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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aberdeen New Thai Investment Trust Plc | LSE:ANW | London | Ordinary Share | GB0000059971 | ORD 25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 398.00 | 396.00 | 400.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMANW
RNS Number : 8965D
Aberdeen New Thai Inv Trust PLC
12 October 2018
ABERDEEN NEW THAI INVESTMENT TRUST PLC
Legal Entity Identifier (LEI): 213800LUTHTZ8LS5UK85
12 October 2018
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHSED 31 AUGUST 2018
The following is the unaudited Interim Board Report for the six months ended 31 August 2018.
Hot Features
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PERFORMANCE (CAPITAL RETURN PLUS DIVIDS REINVESTED)
Six months Year
ended ended
31 August 28 February
2018 2018
Ordinary share price total return {A} +0.1% +18.4%
Net asset value total return {A} -0.6% +17.7%
Stock Exchange of Thailand ("SET") Index (Sterling
adjusted, total return) -2.2% +21.6%
{A} Considered to be an Alternative Performance
Measure.
Source: Standard Life Aberdeen Group, Morningstar
& Lipper
FINANCIAL HIGHLIGHTS
31 August 28 February % change
2018 2018
Total assets {A} (GBP'000) 118,484 122,818 -3.5
Equity shareholders' funds (net assets) (GBP'000) 112,834 117,168 -3.7
Ordinary share price (mid-market) 581.00p 592.00p -1.9
Net asset value per Ordinary share {A,B} 679.11p 694.80p -2.3
Discount to net asset value {A,B} 14.4% 14.8%
Stock Exchange of Thailand ("SET") Index (Sterling
adjusted, capital return) 40.47 42.31 -4.3
Interim dividend per share {C} 7.00p -
Net gearing {A,D} 4.13% 2.89%
Ongoing charges ratio {A} 1.26% 1.35%
{A} Considered to be an Alternative Performance Measure.
{B} Calculated including undistributed net revenue for the period.
{C} Interim dividend relating to the first six months of the financial
year.
{D} Calculated in accordance with AIC recommended practice by dividing
total assets less cash or cash equivalents by shareholders' funds expressed
as a percentage (a different basis of calculation from that used for
prior periods; the figure for 28 February 2018 has therefore been restated).
INTERIM BOARD REPORT - CHAIRMAN'S STATEMENT
Introduction
In May 2018, the Board announced, after consultation with the Manager, that changes would be made to the Company to improve returns for shareholders and these are summarised as follows:
- increase the exposure to small-capitalisation companies ("Small-Caps")
- allow limited investments in unquoted Thai companies
- allocate a greater proportion of operating costs to capital
- introduce an interim dividend, commencing in October 2018
- employ gearing more proactively.
The Board is pleased to report that these initiatives are being implemented and looks forward to seeing the long-term benefits for shareholders.
The case for investment in Thailand remains compelling, in the Board's view, given its enduring strength through political and other uncertainties, the appeal of its companies and its position as a gateway to the wider region with first-rate economic growth potential.
Investment Objective
The investment objective of the Company is to provide shareholders with a high level of long-term, above average capital growth through investment in Thailand.
Performance
Thai equities endured a challenging half-year to 31 August 2018. The Stock Exchange of Thailand Index ("SET Index" or the "Benchmark") fell by 2.2% on a Sterling-adjusted total-return basis. By comparison, your Company's net asset value outperformed declining by 0.6%, while the Ordinary share price rose by 0.1% to end the period at 581.00p (all figures in total return terms).
Overview
The Thai equity market succumbed to worsening external risks over the six-month period, following a steady two-year climb that reached a record high at the end of January 2018. For some time, domestic stocks were relatively unaffected by the challenges afflicting other emerging market equities. However, this proved unsustainable as global trade tensions ratcheted higher, hurting sentiment worldwide. Thai stocks witnessed particularly steep falls in May and June as US President Donald Trump intensified his protectionist rhetoric, which in turn elicited retaliation from key trading partners, notably China.
Market volatility was also exacerbated by concerns over the impact of continued monetary policy normalisation by the US Federal Reserve. Emerging economies with high inflation, deteriorating current account deficits, dwindling foreign-exchange reserves and substantial US-dollar debt appeared particularly vulnerable to rising US yields and the strength of the dollar. An acceleration in foreign capital outflows from these markets, particularly Argentina and Turkey, sparked contagion fears.
