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Company Scottish Mortgage Inv Tst PLC
TIDM SMT
Headline

Final Results

Released 07:00 01-May-2013
Number 6782D07

RNS Number : 6782D
Scottish Mortgage Inv Tst PLC
01 May 2013
 



RNS Announcement: Preliminary Results

 

Scottish Mortgage Investment Trust PLC

 

Results for the year to 31 March 2013

 

The following is the unaudited preliminary statement for the year to 31 March 2013 which was approved by the Board on 30 April 2013.

 

Chairman's Statement

 

Performance

The past year has seen continued progress for Scottish Mortgage with the share price reaching a new high of 862.5p in early March 2013, before falling back to close at 822.5p at the end of March. Over the course of the year to 31 March 2013 the share price rose by 16.2% and the net asset value (NAV) per share by 11.6%, whereas the benchmark index (the FTSE All-World Index in sterling terms) rose by 13.8%. Over 10 years to end March 2013, the share price total return (including both capital returns and dividends) has been 336%, the net asset value total return, 270% and the FTSE All-World Index total return, 174%. The five year figures are more modest as they still reflect the impact of the 2008 financial crisis. Nonetheless, over five years the total return was, respectively: 53% (share price), 45% (NAV) and 50% (benchmark). Given the long term investment approach, we consider that measurements over longer periods are more significant.

A year ago, the prevailing attitude towards equity markets was one of fear and nervousness. In the event, there was no wholesale renewal of the financial crisis, the European Union - despite some testing moments emanating from Cyprus and Italy - continues to hold together, there was progress in the United States towards a resumption of sustainable growth and at the same time operating conditions for many companies around the world have been favourable. More importantly, the Managers still seem to find plenty of opportunities, as can be seen from their Report in the Annual Report and Financial Statements. In particular, technology in its broadest sense and the growth of developing markets continue to provide fertile ground for those with a long term investment view. Despite some very significant holdings, the portfolio remains well diversified and growth opportunities are not restricted to these two criteria. 

 

Earnings and dividend

Earnings were strong in the past year, boosted by non recurring dividends, most notably from our holding in the Polish copper mining company KGHM. Earnings per share totalled 15.59p compared to 13.07p in 2011/12. A final dividend of 7.3p is proposed which will give a total for the year of 14.0p per share. This represents a rise of 7.7%, which is well ahead of sterling inflation (currently 3.3% as measured by RPI), which means that we have now increased our dividend by more than prevailing inflation for 31 years in a row.

It is probable that earnings in 2013/14 will be lower than in the past year as the Company has benefitted from the special dividends and accelerated timing of dividend receipts. Although the primary focus of this trust is to provide long term capital growth, it is the Board's intention to provide progressive and real dividend growth; the existence of reserves of 26p per share would allow us, if necessary, to smooth dividend payments from year to year should the need arise. Longer term, the outlook for dividend increases remains healthy.


Gearing

Scottish Mortgage remains committed to the use of gearing. Gearing levels were maintained throughout the year.

 

Demand for shares

I am pleased to say that over the past year the discount has progressively narrowed, meaning that the share price has risen faster than the underlying net asset value. To an extent this must reflect the fact that the long term and global approach, which was adopted as a strategy by the Company ten years ago, has proved attractive to investors. Ten years ago the discount stood at 12.5% and the following two years at 15.9% and 16.5% respectively. At the close of the year under review it stood at 4.1%. While performance is the primary impetus, a combination of judicious share buy backs as well as effective communication and marketing influence the balance between supply and demand.  In the past year 2,475,000 shares (1% of issued share capital at the start of the year) were bought back at discounts ranging from 4.0% to 5.8%. This should be seen as part of your Board's desire to maintain the trend of a narrowing discount.

A total of 33.2 million shares have been bought back since 2006, and these are held in Treasury and are available for reissue. The main advantages of reissuing shares are: the continued provision of good liquidity, the maintenance of scale and the further spreading of costs across a wider shareholder base. Shareholders' authority is being sought at the Annual General Meeting to sell shares held in Treasury at a premium to the NAV.

