6% from 1700 to 1689, with highs and lows of 1701 and 1441. Within
the Company's portfolio the price of Permanent Trustee Company, the Company's
largest holding, declined marginally by 2%, but that of Trust Company of
Australia, the second largest holding, rose by 24%. There were useful gains on
other holdings. These were offset to some extent by Nonferral Recyclers, the
Company's ninth largest holding, being placed in administration. The Company's
principal exposure is through unsecured convertible notes, but as a precaution
these have been written down.
The current easier monetary policy, together with the prospect of economic
recovery in the USA and in the Pacific Basin in 2002, should provide a positive
background for the stock market. Although the Company's portfolio is
concentrated in special situation smaller company stocks, the possibility of
such a positive market background would bring additional support to the
portfolio.
A F Bushell
Chairman
21 January 2002
Australian Opportunities Investment Trust PLC
Consolidated Statement of Total Return
Six months to Six months to Year ended
30 November 2001 30 November 2000 31 May 2001
Unaudited Unaudited Audited
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments
- 535 535 - 576 576 - 295 295
Exchange differences - 20 20 - 142 142 - 164 164
Trading loss of - - - (8) - (8) (273) - (273)
subsidiary
Income 500 - 500 346 - 346 753 - 753
Investment management (31) - (31) (32) - (32) (63) - (63)
fee
Other expenses (138) (10) (148) (120) (3) (123) (244) (6) (250)
Net return before
finance costs and 331 545 876 186 715 901 173 453 626
taxation
Interest payable and
similar
charges (161) - (161) (195) - (195) (362) - (362)
Return / (deficit) on
ordinary
activities before tax 170 545 715 (9) 715 706 (189) 453 264
Tax on ordinary (51) - (51) (19) - (19) (20) - (20)
activities
Return / (deficit) on
ordinary
activities after tax
for the 119 545 664 (28) 715 687 (209) 453 244
period
Dividends in respect of
equity - - - - - - (56) - (56)
shares
Transfer to / (from) 119 545 664 (28) 715 687 (265) 453 188
reserves
Return / (loss) per ordinary share
(pence):
Basic 0.93 4.25 5.18 (0.19) 5.10 4.91 (1.49) 3.24 1.75
Diluted 1.05 2.86 3.91 0.35 3.54 3.89 (0.29) 2.24 1.95
The revenue column of this statement is the consolidated profit and loss account of the Group.
All revenue and capital items in the above statement derive from continuing operations.
Consolidated Balance Sheet
30 November 30 November 31 May
2001 2000 2001
Unaudited Unaudited Audited
£'000 £'000 £'000
Fixed assets
Investments 14,143 15,314 15,241
Current assets
Investments 17 282 17
Debtors 273 501 469
Cash at bank and short-term deposits 100 125 27
390 908 513
Creditors: amounts falling due within one (894) (1,841) (1,866)
year
Net current liabilities (504) (933) (1,353)
Total assets less current liabilities
13,639 14,381 13,888
Creditors: amounts falling due after more
than one year
Convertible Loan Stock 2007 (6,121) (6,108) (6,114)
Net assets
7,518 8,273 7,774
Capital and reserves
Called up share capital 3,003 3,503 3,503
Share premium account 2,095 2,515 2,515
Capital reserve - realised 8,693 7,876 7,747
Capital reserve - unrealised (4,679) (4,145) (4,278)
Revenue reserve (1,594) (1,476) (1,713)
Equity shareholders' funds 7,518 8,273 7,774
Net asset value per share:
Ordinary
- Basic 62.59p 59.04p 55.48p
- Fully-diluted 74.81p 71.09p 68.65p
Consolidated Cash Flow Statement
Six months to Six months to Year to
30 November 30 November 31 May
2001 2000 2001
Unaudited Unaudited Audited
£'000 £'000 £'000
Net cash inflow from operating activities 568 131 344
Returns on investments and servicing of finance (55) (88) (311)
Taxation (57) (6) (22)
Financial investment 1,586 1,729 1,581
2,042 1,766 1,592
Equity dividends paid (56) (315) (315)
1,986 1,451 1,277
Financing (882) (1,454) (1,327)
Repurchase of ordinary shares (920) - -
Increase/(decrease) in cash 184 (3) (50)
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash in the period 184 (3) (50)
Cash outflow from movement in debt 882 1,454 1,327
Change in net debt resulting from cash flows 1,066 1,451 1,277
Exchange movements 20 142 164
Other non-cash flow movements (7) (5) (11)
Opening net debt (7,676) (9,106) (9,106)
Closing net debt (6,597) (7,518) (7,676)
Represented by:
Cash at bank 100 125 27
Overdrafts (10) (145) (120)
Debt due within 1 year (566) (1,390) (1,469)
Debt due after 1 year (6,121) (6,108) (6,114)
(6,597) (7,518) (7,676)
Reconciliation of Movements in Shareholders' Funds
Six months to Six months to Year ended
30 November 2001 30 November 2000 31 May 2001
Unaudited Unaudited Audited
£'000 £'000 £'000
Opening shareholders' funds 7,774 7,583 7,583
Net revenue / (deficit) for the 119 (28) (209)
period
Dividend paid - - (56)
Conversion of 2007 Loan Stock - 3 3
Share Buy Back 13 August 2001 (920) - -
Capital return for the period 545 715 453
Closing shareholders' funds 7,518 8,273 7,774
Notes:
1. The financial information for the year ended 31 May 2001 included in this
half-year report has been taken from the Company's full accounts, which for the
year to 31 May 2001 carry an unqualified audit report and did not include
statements under section 237(2) or (3) of the Companies Act 1985 and which have
been filed with the Registrar of Companies.
