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Invesco Perpetual Enhanced Income Limited (Formerly Invesco Leveraged_coverA4 web_Leveraged_coverA4 03/12/2013 10:52 Page FC1 Invesco Perpetual Enhanced Income Limited (formerly Invesco Leveraged High Yield Fund Limited ) ANNUAL FINANCIAL REPOR T YEAR ENDED 30 S EPTEMBER 2013 Leveraged_coverA4 web_Leveraged_coverA4 03/12/2013 10:52 Page IFC1 INVESCO PERPETUAL AiM VCT PLC IS A VENTURE CAPITAL TRUST (“VCT”) LISTED ON THE LONDON STOCK EXCHANGE. THE COMPANY’S OBJECTIVE IS TO PROVIDE A TAX FREE DIVIDEND RETURN TO SHAREHOLDERS PRIMARILY THROUGH THE REALISATION OF CAPITAL GAINS WHILE MAINTAINING THE CAPITAL VALUE OF THE SHARES . THE COMPANY IS MANAGED AS A VCT IN ORDER THAT SHAREHOLDERS MAY BENEFIT FROM THE TAX RELIEFS AVAILABL E. IT INVESTS MAINLY IN COMPANIES QUOTED ON THE ALTERNATIVE INVESTMENT MARKET (“AIM”). ITS BENCHMARK IS THE FTSE AIM INDEX. THE MANAGER IS STOCK SELECTIVE RATHER THAN SECTOR SELECTIVE AND PLACES A HEAVY EMPHASIS ON INDIVIDUAL STOCK ACCOUNTABILITY. If you have any queries about Invesco Perpetual Enhanced Income Limited (formerly Invesco Leveraged High Yield Fund Limited ) or any of the other specialist funds managed by Invesco Perpetual, please contact our Investor Services Team on ☎ 0800 085 8677 www.invescoperpetual.co.uk/investmenttrusts Front Cover: close up of old red sandstone, Orkney Leveraged_pp01_08_Leveraged_pp01_08 29/11/2013 14:02 Page 01 Contents Change of Name Subsequent to the year end, the name of Invesco Leveraged High Yield Fund Limited (the ‘Company’) was changed to Invesco Perpetual Enhanced Income Overview 02 -06 Limited following a shareholder vote. The reason behind this change of name 02 Financial Highlights is discussed in the Chairman’s Statement on pag e5. 05 Chairman ’s Statement Nature of the Company Strategic Report 07 -16 The Company is a Jersey investment company whose shares are listed and 07 Investment Manager ’s Report traded on the London Stock Exchange. The business of the Company consists 09 Business Review of investing the pooled funds of its shareholders, according to a specified investment objective and policy (set out on page s9and 10 ), with the aim of Investments 17 -19 spreading investment risk and generating a return for shareholders. The Company is able to borrow, the proceeds from which can also be invested 17 Investment Portfolio according to the investment policy with the aim of enhancing returns to 19 Top Ten Investments shareholders. This additional investment increases the potential risk to 19 Bond Rating Analysis shareholders should the value of the investments fall. The Company has contracted with an external investment manager, Invesco Governance 20 -34 Asset Management Limited (the ‘Manager ’), to manage its investments. 20 Directors Administrative functions are contracted to external service providers, the main 20 The Company’s Governance one being with R&H Fund Service s (Jersey) Limited for company secretarial and Framework administrative services. The Company has a Board of non-executive Directors 21 Corporate Governance who oversee and monitor the activities of the Manager and other service Statement providers on behalf of shareholders and ensure that the investment policy is adhered to. The Company has no employees. 22 Directors ’ Report 34 Statement of Directors ’ Investment Policy Responsibility The principal objective of the Company is to provide shareholders with a high level of income whilst seeking to maximise total return through investing in a Financial Statements 35 -57 diversified portfolio of high yielding corporate and Government bonds. The 35 Report of the Independent Company may also invest in equities and other instruments that Invesco Asset Auditor Management Limite d considers appropriate. 38 Statement of Comprehensive The Company seeks to balance the attraction of high yield securities with the Income need for protection of capital and to manage volatility. The Compan y generally 38 Statement of Changes in employs gearing in its Investment Polic y. Full details of the Company’s Equity Investment Policy can be found on page s9an d10. 39 Balance Sheet Chang e to the Investment Policy 40 Statement of Cash Flow At the same time that shareholders approved the change of name of the 41 Notes to the Financial Company, shareholders approved a change in the Investment Policy to set a Statements lower limit on the net borrowings of 50% of shareholders’ funds. The Chairman’s Statement sets out this change on pag e5. Other 58 -64 58 Notice of the Annual General Borrowings and Repo Finan ce Meeting The Company uses borrowings in its Investment Policy. The Company uses 61 Shareholder Information borrowings, the principal component of which is repo finance , whereby the 62 Advisers and Principal Company participates in sale and repurchase arrangements in connection with External Service Providers its portfolio . Under these arrangements, the Company sells fixed interest 63 Glossary of Terms securities and is contractually obliged to repurchase them at a fixed price on a fixed date . The Company’s shares qualify to be considered as a mainstream investment product suitable for ordinary retail investors. Leveraged_pp01_08_Leveraged_pp01_08 29/11/2013 14:02 Page 02 02 FINANCIA L INFORMATION AND PERFORMANCE STATISTICS Performance Statistics Terms marked † are defined in the Glossary of Terms on pag e 63 . % Balance sheet at 30 September 2013 2012 CHANGE Shareholders’ funds (£’000) 79,809 72,391 +10.2 Net asset value † per ordinary share 71.7p 65.1p +10.1 Mid-market price per ordinary share 67.0p 59.9p +11.9 Discoun t† per ordinary share 6.6 % 8.0% Gross borrow ing † 42 % 38% Net borrow ing † 35 % 29% YEAR ENDED YEAR ENDED 30 SEPTEMBER 30 SEPTEMBER Total Return 2013 2012 3 month LIBOR rate +0.5 %+0.6% Net asset value † +17.8 %+29.1% Share price (Source: Thomson Reuters Datastream) +21.1 %+31.6% Revenue Gross income (£’000) 6,905 6,879 Net revenue available for ordinary shares (£’000) 6,056 5,988 Dividends per ordinary share: – First interim 1.25 p 1.25p – Second interim 1.25 p 1.25p – Third interim 1.25 p 1.25p – Fourth interim 1.25 p 1.25p – Total 5.00 p 5.00p Ongoing Charges † – ongoing charges 1.39 % 1.49% – performance fee 1.37 % n/a Return per Ordinary Share Revenue return 5.5p 5.4p Capital return 6.2 p 10.4p Total return 11 .7p 15.8p Leveraged_pp01_08_Leveraged_pp01_08 29/11/2013 14:02 Page 03 INVESCO PERPETUAL ENHANCED INCOME LIMITED (FORMERLY INVESCO LEVERAGED HIGH YIELD FUND LIMITED ) 03 Ten Year Historical Recor d TO NET REVENUE DIVIDENDS ON TOTAL ASSETS ORDINARY SHARES 30 SEPTEMBER GROSS AVAILABLE FOR ORDINARY SHARES LESS CURRENT NET ASSET MID-MARKET (LAUNCHED ON INCOME ORDINARY SHARES COST (2) RATE (2) (2) LIABILITIES (1) (2) VALUE (2) (2) PRICE (2) 15 OCTOBER 1999 ) £’000 £’000 £’000 p £’000 pp 2004 4,478 2,786 1,594 10. 0 35,447 102.0 107.5 200 5 2,948 2,196 2,000 10. 0 43,301 (3) 105.2 (3) 108.0 200 6 4,290 3,311 2,248 10. 0 85,62 8 105.0 109.8 200 7 8,222 6,475 4,985 10. 0 146,47 5 101.7 102.5 200 8 12,859 10,222 6,255 7. 5 135,171 62.1 65.3 200 9 7,378 6,406 5,570 5. 0 88,598 56.6 55.0 2010 7,613 6,695 5,570 5. 0 102,688 65.9 62.8 2011 7,203 6,283 5,570 5. 0(4) 101,701 54.3 50.0 2012 6,879 5,988 5,565 5. 0 100,163 65.1 59.9 2013 6,905 6,056 5,564 5.0 113,511 71.7 67.0 (1) Excludes both long-term and short-term loans and repo financing. (2) Ordinary shares were consolidated to one ordinary share of 5p each for every five ordinary shares of 1p each on 26 April 2005. Prior period figures have been restated to take account of this. (3) Restated for International Financial Reporting Standards. (4) Dividends are paid on a quarterly basis with effect from 1 October 2010 and are in respect of the year. Five Year Total Return Performance 60 Share Price – total return 50 Net Asset Value – total return 40 30 20 10 % 0 –10 –20 –30 –40 –50 –60 –70 30/09/08 30/09/09 30/09/10 30/09/11 30/09/12 30/09/13 Leveraged_pp01_08_Leveraged_pp01_08 29/11/2013 14:02 Page 04 04 FINANCIA L INFORMATION AND PERFORMANCE STATISTICS continued Split of Investments by Sector At 30 September 2013 Foreign government 2.4% Financial 1.6% Beverages 2.4% Food 1.6% Manufacturing 1.5% Services 2.4% Paper 1.7% Retail 3.2% Mining 1.4% Construction 3.3% Food producer 0.8% Health care 0.6% Packaging 4.0% Metal producer 0.6% Industrial 0.4% Commodity 0.4% Leisure 4.3% Autos 5.1% Bank 16.1% Oil 5.4% Cable 6.9% Utilities 15.6% Telecom 7.9% Insurance 10.4% BOND RATING ANALYSIS AT 30 SEPTEMBER 2013 For the definitions of these ratings see the Glossary of Terms on pag e 63 . 18 2013 2012 16 14 12 10 % 8 6 4 2 0 AAA A+ A A– AA– BBB+ BBB BBB– BB+ BB BB– B+ B B– CCC+ NR* *includes any equi ties , warrant s and credit default swaps. Leveraged_pp01_08_Leveraged_pp01_08 29/11/2013 14:02 Page 05 INVESCO PERPETUAL ENHANCED INCOME LIMITED (FORMERLY INVESCO LEVERAGED HIGH YIELD FUND LIMITED ) CHAIRMAN’S STATEMENT 05 Introduction I am pleased to report that the year under review has been rewarding for shareholders, even though markets were at times difficult to predict. The investment managers have again demonstrated the high conviction that characterises their investment style. Over the past three years, the portfolio has achieved a positive NAV total return of 40.3%.
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