2013 has also seen the implementation of the Retail Distribution Review which is designed to provide greater clarity on the true costs associated with different types of investments. As Scottish Mortgage enjoys one of the lowest expense ratios in the industry (currently 0.51%), we stand to benefit. Against this, we are currently in the process of complying with the EU-wide Alternative Investment Fund Managers Directive (AIFMD). This has been conceived by legislators in Brussels with, on the one hand, an agenda to bash hedge funds, but, on the other, with a limited understanding, at best, of how an Investment Trust operates - is Scottish Mortgage really an "Alternative Investment"?  The AIFMD will, in your Board's opinion, provide little additional investor protection, yet it stands to add significantly (and in our view unnecessarily) to our annual cost base.

 

Board

Dr Linda Yueh resigned as a Director with effect from 31 March 2013 following her appointment as BBC World News Chief Business Correspondent, based in Singapore. The Board greatly appreciated Dr Yueh's contributions in her year with Scottish Mortgage and wishes her well in her new post.

The Annual General Meeting will be held in Edinburgh at Baillie Gifford's offices at 4.30pm on the 18th June. James Anderson and Tom Slater will make presentations on the investments and I hope you will be able to attend.

 

Outlook

The past four years have seen a steady recovery in equity markets as investor confidence has returned and many equity indices are close to, or in, new high ground. This is happening at a time when interest rates in many markets, notably those scarred by the 2008 crash, remain abnormally low. Many pension funds, driven by regulatory requirements to match investment allocations to eventual liabilities, are increasingly investing in bonds where yields are historically low and prices high, a process sometimes referred to as "de-risking". Fortunately, the private investor has greater flexibility and can be less inhibited when it comes to asset allocation and long term equity investment which, while carrying greater risk, also offers the potential for commensurate returns. It is to this type of investor that Scottish Mortgage is designed to appeal; we offer a high conviction equity portfolio invested across the world's markets, constructed with little heed paid to short term performance relative to indices, but with great attention to the long term fundamentals of our investee companies.

The list of potential threats to global political, economic and commercial stability is no shorter than before and, close to home, there have been concerns at the level of unemployment in several of Europe's largest economies and their stubborn refusal to show any real signs of growth. At the same time, there may be profound long term consequences of the "bail-in" in Cyprus, which demonstrated that, even within the EU, private bank deposits can be at risk. However, despite the drive to austerity amongst those governments and consumers who are over-indebted, many quoted companies are enjoying favourable operating conditions. Accepting that economic growth and stock price appreciation do not always go hand in hand, a world where the IMF forecast for annual global growth is 3.3% is a fairly benign environment, even given the continued work needed to repair and reform banking systems and to balance national budgets - especially in developed economies.

I take this opportunity to remind our shareholders that Scottish Mortgage is founded on the principle of selecting well managed companies from around the world and investing in them on a long term basis; and, thanks in part to our size, doing so in a way which costs our shareholders less than most other approaches. The skill which your Managers display in identifying growth opportunities as well as the successful execution of individual corporate strategies will determine returns to a very great extent. Whist, as we are always reminded, past performance is no guide to the future, the record of our Managers in the past decade and their process for selecting investments to generate returns for the next one gives me great confidence in the investment proposition offered by Scottish Mortgage.

 

 

John Scott

Chairman

30 April 2013

Past performance is not a guide to future performance.



 


Income statement (unaudited)

 

 


For the year ended

31 March 2013

 

For the year ended

31 March 2012

(audited)


Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

 

Gains/(losses) on investments

244,988 

244,988 

(94,940)

(94,940)

Currency (losses)/gains

(10,396)

(10,396)

5,974 

5,974 

Income (note 2)

58,950 

58,950 

52,689 

52,689 

Investment management fee

(3,836)

(3,836)

(7,672)

(3,632)

(3,632)

(7,264)

Other administrative expenses

(2,379)

(2,379)

(2,380)

(2,380)

Net return before finance costs and taxation

52,735 

230,756 

283,491 

46,677 

(92,598)

(45,921)

Finance costs of borrowings

(9,215)

(9,215)

(18,430)

(9,401)

(9,401)

(18,802)

Net return on ordinary activities before taxation

43,520 

221,541 

265,061 

37,276 

(101,999)

(64,723)

Tax on ordinary activities

(4,010)

(4,010)

(3,803)

(3,803)

Net return on ordinary activities after taxation

39,510 

221,541 

261,051 

33,473 

 (101,999)

(68,526)

Net return per ordinary share (note 4)

15.59p

87.42p

103.01p

13.07p

(39.81p)

(26.74p)

                                                                                                                                                                                                     

The total column of this statement is the profit and loss account of the Company.

