REG - Aberdeen New Dawn IT - Annual Financial Report <Origin Href="QuoteRef">ABD.L</Origin> - Part 2
20/06/2017 07:05
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2017 Assets 2016
Company Industry Country £'000 % £'000
Aberdeen Global - Indian Equity FundB 39,165 12.4 24,674
A tax-efficient pooled India fund with a long-term investment approach managed by the same team managing the Company. Collective Investment Scheme India
Jardine Strategic Holdings 16,379 5.2 11,247
A Hong Kong conglomerate with regional interests in retail, property, hotels and auto distribution. It provides the Company with a diversified exposure to the Asian consumer, backed by good distribution networks, established franchises and a decent valuation. Industrial Conglomerates Hong Kong
Samsung Electronics Pref 16,151 5.1 12,415
A leading semiconductor company which is also a major player in mobile phones and TFT-LCDs. The Company owns the preferred shares, which trade at a discount to the ordinary shares. Technology Hardware Storage & Peripherals South Korea
Oversea-Chinese Banking Corporation 13,325 4.2 10,714
A Singapore lender that is evolving into a regional financial services firm, with a meaningful presence in Southeast Asia. Its acquisition of Wing Hang Bank, subject to regulatory approval, will also give it access to greater China and the offshore yuan market, augmented by its stake in Bank of Ningbo. Banks Singapore
Taiwan Semiconductor Manufacturing Company 11,660 3.7 8,689
The world's largest dedicated semiconductor foundry, it provides wafer manufacturing, wafer probing, assembly and testing, mask production and design services. Semiconductors & Semiconductor Equipment Taiwan
Aberdeen Global - China A Share Equity Fund B 11,354 3.6 -
The Fund offers a selection of Chinese companies that benefits from rising consumption and incomes of a growing middle class. However, investing in the A-share market remains challenging and we believe it is more prudent to do so via a pooled vehicle offering diversification with lower stock-specific risk and volatility. Collective Investment Scheme China
AIA Group 10,604 3.4 9,012
A leading pan-Asian life insurance company, it is poised to take advantage of Asia's growing affluence, backed by an effective agency force and solid fundamentals. Insurance Hong Kong
Ayala Land 9,447 3.0 8,233
A leading property developer in the Philippines with an attractive land bank, well-respected brand and expertise across residential, commercial and retail sectors. Real Estate Management & Development Philippines
City Developments 9,294 2.9 7,726
A leading Singapore-based property developer with seasoned management. We see value in the company, not just from its sizeable low-cost land bank but also from its holding in the global Millennium & Copthorne hotel chain. Real Estate Management & Development Singapore
CSL 9,173 2.9 5,179
The vertically-integrated biopharmaceutical company has a portfolio of plasma products that has both breadth and depth, and is backed by a steady balance sheet. There is potential to grow its recently acquired vaccine business, while prospects for its more mature Albumin business is likely to come from the increasingly affluent emerging markets. Biotechnology Australia
Top ten investments 146,552 46.4
PORTFOLIO - OTHER INVESTMENTS
As at 30 April 2017
Valuation Total Valuation
2017 Assets 2016
Company Industry Country £'000 % £'000
Siam Cement (Foreign) Construction Materials Thailand 8,100 2.6 7,725
Rio Tinto (London Listing) Metals & Mining Australia 7,935 2.5 7,106
Singapore Telecommunication Diversified Telecommunication Services Singapore 7,342 2.3 6,942
China Mobile Wireless Telecommunication Services China 7,296 2.3 6,924
Bank Central Asia Banks Indonesia 6,752 2.2 2,202
Singapore Technologies Engineering Aerospace & Defence Singapore 6,400 2.0 6,559
HSBC Holdings Banks Hong Kong 6,371 2.0 7,096
Swire Pacific B Shares C Real Estate Management & Development Hong Kong 6,278 2.0 6,828
Aberdeen New India Inv. Trust Investment Trusts India 5,730 1.8 4,143
Standard Chartered (London listing) Banks United Kingdom 5,527 1.8 5,798
