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Interim Report the Scottish Investment Trust

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Interim Report the Scottish Investment Trust The Scottish Investment Trust PLC Interim Report For the six months to 30 April 2011 Contents The Company 2 Financial Highlights 3 Chairman’s Review 4 Changes in Asset Distribution by Sector 5 Discount to Ex-Income NAV 5 Distribution of Total Assets 6 Performance Attribution Analysis 6 List of Investments 7 Income Statement 8 Summary Balance Sheet 8 Statement of Total Recognised Gains and Losses 9 Reconciliation of Movements in Shareholders’ Funds 9 Cash Flow Statement 9 Notes 10 Investor Information 11 Principal Risks and Uncertainties The principal risks and uncertainties facing the business are investment and market price risk, interest rate risk, liquidity risk and foreign currency risk. These are unchanged from the previous financial year. Responsibility Statement The board of directors confirms that to the best of its knowledge: a) the condensed set of financial statements, which has been prepared in accordance with applicable accounting standards, gives a true and fair view of the assets, liabilities, financial position and return of the company; b) the interim report includes a fair review of important events that have occurred during the first six months of the financial year and their impact on the financial statements, a description of the principal risks and uncertainties for the remaining six months of the financial year; and c) no transactions with related parties took place during the first six months of the financial year. For and on behalf of the board Douglas McDougall Chairman 27 May 2011 Interim Report 2011 The Scottish Investment Trust PLC 1 The Company Company Data as at 30 April 2011 £779,393,000 Total Assets £669,560,000 Shareholders’ Funds £591,565,000 Market Capitalisation Objectives of The Scottish Investment Trust PLC To provide investors, over the longer term, with above-average returns through a diversified portfolio of international equities and to achieve dividend growth ahead of UK inflation. Investment Risk Capital Structure The Scottish Investment Trust PLC (SIT) investment portfolio At 30 April 2011 the company had in issue 114,866,926 shares is diversified over a range of industries and regions in order and long-term borrowings at par amounted to £107,793,000 to spread risk. SIT has a long-term policy of borrowing money with an average annual interest cost of 5.9%. to invest in equities in the expectation that this will improve returns and, should stockmarkets fall, such borrowings would Management Expenses magnify any losses on these investments. SIT can buy back The total expenses of managing the company’s business and cancel its own shares. All other things being equal, this during the last financial year were £4,284,000, equivalent to would have the effect of increasing gearing. 0.70% of average shareholders’ funds. The company aims to keep this percentage low in comparison with competing Performance Comparators investment products. The company does not have a formal benchmark. Performance is reviewed in the context of returns achieved by a broad ISA and SIPP basket of UK equities through the FTSE All-Share Index™ and The shares are eligible for ISAs and SIPPs. Details of all of of international equities through the FTSE All-World Index™. the savings schemes offered by SIT Savings Ltd are shown The portfolio is not modelled on any index. on page 11. Management The Association of Investment Companies (AIC) The company is managed by its employees, led by the The company is a member of the AIC, the trade organisation manager who is responsible to the directors for all aspects for the closed-ended investment company industry. of the day to day management of the company. 2 The Scottish Investment Trust PLC Interim Report 2011 Financial Highlights Capital 30 April 31 October Change 2011 2010 % NAV with borrowings at par 582.9p 533.7p 9.2 NAV with borrowings at market value 572.4p 521.7p 9.7 Ex-income NAV with borrowings at par 578.3p 527.7p 9.6 Ex-income NAV with borrowings at market value 567.8p 515.7p 10.1 Share price 515.0p 469.3p 9.7 Discount to ex-income NAV with borrowings at market value 9.3% 9.0% FTSE All-World Index 8.2 UK FTSE All-Share Index 7.5 £’000 £’000 Total assets 779,393 740,140 Borrowings at par (107,793) (107,733) Pension liability (2,040) (2,040) Shareholders’ funds 669,560 630,367 Income Six months to 30 April 30 April 2011 2010 £’000 £’000 Total income 8,760 9,686 Earnings per share 4.48p 4.89p Dividend per share 4.60p 4.45p 3.4 UK Consumer Prices Index 4.5 UK Retail Prices Index 5.2 NAV* and Share Price against Comparator Indices Total return 5 years to 30 April 2011 140 FTSE All-World Index Share Price NAV * 120 UK FTSE All-Share Index 