All revenue and capital items in this statement derive from continuing operations. No operations were acquired or discontinued during the year.

A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the Company have been reflected in the above statement.



 

Balance sheet (unaudited)

 

 


At 31 March 2013

 

£'000

At 31 March 2012

(audited)

£'000

Fixed assets

 


Investments held at fair value through profit or loss

2,581,849

2,361,636 


 

 

Current assets

 

 

Debtors

5,401 

8,321 

Cash and short term deposits

13,867 

20,855 


19,268 

29,176 

Creditors

 

 

Amounts falling due within one year

(72,867)

(125,295)

Net current liabilities

(53,599)

(96,119)

Total assets less current liabilities

2,528,250 

2,265,517 

Creditors

 

 

Amounts falling due after more than one year

(309,882)

(253,194)


2,218,368 

2,012,323 

Capital and reserves

 

 

Called up share capital

71,086 

71,086 

Capital redemption reserve

19,094 

19,094 

Capital reserve

2,045,003 

1,844,229 

Revenue reserve

83,185 

77,914 

Shareholders' funds

2,218,368 

2,012,323 

Net asset value per ordinary share

(after deducting borrowings at fair value) (note 7)

857.6p

768.7p

Net asset value per ordinary share

(after deducting borrowings at par)

885.4p

795.6p

Ordinary shares in issue (note 8)

251,144,897 

253,619,897

 



 

Reconciliation of movements in shareholders' funds (unaudited)

 

 

For the year ended 31 March 2013


Share
capital

£'000

Capital redemption reserve

£'000

Capital

reserve*

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 April 2012

71,086

19,094

1,844,229 

77,914 

2,012,323 

Net return on ordinary activities after taxation

-

-

221,541 

39,510 

261,051 

Shares bought back (note 8)

-

-

(20,767)

(20,767)

Dividends paid during the year (note 5)

-

-

(34,239)

(34,239)

Shareholders' funds at 31 March 2013

19,094

2,045,003 

83,185 

2,218,368 

 

 

For the year ended 31 March 2012 (audited)

 

Share
capital

£'000

Capital redemption reserve

£'000

Capital

reserve*

£'000

Revenue reserve

£'000

Shareholders'
funds

£'000

Shareholders' funds at 1 April 2011

71,086

19,094

1,965,865 

76,249 

2,132,294 

Net return on ordinary activities after taxation

-

-

(101,999)

33,473 

(68,526)

Shares bought back (note 8)

-

-

(19,637)

(19,637)

Dividends paid during the year (note 5)

-

-

(31,808)

(31,808)

Shareholders' funds at 31 March 2012

19,094

1,844,229 

77,914 

2,012,323 

 

*      The Capital Reserve balance at 31 March 2013 includes investment holding gains on fixed asset investments of £894,384,000 (31 March 2012 - gains of £755,250,000).

 

 



 

Cash flow statement (unaudited)

 


Year to

31 March 2013

 

£'000               £'000

Year to

31 March 2012

(audited)

£'000               £'000

Net cash inflow from operating activities


48,335 


44,484 

Servicing of finance

 

 

 

 

Interest paid

(18,693)

 

(18,803)

 

Net cash outflow from servicing of finance


(18,693)


(18,803)

Taxation


 


 

Income tax refunded

19 

 

38 

 

Overseas tax incurred

(4,061)

 

(3,896)

 

Total tax paid


(4,042)


(3,858)

Financial investment


 


 

Acquisitions of investments

(287,065)

 

(621,168)

 

Disposals of investments

310,571 

 

654,761 

 

Realised currency (loss)/profit

(1,088)

 

3,562 

 

Net cash inflow from financial investment


22,418 


37,155 

Equity dividends paid (note 5)


(34,239)


(31,808)

Net cash inflow before financing


13,779 


27,170 

Financing


 


 

Shares bought back (note 8)

(20,767)

 

(19,637)

 

Bank loans repaid

 

(102,206)

 

Bank loans drawn down

 

100,829 

 

Net cash outflow from financing


(20,767)


(21,014)

(Decrease)/increase in cash


(6,988)


6,156 

Reconciliation of net cash flow to movement in net debt

 

 

 

 

(Decrease)/increase in cash in the period

 

(6,988)

 

6,156 

Decrease/(increase) in bank loans

 

 

1,377 

Exchange movement on bank loans

 

(9,308)

 

2,412 

Other non-cash changes

 

226 

 

199 

Movement in net debt in the year


(16,070)


10,144 

Net debt at 1 April


(345,141)


(355,285)

Net debt at 31 March


(361,211)


(345,141)

Reconciliation of net return before finance costs and taxation to net cash inflow from operating activities

 

 

 

 

Net return on ordinary activities before finance costs and taxation

 

283,491 

 

(45,921)

(Gains)/losses on investments

 

(244,988)

 

94,940 

Currency losses/(gains)

 

10,396 

 

(5,974)

Amortisation of fixed income book cost

 

 

(3)

Decrease in accrued income

 

1,116 

 

1,167 

Decrease/(increase) in debtors

 

130 

 

(19)

(Decrease)/increase in creditors

 

(1,810)

 

294 

Net cash inflow from operating activities


48,335 


44,484 

 

Thirty largest holdings and twelve month performance (unaudited)

 

Name

Business

Fair Value at 31 March

2013

£'000

% of
total assets

Absolute   performance†  

%  

Contribution to absolute performance

%

Fair value 31 March 2012

£'000

Amazon.com

Online retailer

214,120

8.26

38.6  

3.8 

186,895

Atlas Copco

Engineering

134,345

5.18

27.7  

1.6 

113,961

PPR

Luxury goods producer and

  retailer

129,785

5.00

39.0  

2.2 

136,045

Baidu

Online search engine

128,692

4.96

(36.7) 

(3.8)

197,279

Inditex

International clothing retailer

125,978

4.86

48.9  

1.9 

60,201

Tencent Holdings

Internet services

94,668

3.65

20.2  

1.1 

102,012

Google

Online search engine

91,998

3.55

30.3  

1.1 

70,674

Salesforce

Cloud computing and hosting

81,120

3.13

21.8  

0.7 

61,701

Illumina

Biotechnology equipment

76,518

2.95

8.0  

0.2 

70,861

Prudential

International insurance

67,109

2.59

46.6  

1.1 

42,165

Brazil CPI Linked 2045

Brazilian government inflation

  linked bond

66,857

2.58

19.8  

1.2 

120,575

Intuitive Surgical

Surgical robots

62,307

2.40

(4.6) 

(0.2)

65,370

Apple

Computer technology

61,270

2.36

(21.2) 

(0.6)

40,894

Reckitt Benckiser

Consumer goods company

57,706

2.22

37.7  

0.8 

35,330

Banco Santander

Banking

53,199

2.05

3.9  

0.3 

53,022

KGHM

Copper mining

52,720

2.03

36.1  

1.1 

51,141

Novozymes

Enzyme manufacturer

50,676

1.95

24.0  

0.4 

41,186

BASF

Chemicals

49,848

1.92

9.2  

0.1 

27,811

Vale (CVRD)

Iron ore and nickel mining

49,461

1.91

(19.4) 

(0.7)

60,946

Rolls-Royce Group

Aerospace equipment

45,200

1.74

39.2  

0.6 

32,480

Whole Foods Market

Food retailer

40,351

1.56

12.4  

0.3 

32,383

Deere

Farm machinery

40,021

1.54

14.0  

0.3 

35,792

Alibaba Group

Online retail

38,064

1.47

23.8* 

0.3*

-

Rackspace Hosting

Cloud computing and hosting

35,852

1.38

(7.6) 

0.1 

22,671

New Oriental Education &

  Technology

Education and training

35,730

1.38

(29.9) 

(1.2)

51,851

Fiat

Automobiles

34,599

1.33

(5.1) 

0.0 

15,349

Intertek Group

Business support providers

34,375

1.33

36.9  

0.6 

36,746

Facebook

Social networking site

29,493

1.14

(29.2)*

(0.4)*

-

ABB

Power systems and automation

29,473

1.14

20.7  

0.1 

43,642

Housing Development Finance

   Corporation

 

Mortgage bank

28,197

1.09

23.2  

0.3 

23,296

 

 

2,039,732

78.65



1,832,279

†      Absolute performance (in sterling terms) has been calculated on a total return basis over the period 1 April 2012 to 31 March 2013.

‡      Denotes holding in unlisted convertible preference shares.

*      Figures relate to part-period returns where the equity has been purchased during the period.                                     

        Source: Baillie Gifford & Co/StatPro.

 

Past performance is not a guide to future performance.

 

Distribution of assets (unaudited)

 

 

At

31 March 2013

%

At

31 March 2012

%

North America

32.3

27.1

South America

2.5

3.6

Europe

44.5

41.9

 

United Kingdom

13.9

12.5

 

Eurozone

17.8

14.2

 

Developed Europe (non euro)

8.9

8.9

 

Rest of Europe

3.9

6.3

Africa and Middle East

0.4

0.4

Asia

17.3

21.2

 

China

12.6

16.3

 

India

1.8

2.1

 

Japan

0.4

0.5

 

Rest of Asia

2.5

2.3

Total equities

97.0

94.2

Brazilian real denominated bonds

2.6

5.1

Net liquid assets

0.4

0.7

Total assets (before deduction of loans and debentures)

100.0

100.0

 

 

  

  

 

 

Notes to the condensed financial statements (unaudited)

 

 

1.    

The financial statements for the year to 31 March 2013 have been prepared on the basis of the accounting policies set out in the Company's Annual Financial Statements at 31 March 2012.

The Directors consider the Company's functional currency to be sterling as the Company's shareholders are predominantly based in the UK and the Company is subject to the UK's regulatory environment.

2.    

Income

Year to

31 March

2013

 

£'000

Year to

31 March

2012

(audited)

£'000


Income from investments and interest receivable

58,950 

52,681 


Other income



58,950 

52,689 

3.    

Baillie Gifford & Co are employed by the Company as investment managers and secretaries under a management agreement which can be terminated on not less than six months' notice, or on shorter notice in certain circumstances. The fee in respect of each quarter is 0.08% of total assets less current liabilities (excluding short term borrowings for investment purposes).

4.    

Net Return per Ordinary Share


Year to

31 March

2013

 

£'000

Year to

31 March

2012

(audited)

£'000

Revenue return on ordinary activities after taxation

 

39,510 

33,473 

Capital return on ordinary activities after taxation

 

221,541 

(101,999)

Total net return


261,051

(68,526)

Weighted average number of ordinary shares in issue


253,421,883 

256,199,678 

Net return per ordinary share figures are based on the above totals of revenue and capital and the weighted average number of ordinary shares in issue during each period. There are no dilutive or potentially dilutive shares in issue.

5.    

Ordinary Dividends

2013

2012

(audited)

2013

 

£'000

2012

(audited)

£'000

Amounts recognised as distribution in the year:

 

 

 

 

Previous year's final (paid 2July 2012)

6.80p

6.20p

17,246

15,904

Interim (paid 23 November 2012)

6.70p

6.20p

16,993

15,904

 

13.50p

12.40p

34,239

31,808

Also set out below are the total dividends paid and proposed in respect of the financial year, which is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year is £39,510,000 (2012 - £33,473,000).

 

 

2013

2012

(audited)

2013

 

£'000

2012

(audited)

£'000

Amounts recognised as distribution in the year:

 

 

 

 

Interim dividend per ordinary share (paid 23 November 2012)

 

6.70p

 

6.20p

 

16,993

 

15,904

Proposed final dividend per ordinary share (payable 1 July 2013)

 

7.30p

 

6.80p

18,334

 

17,246

 

14.00p

13.00p

35,327

33,150

Notes to the condensed financial statements (unaudited) (ctd)

 

 

  

5.

Ordinary Dividends (Ctd)

 

The final dividend was declared after the period end date and has therefore not been included as a liability in the balance sheet. If approved the final dividend will be paid on 1 July 2013 to all shareholders on the register at the close of business on 31 May 2013. The ex-dividend date is 29 May 2013. The Company's Registrars offer a Dividend Reinvestment Plan and the final date for elections for this dividend is 10 June 2013.

6.    

The bank loan falling due within one year comprises US$99 million (2012 - US$99 million and €61 million).

The bank loans falling due in more than one year comprise €61million and US$163 million (2012 - US$163 million).

During the year the €61 million bank loan was repaid and a new two year €61 million loan was drawn down.

Since the year end the US$99 million loan has been repaid and replaced with a £100 million multi-currency facility which has been drawn down in US$.

7.    

The fair value of borrowings at 31 March 2013 was £439,557,000 (2012 - £428,696,000). Net asset value per share (after deducting borrowings at fair value) was 857.6p (2012 - 768.7p). 

8.    



2013

 

Number of shares

2012

(audited)

Number of shares

Share capital: Ordinary shares of 25p each

 

 

 

Allotted, called up and fully paid

 

251,144,897

253,619,897

Treasury shares

 

33,201,279

30,726,279

Total


284,346,176

284,346,176

 

The Company's authority permits it to hold shares bought back 'in treasury'. Such treasury shares may be subsequently either sold for cash (at, or at a premium to, net asset value per ordinary share) or cancelled.  In the year to 31 March 2013 a total of 2,475,000 (2012 - 2,900,000) ordinary shares with a nominal value of £619,000 (2012 - £725,000) were bought back at a total cost of £20,767,000 (2012- £19,637,000) and held in treasury.  At 31 March 2013 the Company had authority to buy back a further 35,542,622 ordinary shares.

Under the provisions of the Company's Articles the share buy-backs were funded from the capital reserve.

9.    

Transaction costs on purchases amounted to £238,000 (2012 - £968,000) and transaction costs on sales amounted to £188,000 (2012 - £669,000).

10. 

The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 March 2013. The financial information for 2012 is derived from the statutory accounts for 2012 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2012 accounts, their report was unqualified and did not contain a statement under section 498(2) or (3) of the Companies Act 2006.  The statutory accounts for 2013 are unaudited, however it is expected that the Auditors will issue an unqualified opinion. The statutory accounts for 2013 will be finalised on the basis of the financial information presented in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting.

11. 

The Annual Report and Financial Statements will be available on the Managers' website www.scottishmortgageit.com on or around 16 May 2013.

 

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

 

None of the views expressed in this document should be construed as advice to buy or sell a particular investment.

 

Scottish Mortgage is a low cost investment trust that aims to maximise total return over the long term from a focused and actively managed portfolio. It invests globally, looking for strong businesses with above-average returns.

 

You can find up to date performance information about Scottish Mortgage on the Scottish Mortgage page of the Managers' website at www.scottishmortgageit.com

 

‡    Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.

 

Scottish Mortgage is managed by Baillie Gifford & Co, the Edinburgh based fund management group with around £93 billion under management and advice in active equity and bond portfolios for clients in the UK and throughout the world (as at 30 April 2013).

 

Investment Trusts are UK public limited companies and are not authorised or regulated by the Financial Conduct Authority.

 

Past performance is not a guide to future performance.  The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested.  This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares.

 

1 May 2013

 

 

 

For further information please contact:

 

James Budden, Baillie Gifford & Co  

Tel: 0131 275 2816 or 07507 201208

 

Roland Cross, Director, Broadgate Mainland

Tel: 0207 726 6111  

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This information is provided by RNS
The company news service from the London Stock Exchange
 
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