2. The financial statements for the period to 30 November 2001 have been
prepared on a basis consistent with the accounting policies adopted by the
Company in its statutory accounts for the year ended 31 May 2001.
3. The Statement of Total Return for the six months to 30 November 2001, six
months to 30 November 2000 and year to 31 May 2001 have been prepared in
accordance with the Statement of Recommended Practice "Financial Statements of
Investment Trust Companies" which have been adopted by the Company.
4. The Statement of Total return includes the results of the Company and its
subsidiary, and together with the Balance Sheet and Cash Flow Statement at 30
November 2001, are unaudited and do not constitute full statutory accounts
within the meaning of Section 240 of the Companies Act 1985.
5. The basic consolidated net asset value per ordinary share is based on net
assets at 30 November 2001 of £7,518,000 (31 May 2001: £7,774,000 and 30
November 2000: £8,273,000) (adjusted to reflect the deduction of the convertible
debt at par) and on 12,010,918 ordinary shares in issue at 30 November 2001 (31
May 2001 and 30 November 2000: 14,010,352).
6. The fully-diluted consolidated net asset value per ordinary share is based on
net assets at 30 November 2001 of £13,639,000 (31 May 2001: £13,888,000 and 30
November 2000: £14,381,000) (adjusted to reflect the conversion of the
convertible debt) and on 18,229,505 ordinary shares in issue at 30 November 2001
(31 May 2001 and 30 November 2000: 20,229,506) calculated on the assumption that
the 2007 Loan Stock was converted at the rate of 0.90545251 of an ordinary share
of 25p for each unit of 2007 Loan Stock.
7.Basic returns:
The calculation of the basic consolidated revenue return per
ordinary share of 25 pence each is based on net revenue on ordinary activities
after taxation of £119,000 for the six months ended 30 November 2001 (31 May
2001: deficit £209,000 and 30 November 2000: deficit £28,000) divided by
12,808,256 (31 May 2001:14,009,693 and 30 November 2000: 14,009,038) being the
weighted average number of ordinary shares in issue during the period.
The calculation of the basic consolidated capital return per ordinary share of 25
pence each is based on net capital profit of £545,000 for the six months ended
30 November 2001 (31 May 2001: profit £453,000 and 30 November 2000: profit
£715,000) divided by 12,808,256 (31 May 2001: 14,009,693 and 30 November 2000:
14,009,038) being the weighted average number of ordinary shares in issue during
the period.
8. Diluted returns:
The diluted returns per ordinary share of 25p each for the six months ended 30
November 2001 have been calculated on the assumption that the Convertible Loan
Stock 2007 was fully converted on the first day of that financial period giving
a weighted average of 19,027,320 (31 May 2001 and 30 November 2000: 20,229,506)
shares and based on net revenue on ordinary activities after taxation of
£199,000 (31 May 2001: deficit £58,000 and 30 November 2000: profit £71,000) and
net capital profit of £545,000 (31 May 2001: profit £453,000 and 30 November
2000: profit £715,000). The diluted revenue return of 1.05p (31 May 2001:
(0.29)p and 30 November 2000: 0.35p) includes the savings of finance costs on
the Loan Stock.
9. The Interim report will be sent to shareholders shortly.
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