We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Valuerich, | AMEX:IVA | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
INVESCO AsiaNET Fund plc Preliminary Announcement Unaudited Final Results For the Year Ended 31 December 2002 Chairman's Report Performance During this past year, the Company's net asset value declined again, falling by 15.9% from $4.33 to $3.64. While it must be our prime objective to make money for our Shareholders, there is some comfort to be taken from the fact that our benchmark index, against which we compare our performance, fell a good deal further, declining by 29.9%. The year 2002 was the third year running that markets around the world declined in the aftermath of the Y2K bubble and technology stocks generally did not fare well. The fact that our relative performance was quite a bit better than that of our benchmark index - The FTSE Global - Pro Asian Technology Index - was largely due to the careful and consistent approach that Billy Chan and Henry Chan have taken in their management of the portfolio. As we have mentioned before, the investment strategy focuses on maintaining a short list of holdings in technology companies, which are market leaders, are winners and/or have strong business franchises. Billy and Henry have continued this strategy and this has helped contain the fall in the net asset value that might otherwise have resulted. Of the 63 holdings held during the course of the year, no less than 25 of them returned a profit; in a bear market of course the size of rises tends to be much smaller than the extent of the falls. Our portfolios in India, Singapore and South Korea in fact actually made money for us during the year, albeit small sums and certainly not large enough to offset losses in other areas, the most significant of which came from our Taiwanese portfolio. The strength of most East Asian currencies against the US Dollar, our base currency, contributed to our performance. Costs Since the launch of the Fund in April 2000, its size has fallen considerably - as the 64% fall in the net asset value illustrates. While at these lower levels your Board believes that the prospects for making money from a much more attractively valued portfolio are good, it is very conscious that the costs involved in running the Fund have risen as a percentage of its total assets. The Board of course monitors its total expense ratio regularly and maintains a disciplined control on all costs. Outlook The outlook for the world's stock markets, yet alone for the technology sector in Asia, is, at the time of writing this statement, uncertain; confidence everywhere is at a low ebb. America and its coalition partners are at war in Iraq, consumer confidence in America, whose economy is so important to the rest of the world and particularly to our world of investment, is well down from its peak levels and business confidence is such that investment decisions are on hold. In East Asia there is additional uncertainty caused by the outbreak of SARS. It is very much wait-and-see time. Investor confidence is affected by all these issues and others, the most important of which is confidence in the reporting of corporate profits. But the uncertainty will not last forever. Assuming that the war in Iraq is a short one, then after it is over it is likely that it will be back-to-business and that the American economy will begin to grow. Given that during these last three years of bear markets the pace of technological development has continued, that we are now much closer to the establishment of third generation mobile phone systems, that other products such as digital cameras and flat screen televisions are growing in popularity and that the personal computer replacement cycle is now quite mature, there is the chance that some technology companies can start performing quite well. But it will be important to identify those that will prosper and those that won't and that is why we believe that our disciplined approach to stock selection should stand us in good stead and allow us to make some money for our Shareholders in anything but the short-term. We are encouraged by the fact that America's technology influenced NASDAQ Composite Index has risen so far this year. Robert Alexander Hammond-Chambers Chairman 9 April 2003 INVESCO AsiaNET Fund plc Profit and Loss Account For the year ended 31 December 2002 2002 2001 $ $ Income Dividend income 257,931 266,591 Less: Withholding tax (13,465) (15,876) Interest Income 12,106 6,629 256,572 257,344 Expenses Management Fee - Income 201,166 207,174 Directors' fees & expenses 65,312 61,291 Administration Fee 46,211 44,171 Bank Interest & fees 3,008 23,129 Custodian Fee 17,164 11,980 Auditor's Remuneration 11,143 9,708 General expenses 108,183 45,506 452,187 402,959 Income/(Deficit) arising in the year (195,615) (145,615) Realised & Unrealised Gain/(Loss) on Investments Realised Loss on Investments (3,698,990) (11,987,429) Net realised & unrealised loss on currencies (3,392) (81,740) Movement in unrealised gain/(loss) on investments 2,063,076 8,512,841 Net realised and unrealised loss for the year (1,639,306) (3,556,328) Result of operations for the year (1,834,921) (3,701,943) INVESCO AsiaNET Fund plc Balance Sheet as at 31 December 2002 31-Dec-02 31-Dec-01 $ $ Assets Investments at market value (cost 2002: 9,534,604 16,248,227 US$14,075,090) cost 2001: US$22,521,664 392,008 295,096 Cash at bank Debtors 1,853 24,751 Total Assets 9,928,465 16,568,074 Liabilities Creditors 30,910 71,295 30,910 71,295 Net Assets Equivalent to Shareholder's equity 9,897,555 16,496,779 Units in Issue 2,721,507 3,812,530 Net Asset Value per Share $3.64 $4.33 INVESCO AsiaNET Fund plc Cash Flow Statement For the year ended 31-Dec-02 31-Dec-01 Cash Flow from Operating Activities Net deficit (195,615) (145,615) Increase in debtors 22,898 93,527 Decrease in creditors (40,385) (90,916) Net Cash Outflow from Operating Activities (213,102) (143,003) Cash Flow from Investing Activities Purchase of investments (11,290,597) (12,059,951) Proceeds from sale of investments 16,364,914 14,863,362 5,074,317 2,803,411 Cash Flow from Financing Activities Creations for the year (4,964,464) - Redemptions for the year 200,161 (1,366,633) (4,764,303) (1,366,633) Net decrease in Cash and Cash Equivalents 96,912 1,293,775 Cash and cash equivalents at beginning of year 295,097 (998,678) Cash overdraft and cash equivalents at end of year 392,008 295,097 Note to the Financial Statements Taxation The Fund qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997. It is not chargeable to Irish tax on its income and gains. Tax may arise on the happening of a chargeable event. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption or transfer of units. No tax will arise on the Fund in respect of chargeable events in respect of: 1) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Fund; and 2) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutory declarations. Dividend income, interest and capital gains received by the Fund may be subject to non-recoverable withholding tax in the countries of origin. The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2002 or the year ended 31 December 2001. The financial information for 2001 is derived from the statutory accounts for 2001. The auditors have reported on the 2001 accounts; their report was unqualified. The financial information for the year ended 31 December 2002 is unaudited. The statutory accounts for 2002 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement. The audited Report and Accounts will be posted to shareholders shortly. Copies may be obtained during normal business hours from the Company's Registered Office, George's Quay House, 43 Townsend Street, Dublin 2, Ireland. By order of the Board INVESCO Asset Management (Ireland) Limited - Secretaries 9 April 2003 END
1 Year Valuerich, Chart |
1 Month Valuerich, Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions