THE NEW ZEALAND INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF UNAUDITED INTERIM RESULTS FOR THE PERIOD FROM 1
NOVEMBER 2005 TO 30 APRIL 2006
Chairman's Statement
I am delighted to report on another strong period of performance for The New
Zealand Investment Trust. Our net asset value per share rose 19.2% to NZ$ 10.80
in the six months to 30 April 2006, far in excess of the 9.5% gain in the New
Zealand Stock Exchange All-Index and the 6.2% gain in its Small Companies
Index.
During the same period the New Zealand dollar declined by 13.1%, from 39.6
pence sterling to 35.0 pence, thus the sterling net asset value per share of �
3.78 represented a reduced gain of 5.4%.
We continue to benefit from our growing investments in Australian shares. Our
Australian portfolio gained 30.3% in its New Zealand dollar value in the six
months, while the Australian All-Ordinaries Index rose 31.8% in New Zealand
dollars. The stronger Australian economy is benefiting this portfolio, aided by
an 11.7% appreciation of the Australian dollar against the New Zealand dollar.
You will find a more complete discussion of this good performance in the
Investment Manager's report which follows.
Dividends
We paid an annual dividend of 6.5 pence on 22 May 2006, an increase of 30% over
the prior dividend. Our New Zealand shareholders received NZ 18.3 cents, an
increase of 38.6% over the prior year of 13.2 cents, benefiting from the
increased value of sterling.
Our diluted return per ordinary share was 21.4 pence for the six months to 30
April 2006, a return of 6.0% on the opening net asset value of 358 pence. While
this is a bit less than the return for the same period of last year, it
represents a reasonable return in a time of volatile world share markets.
New Zealand Taxation Changes
We have discussed at length the taxation changes proposed last year by the New
Zealand finance minister, and we would refer you to our last two shareholder
reports.
We have now made a submission to the Finance and Expenditure Committee of the
New Zealand parliament, asking that our Company be exempt for two years from
the proposed new tax regime for New Zealand resident shareholders investing in
United Kingdom and other foreign companies.
We remain optimistic that we can adapt to the taxation changes, so as to
benefit all our shareholders, and particularly those resident in New Zealand.
However, as the expected date for final legislation has slipped into November
or December, we would find it very difficult to develop specific proposals
within the constraints of United Kingdom tax and securities regulations,
present those proposals to shareholders, and implement approved modifications
by the 1 April 2007 date proposed for the new taxation regime.
We do not believe that the likely legislation will have any effect upon our
shareholders not resident in New Zealand, and we are hopeful that we will
indeed be allowed time within the final legislation to implement alternatives
that will avoid disadvantaging our New Zealand resident shareholders.
Treasury Share Purchase Program
Trading in your Company's shares has been robust over the six months of this
report, and the discount to net asset value has been lower and more stable than
in previous periods. As a result, we have purchased for Treasury only 15,000
shares in the six months ended 30 April 2006, at an average cost of 320 pence
sterling, which is 15% below the net asset value at 30 April 2006. We purchased
105,780 Treasury shares in 2004 at an average cost of 224 pence sterling, and
cancelled those shares in December 2004. During 2005, prior to this reporting
period, which began 1 November 2005, we purchased 102,033 Treasury shares at an
average cost of 316 pence, which is 16% below the net asset value at 30 April
2006.
It is clear that the operation of our Treasury Share Program has enhanced
shareholder value. We are grateful to those shareholders who voted to allow us
to continue to purchase shares for Treasury, and to sell shares from Treasury
when market conditions permit. Although we are yet to sell any shares from
Treasury (in fact, as noted above, we even cancelled some Treasury shares), we
do believe this is an important ability to have. The downside of purchasing
back our shares is that it reduces the capital of the Company, making the
remaining capital carry all our fixed costs, and may reduce the liquidity of
our shares by decreasing the available float of shares. We can be more
aggressive and successful in purchasing Treasury shares for the benefit of
shareholders if we know that the reduction of capital may not be permanent, and
that we can restore those shares to the market when conditions permit.
Outlook
New Zealand and Australia remain attractive places to invest. When we look
beyond short-term volatility, we see stable, growing economies operating within
an environment with respect for the rule of law. Growth in both countries has
slowed recently, and there are challenges to be faced in the immediate future.
However, the medium term outlook for both nations is good, not least because
New Zealand and Australia are ideally positioned to benefit from the growing
economies of Asia. Moreover while both the New Zealand and Australian dollars
have been weaker recently, they have been robust over the long term. For
example, even after its recent decline, the New Zealand dollar is well above
its sterling and United States dollar exchange rates of September 1992.
That said, stock picking will remain crucial to realising good returns in the
balance of 2006 and beyond. In that regard we are very pleased with the
performance of our Investment Adviser and Manager. They have produced returns
which compare very favourably with all the relevant share indices. Moreover, we
are confident that they have constructed an excellent portfolio of shares for
the times ahead. In our New Zealand holdings are many with substantial
unrealised gains, and there is only one showing a loss, and that is Telecom
Corporation of New Zealand, which comprises 21% of the New Zealand Stock
Exchange All Index, but only 4% of our portfolio. Similarly, our Australian
portfolio has many big winners, but only one share with an inconsequential
loss. Long-term investment success is about picking winning stocks, while
avoiding big losses. Indeed, for our overseas investors, the gains in our
portfolio have more than offset the recent currency decline. In a number of
cases this has been helped by the benefits to exporting companies of a weaker
currency. It is this proven track-record of strong performance that gives your
Board optimism that we can continue to create shareholder value for the balance
of this year and beyond.
Donald M. Campbell
Chairman
26 July 2006
Investment Manager's Report covering the period from 1 November 2005 to 30
April 2006
Performance attribution
As discussed in the Chairman's Review, The New Zealand Investment Trust
performed strongly over the six-month period ended 30 April 2006. While our New
Zealand investments generally performed well, it was the Australian component
of the portfolio that made a particularly strong contribution. Most of the
Australian investments performed very well. Notable performers included
companies benefiting from Australia's booming resource industries, such as
Coates Hire, United Group and one of the more recent purchases, Oil Search. The
holdings in Australian financials also performed strongly. The share prices of
the two insurance companies, Promina and QBE Insurance, rose by 31% and 40%
respectively, while Sydney Futures Exchange's share price leapt 48% on the back
of a bid for the company by the Australian Stock Exchange (all measured in
NZ$).
It was not just the strong performance of individual Australian securities held
in the portfolio that boosted performance in the period, but also the fact that
the allocation to Australian investments had been steadily increased ahead of
the sharply better performance of the Australian stock market compared with
that of New Zealand. Furthermore, performance also benefited from holding
virtually all the Company's cash in Australian dollars rather than New Zealand
dollars through a period in which the Australian dollar's value appreciated
significantly versus the New Zealand dollar.
Given the weakness of the New Zealand dollar during the period it was
understandable that a number of the better performing holdings in the New
Zealand section of the portfolio were those whose businesses benefited from the
decline in the value of the currency. These included major exporters such as
Fisher & Paykel Healthcare, those like Guinness Peat Group with substantial
operations overseas, and companies set to benefit from improving prospects for
tourism like Sky City Entertainment. By contrast, Sky TV was one of the duller
performers during the period, partly due to fears that the weakness in the
value of the New Zealand dollar will increase programming costs, much of which
are fixed in US dollars.
Currency apart, the share prices of companies held in the portfolio reacted
mainly to company specific factors. For example, strong operating performance
and takeover activity drove the share prices of the two retirement home
companies, Ryman Healthcare and Metlifecare, sharply higher. Meanwhile the
share price of the largest holding in the portfolio, Fletcher Building, made
further progress, rising by 16%. However, it was a volatile period with
Fletcher Building's share price buoyed by positive operating results, but
undermined by fears about the possibility of a sharp slowdown in New Zealand's
economy and the effect this would have on important parts of its business such
as the domestic housing market. One area of uncertainty that has been worrying
investors for some time concerning Fletcher Building has been the succession to
the company's highly successful chief executive officer, Ralph Waters. This was
resolved in May, with the announcement that one of Fletcher Building's senior
Australian executives, Jonathan Ling, will be appointed to succeed Mr Waters in
September. This announcement has been well received by most commentators. Mr
Ling has proved himself to be a highly capable manager and is expected to build
on the successful transformation of Fletcher Building's fortunes under the
five-year stewardship of Mr Waters.
Portfolio activity
Telecom Corporation of New Zealand was one of the dullest performers in the
portfolio during the period under review, with its share price slipping
slightly despite the rise in the market. Although the holding in Telecom NZ was
reduced substantially less than a year ago at $6.00, we continued to hold
around 4% of the portfolio in Telecom NZ shares. However, this was a small
holding in comparison with the weighting of over 20% that Telecom NZ accounts
for in the NZX All Index. At the end of April Telecom NZ's share price stood at
$5.73 but dropped as low as $4.39 in May after the Government announced major
regulatory changes that will lead to far more intensive competition in Telecom
NZ's markets. Brook Asset Management's analysis of the potential regulatory
threat to Telecom NZ's business had been the major reason why the position in
the portfolio was reduced last June.
Although there were some changes made to the portfolio during the period under
review, the amount of activity was low. The holding in Sky City Entertainment
was added to after analysis suggested that there had been a positive turnaround
in its core gaming business. This followed a difficult time in which the
negative effects of a ban on smoking had been felt in Sky City's New Zealand
operations. A holding was also reintroduced in Tower Limited. This financial
services company should benefit significantly from changes in the savings
industry such as the introduction of the voluntary, work-based savings scheme,
KiwiSaver, due to start in April 2007. Another new stock introduced into the
portfolio was a holding in Rakon, a small company that is a world leader in the
development and production of high performance quartz crystal components, which
are essential parts in the booming market for global positioning devices. Rakon
shares were purchased in an institutional placing in April at $1.60 per share,
and closed at $2.36 on their first day of trading on 16 May.
Economic background
The economic background in New Zealand was challenging over the period under
review, both for companies and the authorities such as the Reserve Bank of New
Zealand. Indeed, in the final three months of 2005 real gross domestic product
fell by 0.1% from the previous quarter, its weakest performance for over five
years. One of the weakest components in the figures was the level of imports,
down 4.7%, and there was confirmation that growth in demand from the consumer
sector was moderating with an increase of only 0.3%. In the first quarter of
2006, economic activity has bounced back to a positive figure, helped by the
impact of a weaker currency, but growth is likely to remain subdued over the
balance of the year.
Despite weak spots, the performance of New Zealand's economy has been far from
universally gloomy. For example, one of the fears from commentators about the
outlook for the economy has been the limited amount of spare capacity. However,
to an extent these fears are being mitigated by a sharp increase in the labour
participation rate, and a turnaround in net migration figures. Over the three
months ended 31 March 2006 the number of employed in New Zealand rose by
23,000, the highest gain since the end of 2004. Despite the rise in employment
migration and the rise in the participation rate, the rate of unemployment
actually increased from 3.6% to 3.9%. These changes will both help to support
growth while at the same time easing some inflationary pressures from low
unemployment.
The RBNZ has had to balance a number of conflicting forces. In common with the
UK, New Zealand has experienced a boom in house prices and rising consumer
debt. In addressing these forces, the RBNZ raised interest rates to 7.25% in
December, thereby by causing New Zealand to have by far the highest interest
rates of any developed economy. New Zealand's high interest rates caused it to
be a destination for the global carry trade, whereby international investors
from low interest rate countries bought high interest New Zealand dollar
denominated securities. Consequently while high interest rates in New Zealand
were necessary to dampen inflationary pressures and an over-heating housing
market, they also had some unfortunate consequences. In particular, for a time
high rates boosted the NZ dollar hurting the competitiveness of the country's
exports and domestic industries. More recently however, New Zealand has been
feeling the back draft of these trends, with a rout in the value of the
Icelandic krona leading to a sudden reversal in sentiment towards high yield
currencies including the New Zealand dollar. The value of the New Zealand
dollar has weakened sharply versus major currencies. As a result the RBNZ which
raised interest rates to cool the economy, now needs to keep rates high to
maintain confidence in the currency and counteract the inflationary pressure
created by rising import prices.
The Australian economy out-performed the New Zealand economy over the period
under review, based in no small part on the contribution from its booming
resource sector. Indeed on 2 May the Reserve Bank of Australia (RBA) raised
interest rates by 0.25% to 5.75%, the first increase in rates in over a year.
The Australian prime minister, John Howard, commenting on this increase said
"There are some inflationary pressures and pre-emptive action will mean less
action later on". In common with the RBNZ, the RBA faces difficulty in keeping
inflation within its target band, especially at a time when its neighbouring
economies are booming, and a soft currency is heightening the impact of the
strong prices of internationally traded goods such as oil.
Conclusion
The New Zealand economic backdrop is likely to remain challenging in the months
ahead. However, there are grounds for remaining optimistic that an actively
managed portfolio of shares chosen from the broad universe of New Zealand and
Australian companies can continue to deliver good returns. The region has a
number of rare attractions. For example, while there are concerns about the
size of the current account deficits in Australia and New Zealand, they are
among very few developed countries whose governments are managing to run
surpluses in their public finances. Moreover, the strong franchise value of
many of the quoted companies in New Zealand and Australia provide firm support
to valuations, a fact illustrated by the high level of merger and acquisition
activity in both markets. Against this background, The New Zealand Investment
Trust's Adviser continues to identify well-managed companies that are building
value for shareholders over the long term. In holding a portfolio of such
shares we continue to be confident about future performance.
Richard Scott
Exeter Asset Management
(A subsidiary of iimia Investment Group plc)
Acting on advice from
Brook Asset Management Ltd
26 July 2006
The Directors announce the unaudited statement of interim results for the six
months ended 30 April 2006 as follows:
INCOME STATEMENT
(incorporating the profit and loss account* of the Company)
1 November 2005 1 November 2004
to 30 April 2006 to 30 April 2005
Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000
Gains on - 2,033 2,033 - 2,356 2,356
investments
at fair value
Foreign - (79) (79) - 91 91
exchange
(losses)/ gains
on capital
items
Unfranked 639 - 639 630 - 630
investment
income
Bank interest 72 - 72 110 - 110
Investment (77) - (77) (68) - (68)
Manager's fee
Investment (88) - (88) (75) - (75)
Adviser's fee
Cost of share (1) - (1) - - -
options
Other expenses (134) - (134) (122) - (122)
Return on 411 1,954 2,365 475 2,447 2,922
ordinary
activities
before taxation
Taxation on (89) - (89) (135) - (135)
ordinary
activities
Return on
ordinary
activities
after
taxation for 322 1,954 2,276 340 2,447 2,787
the period
pence pence pence pence pence pence
Basic return 3.03 18.38 21.41 3.16 22.78 25.94
per Ordinary
share
Diluted return 3.02 18.33 21.35 3.15 22.73 25.88
per Ordinary
share
* The total column of this statement is the profit and loss account of the
Company. The supplementary revenue and capital columns are prepared under
guidance published by the Association of Investment Trust Companies.
With the exception of the changes in accounting policy in respect of the new
standards that have been applied from 1 November 2005, (see note 1) the
accounts have been prepared using the accounting standards and policies adopted
at the year end.
All revenue and capital items derive from continuing operations.
These accounts are unaudited and are not the Company's statutory accounts.
SUMMARISED BALANCE SHEET
As at As at As at
30 April 31 October 30 April
2006 2005 2005
�'000 �'000 �'000
(Unaudited) (Unaudited) (Unaudited)
(restated) (restated)
Fixed assets
Investments at fair value through 39,002 - -
profit or loss
Investments at market value - 35,488 30,263
Current assets
Debtors 47 52 79
Cash at bank 2,026 2,912 3,428
2,073 2,964 3,507
Creditors : amounts falling due (615) (296) (315)
within
one year
Net current assets 1,458 2,668 3,192
Total assets less current 40,460 38,156 33,455
liabilities
Provision for deferred taxation - (5) (3)
Total net assets 40,460 38,151 33,452
Retained revenue for the current (322) - 197
period
Total net assets for the purpose 40,138 38,151 33,649
of calculating the net asset value
per Ordinary share
pence pence pence
Basic net asset value per Ordinary 377.69 358.49 313.18
share
Fully diluted net asset value per 376.53 357.49 312.46
Ordinary share
Basic net asset value per Ordinary
share
including current period revenue 380.72 358.49 311.35
Fully diluted net asset value per 379.54 357.49 310.63
Ordinary share including current period
revenue
The basic net asset value per Ordinary share is based on net assets of �
40,138,000 (31 October 2005: �38,151,000 and 30 April 2005: �33,649,000) and on
10,627,187 Ordinary shares (31 October 2005: 10,642,187 and 30 April 2005:
10,744,220) being the number of Ordinary shares in issue at the period end
(excluding 117,033 Ordinary shares held in Treasury as at 30 April 2006,
102,033 as at 31 October 2005 and nil as at 30 April 2005).