Against this backdrop, the SET Index's decline over the review period was relatively benign compared with the larger falls suffered by other Southeast Asian peers as well as the broader emerging markets. This was helped by the local market's late rebound in July and August. Robust fundamentals played a large part in the better relative performance, underscored by the Baht's strength against Sterling. Unlike some of its neighbours, Thailand has a consistently healthy current account surplus. Foreign-exchange reserves stand at an impressive US$200 billion, while annual inflation at 1.6% in August is near the low end of the central bank's target range. Economic growth remains healthy despite a moderation to 4.6% year-on-year in the April - June quarter.
On the policy front, low inflation has allowed the Bank of Thailand to keep interest rates steady, and at near record lows, since April 2015. While the period of neutral policy may be drawing to a close as price pressures have started to build, albeit from a low base, the central bank's policy stance for the medium term should remain accommodative.
Portfolio
Referring to my introduction earlier, the Manager has begun to implement a number of structural portfolio changes. While the net position in Small-Caps has increased only marginally, from approximately 35% to 36% over the period (the Manager having bought and sold a number of Small-Caps in the period), a cornerstone pre-IPO investor pipeline has been developed and net gearing has been increased to 4.1%.
An example of a new Small-Cap holding is Mega Lifesciences which produces health supplements and vitamins. The company has competent management and is backed by a strong balance sheet, aiding its forays into fast growing frontier markets such as Vietnam and Myanmar. Other Small-Caps introduced in the period were Interhides and Krungthai Car Rent & Lease which both target the rising demand for automobiles and related services. The former, which makes leather coverings used in cars, has benefited from the clampdown on leather tanning in China, which has allowed regional competitors, such as Thailand, to fill the supply gap. The latter is engaged in the car rental business and offers an attractive dividend yield sustained by solid profits and margins.
A position has also been initiated in PTT, Thailand's national oil company and the parent of PTT Exploration and Production ("PTTEP"), a major constituent of the portfolio. PTT's solid position within the domestic market, improving governance and its prospects prompted us to buy shares. Conversely, your Manager reduced its positions in both BEC World and MFC and sold completely the stake in Prakit Holdings.
The Company's performance outpaced the Benchmark over the reporting period. The lack of any exposure to CP All was a major contributor. The convenience store operator was weighed down by slowing quarterly profit growth and concerns over start-up costs at Siam Makro, a majority-owned subsidiary that is expanding internationally with new cash and carry stores in Vietnam, Cambodia and China.
The outperformance was also due to your Manager's selection of holdings in the resources, services and industrial sectors. The holding in PTTEP was a key contributor as the oil and gas major rallied on the back of buoyant energy markets and higher selling prices. Additionally, PTTEP's acquisition of a 22% stake in the Bongkot field from Shell is expected to boost its reserves and support long-term consumption growth. In the industrial sector, Thai Stanley Electric, a maker of lamps and bulbs for automobiles and motorcycles, gained from a recovery in domestic auto sales after a prolonged lull. In the services sector, Home Product Center, a home improvement retailer, was supported by its new smaller-format stores and good product mix targeted at middle to high-income customer segments in Bangkok and other large cities, which buttressed margins.
In other sectors, developer Land and Houses benefited from solid quarterly results which were helped by recurring income from its malls and an optimistic outlook that takes into consideration planned condominium launches. The stock's surprise inclusion in the MSCI indices also boosted its share price. Non-bank financial services provider Aeon Thana Sinsap enjoyed a pickup in personal loans, lower credit costs and improving asset quality, which led to a re-rating of the stock. This mitigated the declines seen in the Company's bank holdings.
Big domestic banks, including Bangkok Bank, Kasikornbank and Siam Commercial Bank, were hurt by concerns that fee income would be hampered by intense competition, which forced them to waive digital transaction fees. This was despite generally good second-quarter results.
Elsewhere, coal miner Banpu's share price fell despite robust interim results that reflected increases in both operating profit and EBITDA (earnings before interest, tax, depreciation and amortisation). A one-off compensation payment settled a long-standing court case and removed uncertainty regarding a Laos power project. Meanwhile, not holding Indorama Ventures detracted from performance as the petrochemical producer rallied after management raised earnings prospects.
Earnings, Dividend and Ongoing Charges
The Company's revenue return for the six months ended 31 August 2018 was 15.1p per share (2017 - 10.45p). The increase in the earnings per share partly reflects the Board's decision, announced in May 2018, to charge 75% of investment management fees and bank loan interest to capital with effect from 1 March 2018, better reflecting total return expectations.
The Board also announced previously that it would introduce an interim dividend in order to accelerate the distribution of earnings per share to shareholders. Accordingly, the Board is declaring a first interim dividend of 7.00p per share to be paid on 23 November 2018 to shareholders on the register as at 26 October 2018. The ex-dividend date will be 25 October 2018.
The Board is pleased with the decline in ongoing charges, to 1.26% from 1.35% over the period, and continues to monitor operating costs closely.
Share Buybacks
The Board continues to monitor the share price discount to NAV and will continue to pursue a policy of selective buybacks of shares where to do so would be in the best interests of shareholders.
During the six months ended 31 August 2018 the Company bought back and cancelled 248,557 Ordinary shares (2017 - 533,600). As at 31 August 2018, the Company's issued share capital consisted of 16,614,956 Ordinary shares with voting rights. Between 1 September 2018 and the date of approval of this Report, the Company bought back for cancellation a further 5,000 Ordinary shares leaving 16,609,956 shares with voting rights in issue.
Duration
The Company does not have a fixed life. However, under the Articles of Association, if in the 12 weeks preceding the Company's financial year end (28 February) the Ordinary shares have been trading, on average, at a discount in excess of 15% to the underlying NAV (calculated including undistributed net revenue) over the same period, notice will be given of a special resolution to be proposed at the following Annual General Meeting that the Company be put into voluntary liquidation.
Outlook
External risks remain foremost on investors' minds. The escalation of retaliatory measures in response to US protectionist policies is already having repercussions, with businesses in Asia adopting a more cautious stance in terms of capital expenditure. Rising borrowing costs, while beneficial for banks' margins and bottom lines, may hamper earnings as well as dampen end demand for real estate and consumer discretionary goods. With rising US Treasury yields and fears about a US dollar liquidity crunch, further fund outflows from emerging market equities remain a significant risk. On the domestic front, the recent boat accident in Phuket that claimed the lives of dozens of Chinese holidaymakers has hurt visitor numbers and this may have some impact on Gross Domestic Product growth.
On a positive note, public spending is expected to accelerate as the government plans to launch infrastructure funds to raise cash for road and highway construction without having to add to public debt. Additionally, a general election during the first half of 2019 could provide tailwinds to growth in terms of policies that are beneficial to provincial voters. At the time of writing, His Majesty the King passed the last two bills required to hold a general election, removing a long-standing uncertainty that may usher in again the right to vote as early as February 2019.
With Thai exports still holding strong, the outlook for corporate earnings growth in 2018 looks set to improve from mid to high-single digits. All this may trigger greater capital inflows, which could receive further impetus from a possible central bank rate hike over the next six months, although this is unlikely to be the start of a tightening cycle.
Nicholas Smith
Chairman
12 October 2018
INTERIM BOARD REPORT - OTHER MATTERS
Statement of Directors' Responsibilities
The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge:
- the condensed set of Financial Statements has been prepared in accordance with Financial Reporting Standard 104 (Interim Financial Reporting);
- the Half-Yearly Board Report includes a fair review of the information required by rule 4.2.7R of the Disclosure Guidance and Transparency Rules (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
- the Half-Yearly Board Report includes a fair review of the information required by 4.2.8R of the Disclosure Guidance and Transparency Rules (being related party transactions that have taken place during the first six months of the financial year and that have materially affected the financial position of the Company during that period; and any changes in the related party transactions described in the last Annual Report that could do so).
The Half-Yearly Financial Report for the six months ended 31 August 2018 comprises the Interim Board Report, including the Statement of Directors' Responsibilities, and a condensed set of Financial Statements.
Principal Risks and Uncertainties
The principal risks and uncertainties associated with the Company are set out in detail on pages 10 to 12 of the Annual Report for the year ended 28 February 2018, which is published on the Company's website, and which are applicable for the remaining six months of the Company's financial year ended 28 February 2019 as they have been for the period under review.
Going Concern
The Directors have undertaken a rigorous review and consider both that there are no material uncertainties and that the adoption of the going concern basis of accounting is appropriate. The Company's assets consist entirely of equity shares in companies listed on the Stock Exchange of Thailand which are, in most circumstances, realisable within a short timescale.
The Directors are mindful of the principal risks and uncertainties disclosed on pages 10 to 12 and in Note 15 to the financial statements of the Annual Report for the year ended 28 February 2018.
The Board has set limits for borrowing and regularly reviews the level of any gearing, cash flow projections and compliance with banking covenants.
The Company's GBP10m revolving credit facility with Scotiabank Ireland Limited, of which GBP5.65m was drawn down as at 31 August 2018, was repaid in October 2018 and replaced with a GBP15m three-year multi-currency revolving loan facility ("the Facility") with Industrial and Commercial Bank of China Limited, London Branch. GBP5.65m was drawn down under the Facility on 11 October 2018.
In advance of expiry of the Facility in October 2021, the Company will enter into negotiations with its bankers. If acceptable terms are available from the existing bankers, or any alternative, the Company would expect to continue to access the Facility. However, should these terms not be forthcoming, any outstanding borrowing will be repaid through the proceeds of equity sales.
After making enquiries, including a review of forecasts detailing revenue and liabilities, the Directors have a reasonable expectation that the Company possesses adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.
For and on behalf of the Board
Nicholas Smith
Chairman
12 October 2018
INVESTMENT PORTFOLIO
As at 31 August 2018
Valuation Total assets
Company Sector (Thai SET) GBP'000 %
Central Pattana Property Development 5,780 4.9
Information & Communication
Advanced Info Service Technology 5,771 4.9
PTT Exploration & Production Energy & Utilities 5,672 4.8
Bangkok Insurance Insurance 5,416 4.6
Home Product Center Commerce 5,259 4.4
Aeon Thana Sinsap Finance & Securities 4,987 4.2
Siam Cement Construction Materials 4,944 4.2
Kasikornbank Banking 4,794 4.0
Thai Stanley Electric{A} Automotive 4,756 4.0
Land & Houses{A} Property Development 4,390 3.7
Top ten investments 51,769 43.7
Siam Commercial Bank Banking 3,708 3.1
Hana Microelectronics Electronic Components 3,571 3.0
Minor International Food & Beverage 3,457 2.9
Electricity Generating Energy & Utilities 3,379 2.9
Banpu Energy & Utilities 3,371 2.8
Bangkok Dusit Medical Services Health Care Services 3,283 2.8
Siam City Cement Construction Materials 3,174 2.7
Bangkok Bank Banking 3,105 2.6
Eastern Water Resources Development
& Management Energy & Utilities 2,925 2.5
Tisco Financial Group Banking 2,712 2.3
Top twenty investments 84,454 71.3
Toa Paint Construction Materials 2,686 2.3
Tesco Lotus Retail Growth Freehold
& Leasehold Property Fund (Local Property Fund &
market shares) REITS 2,550 2.2
Kiatnakin Bank Banking 2,538 2.1
Dynasty Ceramic{B} Construction Materials 2,355 2.0
LPN Development Property Development 2,300 1.9
Bumrungrad Hospital Health Care Services 2,052 1.7
Mega Lifesciences Commerce 2,026 1.7
PTT Public Company Energy & Utilities 1,916 1.6
Banpu Power Energy & Utilities 1,785 1.5
Interhides Automotive 1,766 1.5
Top thirty investments 106,428 89.8
Krungthai Car Rent & Lease Finance & Securities 1,625 1.4
Muang Thai Insurance Insurance 1,512 1.3
Alucon Packaging 1,477 1.2
Thaire Life Assurance Insurance 1,355 1.1
Goodyear (Thailand) Automotive 1,301 1.1
Sammakorn Property Development 1,165 1.0
Haad Thip Food & Beverage 1,026 0.9
Thai Reinsurance Insurance 1,023 0.9
BEC World Media & Publishing 241 0.2
Total investments 117,153 98.9
Net current assets{C} 1,331 1.1
Total assets 118,484 100.0
{A} Holding includes investment in both common stock and non-voting
depositary receipts.
{B} Holding includes investment in both common stock and warrants.
{C} Excludes bank loans of GBP5,650,000.
Note: Unless otherwise stated, foreign stock is held.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months ended
31 August 2018
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
(Losses)/gains on investments - (3,179) (3,179)
Income 2 3,167 - 3,167
Management fee (124) (371) (495)
Administrative expenses (212) - (212)
Currency losses - (9) (9)
_________ _________ _________
Net return before finance costs
and taxation 2,831 (3,559) (728)
Finance costs (13) (39) (52)
_________ _________ _________
Net return before taxation 2,818 (3,598) (780)
Taxation 3 (293) - (293)
_________ _________ _________
Return after taxation 2,525 (3,598) (1,073)
_________ _________ _________
Return per Ordinary share (pence) 4 15.11 (21.53) (6.42)
_________ _________ _________
The total column of the Condensed Statement of Comprehensive
Income represents the profit and loss account of the Company.
All revenue and capital items in the above statement are derived
from continuing operations.
The accompanying notes are an integral part of the financial
statements.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Six months ended
31 August 2017
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
(Losses)/gains on investments - 6,043 6,043
-
Income 2 2,999 - 2,999
Management fee (563) - (563)
Administrative expenses (218) - (218)
Currency losses - (50) (50)
_________ _________ _________
Net return before finance costs
and taxation 2,218 5,993 8,211
Finance costs (29) - (29)
_________ _________ _________
Net return before taxation 2,189 5,993 8,182
Taxation 3 (280) - (280)
_________ _________ _________
Return after taxation 1,909 5,993 7,902
_________ _________ _________
Return per Ordinary share (pence) 4 10.45 32.81 43.26
_________ _________ _________
CONDENSED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As at As at
31 August 28 February
2018 2018
Notes GBP'000 GBP'000
Non-current assets
Investments at fair value through
profit or loss 117,153 120,643
_________ _________
Current assets
Debtors and prepayments 497 605
Money market funds 6 701 3,376
Cash at bank and in hand 328 488
_________ _________
1,526 4,469
_________ _________
Creditors: amounts falling due
within one year
Bank loans (5,650) (5,650)
Other creditors (195) (2,294)
_________ _________
(5,845) (7,944)
_________ _________
Net current liabilities (4,319) (3,475)
_________ _________
Net assets 112,834 117,168
_________ _________
Share capital and reserves
Called-up share capital 8 4,154 4,216
Share premium account 19,391 19,391
Capital redemption reserve 1,381 1,319
Capital reserve 9 83,102 88,105
Revenue reserve 4,806 4,137
_________ _________
Equity shareholders' funds 112,834 117,168
_________ _________
Net asset value per Ordinary share
(pence) 10 679.11 694.80
_________ _________
CONDENSED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Six months ended
31 August 2018
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 28 February
2018 4,216 19,391 1,319 88,105 4,137 117,168
Purchase of own shares
for cancellation (62) - 62 (1,405) - (1,405)
Return after taxation - - - (3,598) 2,525 (1,073)
Dividend paid 5 - - - - (1,856) (1,856)
_____ ______ ______ ______ ______ ______
Balance at 31 August
2018 4,154 19,391 1,381 83,102 4,806 112,834
_____ ______ ______ ______ ______ ______
Six months ended
31 August 2017
Share Capital
Share premium redemption Capital Revenue
capital account reserve reserve reserve Total
Notes GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 28 February
2017 4,632 19,391 903 82,260 4,026 111,212
Purchase of own shares
for cancellation (133) - 133 (2,774) - (2,774)
Return after taxation - - - 5,993 1,909 7,902
Dividend paid 5 - - - - (1,876) (1,876)
_____ ______ ______ ______ ______ ______
Balance at 31 August
2017 4,499 19,391 1,036 85,479 4,059 114,464
_____ ______ ______ ______ ______ ______
CONDENSED STATEMENT OF CASHFLOWS (UNAUDITED)
Six months Six months
ended ended
31 August 31 August
2018 2017
GBP'000 GBP'000
Operating activities
Net return before finance costs and
taxation (728) 8,211
Adjustment for:
Losses/(gains) on investments 3,179 (6,043)
Currency losses 9 50
Increase in accrued dividend income (333) (113)
Increase in other debtors excluding (6) -
cash
Decrease in other creditors (116) (94)
Stock dividends included in investment
income - (50)
Overseas withholding tax (260) (269)
_________ _________
Net cash flow from operating activities 1,745 1,692
Investing activities
Purchases of investments (11,777) (1,933)
Sales of investments 10,518 5,501
_________ _________
Net cash (used in)/from investing activities (1,259) 3,568
Financing activities
Interest paid (51) (22)
Equity dividend paid (1,856) (1,876)
Buyback of Ordinary shares (1,405) (2,494)
_________ _________
Net cash used in financing activities (3,312) (4,392)
_________ _________
(Decrease)/increase in cash and cash
equivalents (2,826) 868
_________ _________
Analysis of changes in cash during the
period
Opening balance 3,864 779
Effect of exchange rate fluctuations
on cash held (9) (50)
(Decrease)/increase in cash and cash
equivalents as above (2,826) 868
_________ _________
Closing balance 1,029 1,597
_________ _________
NOTES TO THE ACCOUNTS:
1. Accounting policies
Basis of preparation
The condensed financial statements have been prepared in accordance
with Financial Reporting Standard 104 (Interim Financial Reporting)
and with the Statement of Recommended Practice for 'Financial
Statements of Investment Trust Companies and Venture Capital
Trusts'. They have also been prepared on a going concern basis
and on the assumption that approval as an investment trust will
continue to be granted.
With effect from 1 March 2018, management fees and finance costs
are charged 25% to revenue and 75% to capital. Other than this,
the Half Yearly financial statements have been prepared using
the same accounting policies applied as the preceding Annual
financial statements, which were prepared in accordance with
Financial Reporting Standard 102.
Six months ended Six months ended
31 August 2018 31 August 2017
2. Income GBP'000 GBP'000
Income from investments
Overseas dividends 3,164 2,947
Stock dividends - 50
_________ _________
3,164 2,997
_________ _________
Other income
Interest from money market funds 3 2
_________ _________
Total income 3,167 2,999
_________ _________
3. Taxation
The taxation charge for the period represents withholding tax
suffered on overseas dividend income.
Six months ended Six months ended
31 August 2018 31 August 2017
4. Return per Ordinary share p p
Revenue return 15.11 10.45
Capital return (21.53) 32.81
_________ _________
Total return (6.42) 43.26
_________ _________
The return per share is based on
the following figures:
GBP'000 GBP'000
Revenue return 2,525 1,909
Capital return (3,598) 5,993
_________ _________
Total return (1,073) 7,902
_________ _________
Weighted average number of Ordinary
shares in issue 16,712,154 18,264,554
_________ _________
Six months ended Six months ended
31 August 2018 31 August 2017
5. Dividends GBP'000 GBP'000
2017 final dividend - 10.30p - 1,876
2018 final dividend - 11.10p 1,856 -
_________ _________
1,856 1,876
_________ _________
The Company has declared an interim dividend for the year ended
28 February 2019 of 7.00p (2017 - nil). The interim dividend
will be paid on 23 November 2018 to shareholders on the register
on 26 October 2018. The ex-dividend date will be 25 October
2018.
6. Money market funds
At the period end the Company had GBP701,000 (28 February 2018
- GBP3,376,000) invested in a zero-fee share class of the Aberdeen
Liquidity Fund (Lux) - Sterling Fund.
7. Transaction costs
During the period expenses were incurred in acquiring or disposing
of investments classified as fair value through profit or loss.
These have been expensed through capital and are included within
(losses)/gains on investments in the Condensed Statement of
Comprehensive Income. The total costs were as follows:
Six months ended Six months ended
31 August 2018 31 August 2017
GBP'000 GBP'000
Purchases 12 1
Sales 13 5
_________ _________
25 6
_________ _________
8. Called-up share capital
During the six months ended 31 August 2018 the Company purchased
248,557 Ordinary shares for cancellation at a cost of GBP1,405,000.
During the six months ended 31 August 2017 the Company purchased
533,600 Ordinary shares for cancellation at a cost of GBP2,774,000.
Between the period 1 September 2018 and the date of approval
of this Report, the Company bought back for cancellation a further
5,000 Ordinary shares at a cost of GBP30,000.
9. Capital reserve
The capital reserve reflected in the Condensed Statement of
Financial Position at 31 August 2018 includes gains of GBP48,842,000
(28 February 2018 - gains of GBP56,038,000) which relate to
the revaluation of investments held at the reporting date.
As at As at
10. Net asset value per Ordinary share 31 August 2018 28 February
2018
Net assets attributable (GBP'000) 112,834 117,168
Number of Ordinary shares in issue 16,614,956 16,863,513
Net asset value per Ordinary share
(p) 679.11 694.80
11. Fair value hierarchy
FRS 102 requires an entity to classify fair value measurements
using a fair value hierarchy that reflects the significance
of the inputs used in making the measurements. The fair value
hierarchy has the following classifications:
Level unadjusted quoted prices in an active market for identical
1: assets or liabilities that the entity can access at the
measurement date.
Level inputs other than quoted prices included within Level
2: 1 that are observable (i.e. developed using market data)
for the asset or liability, either directly or indirectly.
Level inputs are unobservable (i.e. for which market data is
3: unavailable) for the asset or liability.
The financial assets and liabilities measured at fair value
in the Condensed Statement of Financial Position are grouped
into the fair value hierarchy at the reporting date as follows:
Level 1 Level Level 3 Total
2
As at 31 August 2018 GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value
through profit or loss
Quoted equities 115,676 1,477 - 117,153
_________ _________ _________ _________
Net fair value 115,676 1,477 - 117,153
_________ _________ _________ _________
Level 1 Level Level 3 Total
2
As at 28 February 2018 GBP'000 GBP'000 GBP'000 GBP'000
Financial assets at fair value
through profit or loss
Quoted equities 119,126 1,517 - 120,643
_________ _________ _________ _________
Net fair value 119,126 1,517 - 120,643
_________ _________ _________ _________
Quoted equities
The fair value of the Company's investments in quoted equities
has been determined by reference to their quoted bid prices
at the reporting date. Quoted equities included in Fair Value
Level 1 are actively traded on recognised stock exchanges. During
the period the Company's holding in Alucon of GBP1,477,000 has
been classified as Level 2 due to the lack of active trading
in the stock, and the Company's holding in Goodyear (Thailand)
of GBP1,301,000 has been reclassified as Level 1, following
its holding at 28 February 2018 of GBP1,517,000 being classed
as Level 2 due to the lack of active trading in the stock at
that time.
12. Related party and transactions with Manager
The Company has agreements with Standard Life Aberdeen Group
(the "Manager") for the provision of investment management,
secretarial, accounting and administration and promotional activity
services.
The management fee is payable monthly in arrears based on an
annual amount of 0.9% (2017 - 1.0%) of the net asset value of
the Company valued monthly. The management agreement is terminable
on no less than one year's notice. During the period GBP495,000
(31 August 2017 - GBP563,000) of investment management fees
were earned by the Manager, with a balance of GBP85,000 (31
August 2017 - GBP95,000) being payable to the Manager at the
period end. From 1 March 2018, management fees are charged 25%
to revenue and 75% to capital (2017 - 100% to revenue).
The promotional activities fee is based on a current annual
amount of GBP66,000, payable quarterly in arrears. During the
period GBP33,000 (31 August 2017 - GBP33,000) of fees were paid,
with a balance of GBP11,000 (31 August 2017 - GBP11,000) being
payable to the Manager at the period end.
During the course of the period, the Company has held an investment
in another fund managed by the same Manager. Details of this
holding are disclosed in note 6.
13. Segmental information
The Company is engaged in a single segment of business, which
is to invest in equity securities. All of the Company's activities
are interrelated, and each activity is dependent on the others.
Accordingly, all significant operating decisions are based on
the Company as one segment.
14. The financial information contained in this Half Yearly Financial
Report does not constitute statutory accounts as defined in
Sections 434 - 436 of the Companies Act 2006. The financial
information for the six months ended 31 August 2018 and 31 August
2017 has not been reviewed or audited by the Company's external
auditor.
The financial information for the year ended 28 February 2018
has been extracted from the latest published audited financial
statements which have been filed with the Registrar of Companies.
The report of the Independent Auditor on those accounts contained
no qualification or statement under Section 498 (2), (3) or
(4) of the Companies Act 2006.
This Half Yearly Financial Report was approved by the Board
15. on 12 October 2018.
ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures are numerical measures of the Company's
current, historical or future performance, financial position or
cash flows, other than financial measures defined or specified in
the applicable financial framework. The Company's applicable financial
framework includes FRS 102 and the AIC SORP.
The Directors assess the Company's performance against a range of
criteria, including the performance measures noted below, which
are viewed as particularly relevant for closed-end investment companies.
Total assets
Defined as total assets per the Statement of Financial Position
less current liabilities (before deduction of bank loans).
31 August 28 February
2018 2018
Total assets calculation GBP'000 GBP'000
Total assets less current liabilities 112,834 117,168
Bank loans 5,650 5,650
_________ _________
118,484 122,818
_________ _________
Total return
NAV total return involves investing the same net dividend in the
NAV of the Company with debt at fair value at the time the shares
were quoted ex-dividend. Share price total return involves reinvesting
the net dividend in the month that the share price goes ex-dividend.
The tables below provide information relating to the NAVs and share
prices of the Company on the dividend reinvestment dates during
the six months ended 31 August 2018 and the year ended 28 February
2018.
Dividend Share
Six months ended 31 August 2018 rate NAV{A} price
28 February 2018 N/A 694.80p 592.00p
31 May 2018 11.10p 659.94p 565.00p
31 August 2018 N/A 679.11p 581.00p
_________ _________
Total return -0.6% +0.1%
_________ _________
Dividend Share
Year ended 28 February 2018 rate NAV{A} price
28 February 2017 N/A 600.22p 510.00p
1 June 2017 10.30p 609.63p 516.25p
28 February 2018 N/A 694.80p 592.00p
_________ _________
Total return +17.7% +18.4%
_________ _________
{A} Cum-income NAV with debt at fair
value
Share price discount to net asset
value per share
The discount is the amount by which the market price per share of
an Investment Trust is lower than the net asset value per share.
The discount is normally expressed as a percentage of the net asset
value per share.
31 August 28 February
2018 2018
NAV per Ordinary share (p) a 679.11 694.80
Share price (p) b 581.00 592.00
(a - b) ÷
Discount a 14.4% 14.8%
Ongoing charges
Ongoing charges ratio is calculated in accordance with guidance
issued by the AIC and represents the total of the investment management
fee and administrative expenses (annualised) divided by the average
cum income net asset value throughout the period. The ratio for
31 August 2018 is based on forecast ongoing charges for the year
ending 28 February 2019. The ratio for 28 February 2018 is based
on ongoing charges for the year ended 28 February 2018.
31 August 28 February
2018 2018
GBP'000 GBP'000
Investment management fees 1,003 1,132
Administrative expenses 413 400
Less: non-recurring charges (4) (1)
_________ _________
Ongoing charges a 1,412 1,531
_________ _________
Average net assets b 111,644 113,362
_________ _________
(a ÷
Ongoing charges ratio b) 1.26% 1.35%
_________ _________
Gearing
Net gearing is calculated by dividing total borrowings less cash
and cash equivalents by shareholders' funds, expressed as a percentage.
31 August 28 February
2018 2018
Net gearing calculation GBP'000 GBP'000
Bank loans 5,650 5,650
Cash and cash equivalents (1,029) (2,258)
a 4,621 3,392
_________ _________
Shareholders' funds b 112,834 117,168
_________ _________
(a ÷
Net gearing b) 4.1% 2.9%
_________ _________
Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements. Investors may not get back the amount they originally invested.
For Aberdeen New Thai Investment Trust plc
Aberdeen Asset Management PLC, Secretaries
END
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR GGGBWUUPRUBP
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