Top twenty investments 214,283 67.9
Keppel Corporation Industrial Conglomerates Singapore 5,481 1.7 4,119
Naver Corporation Internet Software & Services South Korea 5,291 1.7 1,254
BHP Billiton (London listing) Metals & Mining Australia 5,051 1.6 4,860
Swire Properties Real Estate Management & Development Hong Kong 4,882 1.6 3,363
Taiwan Mobile Wireless Telecommunication Services Taiwan 4,727 1.5 4,475
M.P. Evans Group Food Products United Kingdom 4,212 1.3 2,557
Venture Corp Electronic Equipment, Instruments & Components Singapore 4,116 1.3 2,594
Hong Kong Exchanges & Clearing Capital Markets Hong Kong 3,990 1.3 2,427
United Overseas Bank Banks Singapore 3,799 1.2 7,420
Yum China Holdings Hotels, Restaurants & Leisure China 3,612 1.1 -
Top thirty investments 259,444 82.2
DBS Group Holdings Banks Singapore 3,581 1.1 2,495
ASM Pacific Technology Semiconductors & Semiconductor Equipment Hong Kong 3,482 1.1 1,488
Vietnam Dairy Products Food Products Vietnam 3,406 1.1 1,048
CIMB Group Holdings Banks Malaysia 3,164 1.0 2,419
Unilever Indonesia Household Products Indonesia 3,159 1.0 2,697
John Keells Holdings D Industrial Conglomerates Sri Lanka 3,095 1.0 2,326
Anhui Conch Cement H Shares Construction Materials China 2,976 0.9 1,109
E-Mart Food & Staples Retailing South Korea 2,963 0.9 3,327
Hang Lung Group Real Estate Management & Development Hong Kong 2,838 0.9 1,847
Aberdeen Asian Smaller Companies Inv. Trust D E Investment Trusts Other Asia 2,786 0.9 2,663
Top forty investments 290,894 92.1
Hang Lung Properties Real Estate Management & Development Hong Kong 2,665 0.8 1,795
Dairy Farm International Food & Staples Retailing Hong Kong 2,611 0.8 2,664
Public Bank Berhad Banks Malaysia 2,562 0.8 2,353
Amorepacific Corporation F Personal Goods South Korea 2,521 0.8 1,118
PetroChina H Shares Oil, Gas & Consumable Fuels China 2,483 0.8 4,645
MTR Corporation Road & Rail Hong Kong 2,192 0.7 1,627
Astra International Automobiles Indonesia 1,928 0.6 1,297
Raffles Medical Health Care Providers & Services Singapore 1,543 0.5 -
Kerry Logistics Network Air Freight & Logistics Hong Kong 1,406 0.5 -
Aitken Spence & Co. Industrial Conglomerates Sri Lanka 1,261 0.4 1,673
Top fifty investments 312,066 98.8
DFCC Bank Banks Sri Lanka 1,113 0.4 1,206
Bangkok Dusit Medical Services Health Care Providers & Services Thailand 351 0.1 -
Total investments 313,530 99.3
Net current assets G 2,185 0.7
Total assets 315,715 100.0
B No double-charging of management fees by Aberdeen.
C 2016 holding merged two equity holdings, with values split as follows: A shares£475,000 and B shares£6,353,000.
D 2016 holding comprised equity and warrant £2,318,000 and £8,000.
E 2016 holding comprised equity and convertible unsecured loan stock split £2,177,000 and £486,000.
F Holding merges two equity holdings with values split as follows: Ordinary shares £299,000 and Preference shares £2,222,000 (2016 - £1,118,000).
G Excluding bank loans of £29,524,000.
Note: Unless otherwise stated, foreign stock is held and all investments are equity holdings.
PORTFOLIO - CHANGES IN ASSET DISTRIBUTIONS
Value at Sales Appreciation/ Value at
30 April 2016 Purchases proceeds (depreciation) 30 April 2017
Country £'000 £'000 £'000 £'000 £'000
Australia 24,006 3,580 12,212 6,785 22,159
China 12,678 14,300 2,430 3,173 27,721
Hong Kong 49,394 3,217 8,329 19,416 63,698
India 28,817 5,620 - 10,458 44,895
Indonesia 6,196 2,908 - 2,735 11,839
Malaysia 4,772 111 - 843 5,726
Other Asia 2,663 - 524 647 2,786
Philippines 8,233 426 - 788 9,447
Singapore 48,569 3,502 10,463 13,273 54,881
South Korea 18,114 5,405 6,988 10,395 26,926
Sri Lanka 6,175 127 1,139 306 5,469
Taiwan 13,164 - 2,476 5,699 16,387
Thailand 7,725 362 1,455 1,819 8,451
United Kingdom 8,355 - 2,010 3,394 9,739
Vietnam 1,048 1,887 - 471 3,406
_________ _________ _________ _________ _________
Total investments 239,909 41,445 48,026 80,202 313,530
Net current assets A 3,320 - - (1,135) 2,185
_________ _________ _________ _________ _________
Total assets less current liabilities 243,229 41,445 48,026 79,067 315,715
_________ _________ _________ _________ _________
A Excluding bank loans of £29,524,000.
DIRECTORS' REPORT (EXTRACT)
The Directors present their report and the audited financial statements for the year ended 30 April 2017.
Results and Dividends
The financial statements for the year ended 30 April 2017 are contained below. An interim dividend of 1.0p per Ordinary
share was paid on 27 January 2017 and the Board recommends a final dividend of 3.0p per Ordinary share, payable on 1
September 2017 to shareholders on the register on 4 August 2017. The relevant ex-dividend date is 3 August 2017. A
resolution in respect of the final dividend will be proposed at the forthcoming Annual General Meeting.
Investment Trust Status
The Company is registered as a public limited company (registered in England and Wales No. 02377879) and is an investment
company within the meaning of Section 833 of the Companies Act 2006. The Company has been approved by HM Revenue & Customs
as an investment trust subject to it continuing to meet the relevant eligibility conditions of Section 1158 of the
Corporation Tax Act 2010 and the ongoing requirements of Part 2 Chapter 3 Statutory Instrument 2011/2999 for all financial
years commencing on or after 1 May 2012. The Directors are of the opinion that the Company has conducted its affairs for
the year ended 30 April 2017 so as to enable it to comply with the ongoing requirements for investment trust status.
Individual Savings Accounts
The Company has conducted its affairs in such a way as to satisfy the requirements as a qualifying security for Individual
Savings Accounts. The Directors intend that the Company will continue to conduct its affairs in this manner.
Capital Structure
The issued Ordinary share capital at 30 April 2017 consisted of 116,862,098 Ordinary shares of 5p and 10,073,567 shares
held in treasury. During the year the Company purchased 3,656,912 Ordinary shares to be held in treasury and, since the end
of the year, it has purchased a further 565,000 Ordinary shares to be held in treasury. At the date of approval of this
Report there were 116,297,098 Ordinary shares of 5p in issue and 10,638,567 shares held in treasury.
Voting Rights
Each Ordinary shareholder is entitled to one vote on a show of hands at general meetings of the Company and, on a poll, to
one vote for every share held. The Ordinary shares, excluding treasury shares, carry a right to receive dividends. On a
winding up or other return of capital, after meeting the liabilities of the Company, the surplus assets will be paid to
Ordinary shareholders in proportion to their shareholdings.
There are no restrictions on the transfer of Ordinary shares in the Company other than certain restrictions which may from
time to time be imposed by law.
Management Agreement
The Company has appointed Aberdeen Fund Managers Limited, a wholly owned subsidiary of Aberdeen Asset Management PLC, as
its alternative investment fund manager. AFML has been appointed to provide investment management, risk management,
administration and company secretarial services to the Company as well as promotional activities. The Company's portfolio
is managed by Aberdeen Asset Management Asia Limited by way of a group delegation agreement in place between AFML and AAM
Asia. In addition, AFML has sub-delegated promotional activities to Aberdeen Asset Managers Limited and administrative and
secretarial services to Aberdeen Asset Management PLC.
Details of the management fee and fees payable for promotional activities are shown in notes 4 and 5 to the financial
statements. The management agreement is terminable on not less than 12 months' notice. In the event of termination by the
Company on less than the agreed notice period, compensation is payable to the Manager in lieu of the unexpired notice
period.
Substantial Interests
At 30 April 2017 the following interests in the issued Ordinary share capital of the Company had been disclosed in
accordance with the requirements of the FCA's Disclosure Guidance and Transparency Rules:
Shareholder Number of Ordinary shares held % heldB
Aberdeen Investment Trust Share PlansA 9,308,579 7.9
Funds managed by Rathbones 8,443,851 7.2
Old Mutual Plc 6,848,084 5.8
Derbyshire County Council 6,350,000 5.4
City of London Investment Management Company Ltd 6,017,273 5.1
Wells Capital Management Inc 5,947,051 5.0
A Non-beneficial interest
B Based on 116,862,098 Ordinary shares in issue as at 30 April 2017
There have been no changes notified to the Company since the year end as at the date of approval of this Report.
Corporate Governance
The Company is committed to high standards of corporate governance. The Board is accountable to the Company's shareholders
for good governance and this statement describes how the Company has applied the principles identified in the UK Corporate
Governance Code (the "UK Code"), as published in September 2014 and effective for financial years commencing on or after 1
October 2014, which is available on the Financial Reporting Council's website: frc.org.uk.
The Board has also considered the principles and recommendations of the AIC Code of Corporate Governance (the "AIC Code")
by reference to the AIC Corporate Governance Guide for Investment Companies (the "AIC Guide"). The AIC Code, as explained
by the AIC Guide, addresses all the principles set out in the UK Code, as well as setting out additional principles and
recommendations on issues that are of specific relevance to investment trusts. The AIC Code and AIC Guide are available on
the AIC's website: theaic.co.uk.
The Board considers that reporting in accordance with the principles and recommendations of the AIC Code, and by reference
to the AIC Guide (which incorporates the UK Code), will provide better information to shareholders. The Board confirms
that, during the year, the Company complied with the recommendations of the AIC Code and the relevant provisions of the UK
Code, except as set out below.
The UK Code includes provisions relating to:
· the role of the chief executive (A.1.2);
· executive directors' remuneration (D.1.1 and D.1.2); and
· the need for an internal audit function (C.3.6).
For the reasons set out in the AIC Guide, and as explained in the UK Code, the Board considers that these provisions are
not relevant to the position of the Company, being an externally managed investment company. In particular, all of the
Company's day-to-day management and administrative functions are outsourced to third parties. As a result, the Company has
no executive directors, employees or internal operations. The Company has therefore not reported further in respect of
these provisions. The Company is also non-compliant with Provision A.4.1 of the UK Code which states that the Board should
appoint a Senior Independent Director. The Board has considered whether a Senior Independent Director should be appointed
and has concluded that, given the current size of the Board and the fact that it is comprised entirely of non-executive
Directors, this is unnecessary at the present time.
The full text of the Company's Corporate Governance Statement can be found on its website.
Directors
The Board comprise five Directors, consisting of an independent non-executive Chairman and four non-executive Directors. Ms
Sears was appointed as a Director on 1 August 2016 and stood for election at the Annual General Meeting on 31 August 2016.
All Directors, with the exception of Mr Young, are considered by the Board to be independent and free of any material
relationship with the Aberdeen Group. Mr Young is a Director of various entities connected with, or within, the Aberdeen
Group and, as such, is not considered to be independent.
Directors attended scheduled Board and Committee meetings during the year ended 30 April 2017 as shown in the table below
(with their eligibility to attend the relevant meeting in brackets).
Director BoardMeetings Audit and Risk Committee Meetings Nomination Committee Meetings Manage-ment
Engagement
Committee
Meetings
D ShearerA 6 (6) 2 (2) 1 (1) 1 (1)
J Lorimer 6 (6) 2 (2) 1 (1) 1 (1)
S Rippingall 6 (6) 2 (2) 1 (1) 1 (1)
M SearsB 5 (5) 1 (1) 1 (1) - (-)
H YoungC 6 (6) - (-) 1 (1) - (-)
A Mr Shearer is not a member of the Audit and Risk Committee, although attends by invitation.
B Appointed on 1 August 2016.
C Mr Young is not a member of the Audit and Risk or Management Engagement Committees.
The Board meets more frequently when business needs require.
The Company's Articles of Association require that one third of the Directors retire by rotation at each Annual General
Meeting, and that any Director who was not elected or re-elected at one of the preceding two Annual General Meetings also
retires by rotation at the Annual General Meeting. However, the Board has decided that, notwithstanding the provisions of
the Articles of Association, all Directors will retire at each Annual General Meeting and, if eligible, may seek
re-election. Messrs Shearer, Lorimer and Young, Ms Rippingall and Ms Sears will therefore retire and seek re-election at
the Annual General Meeting.
The Board believes that, except for Mr Young, all Directors remain independent of the Manager and free from any
relationship which could materially interfere with the exercise of their judgement on issues of strategy, performance,
resources and standards of conduct. In addition, the Board confirms that, following a formal performance evaluation, the
performance of all Directors continues to be effective and demonstrates commitment to the role. The Board therefore
recommends the re-election of each of the Directors at the Annual General Meeting.
Directors' and Officers' Liability Insurance
The Company's Articles of Association indemnify each of the Directors out of the assets of the Company against any
liabilities incurred by them as a Director of the Company in defending proceedings, or in connection with any application
to the Court in which relief is granted. In addition, the Directors have been granted qualifying indemnity provisions by
the Company which are currently in force. Directors' and Officers' liability insurance cover has been maintained throughout
the year at the expense of the Company.
Management of Conflicts of Interest
The Board has a procedure in place to deal with a situation where a Director has a conflict of interest. As part of this
process, each Director prepares a list of other positions held and all other conflict situations that may need to be
authorised either in relation to the Director concerned or his or her connected persons. The Board considers each
Director's situation and decides whether to approve any conflict, taking into consideration what is in the best interests
of the Company and whether the Director's ability to act in accordance with his or her wider duties is affected. Each
Director is required to notify the Company Secretary of any potential or actual conflict situations that will need
authorising by the Board. Authorisations given by the Board are reviewed at each Board meeting. No Director has a service
contract with the Company although all Directors are issued with letters of appointment.
The Board takes a zero-tolerance approach to bribery and has adopted appropriate procedures designed to prevent bribery.
The Manager also takes a zero-tolerance approach and has its own detailed policy and procedures in place to prevent bribery
and corruption.
Going Concern
The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most
circumstances are realisable within a short timescale. The Board has set limits for borrowing and regularly reviews cash
flow projections and compliance with banking covenants. The Directors believe that, after making enquiries, the Company has
adequate resources to continue in operational existence for the foreseeable future and has the ability to meet its
financial obligations as they fall due for a period of at least twelve months from the date of approval of this Report.
Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.
Accountability and Audit
Each Director confirms that, so far as he or she is aware, there is no relevant audit information of which the Company's
Auditor is unaware, and they have taken all the steps that they could reasonably be expected to have taken as Directors in
order to make themselves aware of any relevant audit information and to establish that the Company's Auditor is aware of
that information.
Independent Auditor
The Company's Auditor, KPMG LLP, has indicated its willingness to remain in office. The Board will place resolutions before
the Annual General Meeting to re-appoint KPMG LLP as Auditor for the ensuing year and to authorise the Directors to
determine its remuneration.
Relations with Shareholders
The Directors place a great deal of importance on communication with shareholders. Shareholders and investors may obtain up
to date information on the Company through its website and the Manager's information service.
The Board's policy is to communicate directly with shareholders and their representative bodies without the involvement of
the management group (including the Company Secretary or the Manager) in situations where direct communication is required,
and representatives from the Board meet with major shareholders on an annual basis in order to gauge their views.
In addition, the Company Secretary only acts on behalf of the Board, not the Manager, and there is no filtering of
communication. At each Board meeting the Board receives full details of any communication from shareholders to which the
Chairman responds personally as appropriate.
The Notice of the Annual General Meeting is sent out at least 20 working days in advance of the meeting. All shareholders
have the opportunity to put questions to the Board and Manager at the meeting.
The Company has adopted a nominee code, which ensures that, when shares in the Company are held in the name of nominee
companies and notification has been received in advance, nominee companies will be provided with copies of shareholder
communications for distribution to their investors. Nominee investors may attend and speak at general meetings.
Participants in the Aberdeen Investment Trust Share Plan and ISA, whose shares are held in the nominee name of the plan
administrator, are given the opportunity to vote at the Annual General Meeting by means of a Letter of Direction enclosed
with the Annual Report. When forwarded to the plan administrator, the voting instructions given in the Letter of Direction
will in turn be reflected in the proxy votes lodged by the plan administrator.
Electronic Communications
The Company's Articles of Association allow shareholders to elect to receive communications from the Company and allow
voting in electronic format. If shareholders would like to receive future communications in electronic format they should
contact the Company's registrar, Equiniti Limited. If shareholders wish to continue to receive Annual Reports and other
communications in hard copy format only they need take no further action.