The fully diluted net asset value per Ordinary share has been calculated on the
assumption that the options granted are exercised at 161.47p, 173.53p, 189.30p,
239.23p and 319.38p respectively and that the options granted at 370.48p (being
higher than the share price at 30 April 2006) will not be exercised at present.
The figure is therefore based on adjusted net assets of �40,286,000 and on
10,699,187 Ordinary shares being the adjusted number of Ordinary shares that
would result from the exercise of the options.
At 30 April 2006 the issued share capital of the Company was 10,744,220
Ordinary shares of 25 pence each including 117,033 Ordinary shares held in
Treasury (31 October 2005:10,744,220, including
102,033 Ordinary shares held in Treasury, and 30 April 2005:10,744,220,
including nil Ordinary shares held in Treasury).
On 12 September 2001 the Directors were each issued an option for 3,000
Ordinary shares of the Company. The options are exercisable at 161.47p each
(being the latest available net asset value at that date) at any date after 12
September 2004 but before 20 June 2011.
On 5 March 2002 the Directors were each issued with a further option for 3,000
Ordinary shares of the Company. The options are exercisable at 173.53p each
(being the latest available net asset value at that date) at any date after 5
March 2005 but before 5 March 2012.
On 16 May 2003 the Directors were each issued with a further option for 3,000
Ordinary shares of the Company. The options are exercisable at 189.30p each
(being the latest available net asset value at that date) at any date after 16
May 2006 but before 16 May 2013.
On 23 March 2004 the Directors were each issued with a further option for 2,000
Ordinary shares of the Company. The options are exercisable at 239.23p each
(being the latest available net asset value at that date) at any date after 23
March 2007 but before 23 March 2014.
On 14 April 2005 the Chairman, Mr Campbell was issued with a further option for
3,000 Ordinary shares of the Company and the other Directors were each issued
with a further option for 2,000 Ordinary shares of the Company. The options are
exercisable at 319.38p each (being the latest available net asset value at that
date) at any date after 14 April 2008 but before 14 April 2015.
On 27 April 2006 the Chairman, Mr Campbell was issued with a further option for
3,000 Ordinary shares of the Company and the other Directors were each issued
with a further option for 2,000 Ordinary shares of the Company. The options are
exercisable at 370.48p each (being the latest available net asset value at that
date) at any date after 27 April 2009 but before 27 April 2016.
In the period the Company purchased for Treasury 15,000 Ordinary shares for a
total cost of �48,037. As at the period end, the Company had 117,033 Ordinary
shares held in Treasury.
Since the period end, the Company have purchased for Treasury a further 15,000
Ordinary shares for a total cost of �48,037.
On 5 June 2006 the Company issued 6,000 new Ordinary shares of 25 pence,
pursuant to the exercise of options by Mr Peter Gray, a former Director of the
Company.