100 80 60 Apr 06 Apr 07 Apr 08 Apr 09 Apr 10 Apr 11 * With borrowings at par. Interim Report 2011 The Scottish Investment Trust PLC 3 Chairman’s Review In the six months to 30 April 2011, the net asset value per and service stocks including UnitedHealth, Comcast, Walgreen share (NAV) total return was 10.8% (with borrowings at market and Ross Stores. Substantial profits were taken on the largest value). The share price total return was 11.0% as the discount portfolio holding, Apple, with reductions of £11.0m. We added remained stable, ending the period at 9.3%. The NAV and share to Japanese exposure after the stockmarket fell heavily in the price total return performances were ahead of the company’s aftermath of the earthquake in the belief that the Japanese UK and global comparator indices. The FTSE All-World Index economy and equity market would recover and our Japanese total return was 9.4% and the UK FTSE All-Share Index total holdings outperformed the local market. return was 9.1%. Stock selection was the key contributor to the outperformance. In industry sector terms, the profit taking referred to above resulted in a significant fall in exposure to Consumer Goods From the introduction of the current investment approach at (-£21.8m), Technology (-£12.5m) and Industrials (-£10.8m). the end of January 2004 to 30 April 2011, the cum-income NAV Within Oil & Gas, the balance of exposure swung back to total return and share price total return have outperformed both oil producers as we added Chevron (US) and Hess (US) to the the UK and global comparator indices by a significant margin. portfolio and sold service group FMC Technologies (US) which had done well. The gains made by global equity markets in the six month period were achieved in the face of some significant challenges The global equity portfolio generated gains of £59.8m over which included the catastrophic earthquake which struck Japan the six months. In geographic terms, the largest absolute in March, political unrest in the Middle East which contributed gains were made in Europe (ex UK) which appreciated by to a rise in oil prices of over 50% in the period and the £18.6m boosted by currency strength and good regional continuing budget crisis afflicting the periphery of the eurozone. relative performance. By industry sector, the largest gains Central banks in emerging regions and most notably China in the portfolio came from Industrials (+£14.1m). Oil & took further action to control rising inflationary pressures. More Gas, Consumer Goods and Technology also did well. Top positively, economic data from the US and the core of Europe contributors during the period included Kia Motors, which was encouraging while strong corporate earnings underlined was the stand-out performer appreciating by £7.0m, as well the broad health of the corporate sector, which was also evident as Atlas Copco (Sweden), Spectris (UK), Apple (US), Komatsu (Japan), in high levels of merger and acquisition activity. However, the BASF (Germany), BT (UK) and Tencent (Hong Kong). key support to equity markets was the extension to the US Federal Reserve’s programme of quantitative easing allied with Dividend income generated from the portfolio was particularly additional stimulus in the form of an extension to pre-existing strong, while costs remained under control. The board has tax cuts. Most of the gains in the half year were earned in declared an interim dividend of 4.60p per share (2010: 4.45p) December as markets reacted to confirmation of these policies. which will be payable on 15 July 2011. As a consequence, global sector leadership continued to have At the AGM in February, shareholders voted to renew a cyclical tilt with the strongest industry returns coming from Oil the company’s authority to repurchase its own shares for & Gas, Industrials and Basic Materials. In fact, all seven other cancellation. These powers are used as part of the share industry groups comprising the All-World Index underperformed buyback policy which is intended to keep the discount to with returns within a relatively narrow range. In local currency ex-income NAV at or below 9% (with borrowings at market terms, regional leadership was dominated by North America value). Over the first half of the financial year, the company which rose by 14.5% with all other regional returns between repurchased for cancellation 3.2m shares (2010: 5.3m) at an -3% and +7%. Sterling strength against the US dollar and average discount of 10.1% and a cost of £16.2m inclusive of weakness against the euro meant that, in sterling terms, dealing expenses. The average discount over the first half of leadership was shared by Europe (ex UK) and North America the year was 9.8% and the average estimated discount since which rose 10.7% and 10.5% respectively.
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