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Annual Report 2008

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Annual Report 2008 Annual Report 2008 The Law Debenture Corporation p.l.c. Contents 1 Group summary 2 10 year record 3 Financial summary 4 Long term performance 5 The board 6 Chairman’s statement 8 Investment manager’s review 10 Top 20 holdings by value 11 Changes in geographical distribution 12 Classification of investments 14 Portfolio valuation 16 Management review – independent fiduciary services 18 Corporation advisers and information 19 Directors’ report 25 Corporate governance 30 Remuneration report 36 Independent auditors’ report 38 Group income statement 38 Statement of recognised income and expense 39 Balance sheet 40 Cash flow statement 41 Notes to the accounts 65 Shareholder information 65 Financial calendar 66 Notice of annual general meeting 68 Notes to the notice of annual general meeting Group summary 1 From its origins in 1889, Law Debenture has diversified to become a group with a unique range of activities in the financial and professional services sectors. The group divides into two distinct complementary areas of business. Investment trust Independent fiduciary services We are a global investment trust, listed on We are a leading provider of independent the London Stock Exchange. fiduciary services. Our activities are corporate trusts, treasury management, Our portfolio of investments is managed pension trusts, corporate services (including by Henderson Global Investors Limited agent for service of process), structured under a contract terminable by either side finance administration and whistle blowing on 12 months’ notice. services. We have offices in London, Our objective is to achieve long term capital Sunderland, New York, Delaware, Hong growth in real terms and steadily increasing Kong, the Channel Islands and the income. The aim is to achieve a higher rate Cayman Islands. of total return than the FTSE All-Share Index Individuals, companies, agencies and through investing in a portfolio diversified organisations throughout the world rely upon both geographically and by industry. Law Debenture to carry out its duties with the independence and professionalism upon which its reputation is built. www.lawdeb.com The Law Debenture Corporation p.l.c. 2 10 year record 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Net assets (£m) 250.2 287.6 294.6 260.3 199.6 241.7 272.5 339.6 392.6 407.1 266.4 Total return1 (pence) 20.8 38.9 12.9 (22.7) (43.8) 44.2 34.4 64.7 53.1 23.6 (105.0) Revenue return1 (pence) Investment trust 5.62 5.57 5.45 4.07 4.10 4.51 5.06 5.73 7.07 8.60 10.23 Independent fiduciary services 1.72 2.13 2.40 2.98 2.23 2.40 3.51 4.32 5.11 5.63 5.35 7.34 7.70 7.85 7.05 6.33 6.91 8.57 10.05 12.18 14.23 15.58 Dividends1 (pence) 6.20 6.60 6.80 6.90 6.90 6.90 7.55 9.05 10.50 12.00 12.20 NAV1 (pence) (after proposed final dividend) 214.2 246.5 252.6 222.9 170.5 201.9 228.1 284.0 328.2 339.6 219.2 Share price1 (pence) 214.3 233.6 239.6 233.5 192.5 221.75 232.5 288.75 349.00 354.5 223.5 Premium/(discount) (%) 0.0 (5.2) (5.1) 4.7 12.9 9.8 1.9 1.7 6.3 4.4 2.0 Market capitalisation (£m) 249.9 272.6 279.4 272.7 225.3 260.0 273.2 339.7 410.8 417.4 263.8 Cost of running investment trust2 (% of average portfolio value) 0.42 0.46 0.47 0.53 0.56 0.55 0.52 0.51 0.49 0.49 0.48 1 Pence per share as restated following a five for one share split in August 2002. 2 Cost of running investment trust in 2008 excludes the VAT refund related to prior years. The information in respect of 2003-2008 is in accordance with International Financial Reporting Standards. The information in respect of 1998-2002 is in accordance with UK Generally Accepted Accounting Principles. The Law Debenture Corporation p.l.c. www.lawdeb.com Financial summary 3 Highlights 31 December 31 December 2008 2007 Change pence pence % Share price 223.50 354.50 -37.0 NAV per share after proposed final dividend 219.20 339.64 -35.5 Revenue return per share – Investment trust 10.23 8.60 19.0 – Independent fiduciary services 5.35 5.63 -5.0 Group revenue return per share 15.58 14.23 9.5 Dividends per share 12.20 12.00 1.7 Performance 2008 2007 % % Share price total return -33.5 5.0 NAV total return -31.9 7.2 FTSE All-Share Index total return -29.9 5.3 www.lawdeb.com The Law Debenture Corporation p.l.c. 4 Long term performance 5 years 10 years %% NAV total return1 25.2 44.1 FTSE Actuaries All-Share Index total return1 18.6 12.4 Share price total return1 18.5 42.8 Change in retail price index1 17.7 31.4 Annual earnings growth 17.7 7.8 Annual dividend growth 12.1 7.0 Annual RPI change 3.3 2.8 1 Source: AIC. The performance data contained above has been compiled in accordance with AIC recommendations. Total returns assume the reinvestment of dividends. 20 year performance 1,000 900 Law Debenture share price 800 Law Debenture net asset value 700 Law Debenture dividend per share 600 FTSE All-Share Index 500 RPI 400 300 Logarithmic Scale 200 100 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 The Law Debenture Corporation p.l.c. www.lawdeb.com The board 5 Douglas McDougall OBE John Kay Chairman Non-executive director Chairman of The Independent Investment Trust plc, Appointed to the board in September 2004. Foreign & Colonial Eurotrust PLC and Scottish Business economist, writer and broadcaster. Visiting Investment Trust plc and a director of The Monks Professor at the London School of Economics. Investment Trust plc, Pacific Horizon Investment Founded London Economics, Britain’s largest Trust plc and Herald Investment Trust plc. Former independent economic consultancy. Director of joint senior partner of Baillie Gifford & Co, Scottish Mortgage Trust plc and Value and Income investment managers, and former chairman of Trust plc. IMRO, of the Association of Investment Trust He writes a weekly column for the Financial Times, Companies and of the Fund Managers’ Association. and is a member of the Scottish Government’s Joined the board in 1998, becoming chairman in Council of Economic Advisers. Chairman of the audit 2000. Chairman of the remuneration and nomination committee and member of the remuneration and committees and a member of the audit committee. nomination committees. Caroline Banszky Robert Williams Managing director Non-executive director Appointed to the board in January 2002. Former A former partner of Linklaters, specialising in chief operating officer of SVB Holdings PLC, a international finance. Joined the board in 1993. Lloyd’s listed integrated vehicle, and former finance Member of the LDC Trust Management Limited director of N.M. Rothschild & Sons Limited. board. Part time executive director until 31 December 2004, thereafter non-executive. Armel Cates Non-executive director A former partner of Clifford Chance and appointed to the board in February 2001. Wide experience of capital markets transactions including medium term note programmes, securitisations and repackagings. Director of Fatburen Investment BV and of Charterhouse-in-Southwark Trustee Company. A member of the remuneration, nomination and audit committees and chairman of the LDC Trust Management Limited board. Investment manager James Henderson Joined Henderson Global Investors in 1983 and has been an investment trust portfolio manager since 1990, managing Lowland Investment Company plc since then and Henderson Opportunities Trust plc since January 2006. He first became involved in the management of Law Debenture’s portfolio in 1994 and took over sole management of the portfolio in June 2003. www.lawdeb.com The Law Debenture Corporation p.l.c. 6 Chairman’s statement Performance Investment trust The year to 31 December 2008 was a most During the year the total return of the portfolio disappointing one for stock markets. Our net asset was -29.9%, in line with the FTSE All-Share Index. value total return was -31.9%, compared to a total The underperformance of our net asset value total return of -29.9% for the FTSE Actuaries All-Share return was a result of the level of gearing in Index. the period. Our gross income increased over the year by 0.7% The year was dominated by the crisis in the from £48.5 million to £48.9 million. Profit (revenue) international financial system. We underestimated attributable to shareholders was £18.2 million, an the extent to which this would spread to the wider increase of 9.6% over the previous year, as a result economy, and indeed we raised our gearing to a of a 19.0% improvement in the investment trust peak of 116% before recognising our error. By the and a 5.0% fall in independent fiduciary services. end of the year gearing had been reduced to Improved company dividends and a £455,000 VAT 108%, partly through the sale of bank holdings. refund increased the return from the investment The outlook for economic activity is very trust. Our independent fiduciary services businesses uncertain, and our focus is on investment in performed well but without the exceptional level of companies which we think would be survivors even special fees which arose last year.
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