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Six months to 30 April 2006
Capital Own Share
Share Share redemption Capital Revenue shares option
capital premium reserve reserve reserve held reserve Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
31 October 2,686 9,184 89 25,264 1,250 (322) - 38,151
2005 as
restated
Adjustment - - - 80 - - - 80
re: fair
value of
investments
under FRS 26
31 October 2,686 9,184 89 25,344 1,250 (322) - 38,231
2005
as further
restated
Net return - - - 1,954 322 - - 2,276
for the
period
Cost of - - - - - - 1 1
share
options to
separate
reserve
Costs of - - - - - (48) - (48)
shares
purchased
for treasury
30 April 2,686 9,184 89 27,298 1,572 (370) 1 40,460
2006
RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS
Year to 31 October 2005
Capital Own
Share Share redemption Capital Revenue shares
capital premium reserve reserve reserve held Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000
31 October 2,713 9,184 62 18,532 948 (231) 31,208
2004 as
restated
Net return - - - 6,969 839 - 7,808
for the
period
Dividends - - - - (537) - (537)
paid
Transfer re - - - (237) - 237 -
treasury
shares
cancelled
Nominal value (27) - 27 - - - -
of shares
purchased for
cancellation
Costs of - - - - - (328) (328)
shares
purchased for
treasury
31 October 2,686 9,184 89 25,264 1,250 (322) 38,151
2005
Six months to 30 April 2005
Capital Own
Share Share redemption Capital Revenue shares
capital premium reserve reserve reserve held Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000
31 October 2,713 9,184 62 18,532 948 (231) 31,208
2004 as
restated
Net return - - - 2,447 340 - 2,787
for the
period
Dividends - - - - (537) - (537)
paid
Transfer re - - - (237) - 237 -
treasury
shares
cancelled
Nominal value (27) - 27 - - - -
of shares
purchased for
cancellation
Costs of - - - - - (6) (6)
shares
purchased for
treasury
30 April 2005 2,686 9,184 89 20,742 751 - 33,452
SUMMARISED STATEMENT OF CASHFLOWS
1 November 2005 1 November 2004
to 30 April 2006 to 30 April 2005
�'000 �'000
Net cash inflow from 394 463
operating activities
Tax recovered 26 -
Capital expenditure and
financial investment
Purchases of investments (1,177) (2,304)
Sales of investments - 2,250
Exchange gains on 14 18
settlements
Net cash outflow from (1,163) (36)
capital expenditure and
financial investment
Equity dividends paid - (537)
Net cash outflow before (743) (110)
financing
Financing
Cost of shares purchased for (48) (6)
Treasury
Net cash outflow from (48) (6)
financing
Decrease in cash (791) (116)
Notes
The above financial information for the six months to 30 April 2006 and 30
April 2005 is unaudited and does not constitute statutory accounts as defined
in Section 240 of the Companies Act 1985. The statutory accounts for the year
to 31 October 2005, which contained an unqualified auditors report, have been
lodged with the Registrar of Companies and did not contain a statement under
Section 237 (2) or (3) of the Companies Act 1985.
1.Changes in accounting policy
These financial statements have been prepared using new accounting standards,
which have been issued to begin the process of converging UK standards with
International Financial Reporting Standards (IFRS). The effect on the net asset
value of these changes is laid out in the table in note 2.
With effect from 1 November 2005, the Company has adopted the following
Financial Reporting Standards:
FRS 21: "Events after the Balance Sheet date"
Dividends paid by the Company are accounted for in the period in which the
dividend has been paid. Previously, the Company recognised dividends in the
period in which the net revenue, to which those dividends related, was
accounted for.
FRS 25 Financial Instruments: "Disclosure and Presentation" and
FRS 26 Financial Instruments: "Measurement"
All investments held by the Company are classified as "fair value through
profit or loss." For investments actively traded in organised financial
markets, fair value is generally determined by reference to Stock Exchange
quoted market bid prices or last traded prices at the close of business on the
balance sheet date. Previously all listed investment were valued using closing
mid market prices at the balance sheet date.
The Company has taken advantage of the exemption to only adopt FRS 25 and FRS
26 from 1 November 2005, rather than 1 November 2004. Therefore the comparative
financial statements have not been restated in respect of these standards.
Instead, the opening reserves at 1 November 2005 have been restated to take
these standards into account.
FRS 20: "Share based payment"
An amount of �1,000 has been charged to the income statement in respect of the
valuation of the Directors' share options, with a separate reserve being
created in the balance sheet. Given the immateriality of the amounts involved
the comparative figures have not been restated.
In addition the Company has adopted the 2003 Statement of Recommended Practice:
"Financial Statements of Investment Trust Companies" as revised in December
2005.
2. Net asset value per share
The net asset values have been calculated in accordance with the revised
accounting policies set out in note 1.
Reconciliation of changes to net asset values resulting from accounting policy
changes.
31 October 2005 30 April 2005
�'000 pence �'000 pence
Basic net asset value per 37,459 351.99 33,112 308.18
Ordinary share under
previous UK GAAP
Increase due to dividend 692 6.50 537 5.00
change
Basic net asset value per 38,151 358.49 33,649 313.18
Ordinary share under
revised UK GAAP
END
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