Annual General Meeting
The Annual General Meeting will be held at the offices of Aberdeen Asset Management PLC, Bow Bells House, 1 Bread Street,
London EC4M 9HH on 30 August 2017 at 12 noon.
By order of the Board
Aberdeen Asset Management PLC
Company Secretary
19 June 2017
STATEMENT OF COMPREHENSIVE INCOME
Year ended 30 April 2017 Year ended 30 April 2016
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit or loss 10 - 80,202 80,202 - (45,629) (45,629)
Income 3 6,922 - 6,922 7,004 - 7,004
Management fee 4 (810) (810) (1,620) (829) (829) (1,658)
Administrative expenses 5 (766) - (766) (734) - (734)
Exchange losses - (2,477) (2,477) - (959) (959)
_______ _______ ______ _______ ______ _______
Net return before finance costs and taxation 5,346 76,915 82,261 5,441 (47,417) (41,976)
Interest payable and similar charges 6 (257) (257) (514) (227) (227) (454)
Return before taxation 5,089 76,658 81,747 5,214 (47,644) (42,430)
Taxation 7 (279) - (279) (226) - (226)
_______ _______ ______ _______ ______ _______
Return after taxation 4,810 76,658 81,468 4,988 (47,644) (42,656)
_______ _______ ______ _______ ______ _______
Return per Ordinary share (pence) 9 4.05 64.61 68.66 4.06 (38.78) (34.72)
_______ _______ ______ _______ ______ _______
The total column of this statement represents the profit and loss account of the Company.
The Company does not have any income or expense that is not included in "Return after taxation" and therefore this represents the "Total comprehensive income for the year".
All revenue and capital items are derived from continuing operations.
The accompanying notes are an integral part of the financial statements.
STATEMENT OF FINANCIAL POSITION
As at As at
30 April 2017 30 April 2016
Notes £'000 £'000
Fixed assets
Investments at fair value through profit or loss 10 313,530 239,909
_________ _________
Current assets
Debtors 11 1,052 1,319
Cash at bank and in hand 1,719 2,369
_________ _________
2,771 3,688
_________ _________
Creditors: amounts falling due within one year 12
Loans (24,524) (21,986)
Other creditors (586) (368)
_________ _________
(25,110) (22,354)
_________ _________
Net current liabilities (22,339) (18,666)
_________ _________
Total assets less current liabilities 291,191 221,243
Non-current creditors 12
Loans (5,000) (5,000)
_________ _________
Net assets 286,191 216,243
_________ _________
Share capital and reserves
Called-up share capital 13 6,347 6,347
Share premium account 17,955 17,955
Special reserve - 5,411
Capital redemption reserve 10,207 10,207
Capital reserve 14 239,100 163,906
Revenue reserve 12,582 12,417
_________ _________
Equity shareholders' funds 286,191 216,243
_________ _________
Net asset value per Ordinary share (pence) 15 244.90p 179.43p
_________ _________
The accompanying notes are an integral part of the financial statements.
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 April 2017
Share Capital
Share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 April 2016 6,347 17,955 5,411 10,207 163,906 12,417 216,243
Buy back of Ordinary shares for treasury - - (5,411) - (1,464) - (6,875)
Return after taxation - - - - 76,658 4,810 81,468
Dividends paid (see note 8) - - - - - (4,645) (4,645)
______ ______ ______ ______ ______ ______ ______
Balance at 30 April 2017 6,347 17,955 - 10,207 239,100 12,582 286,191
______ ______ ______ ______ ______ ______ ______
For the year ended 30 April 2016
Share Capital
Share premium Special redemption Capital Revenue
capital account reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 30 April 2015 6,347 17,955 11,218 10,207 211,550 12,121 269,398
Buy back of Ordinary shares for treasury - - (5,807) - - - (5,807)
Return after taxation - - - - (47,644) 4,988 (42,656)
Dividends paid (see note 8) - - - - - (4,692) (4,692)
______ ______ ______ ______ ______ ______ ______
Balance at 30 April 2016 6,347 17,955 5,411 10,207 163,906 12,417 216,243
______ ______ ______ ______ ______ ______ ______
The revenue reserve represents the amount of the Company's reserves distributable by way of dividend.
The accompanying notes are an integral part of the financial statements.
STATEMENT OF CASHFLOWS
Year ended Year ended
30 April 2017 30 April 2016
Notes £'000 £'000
Operating activities
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