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Aberdeen Asian IncFd - Half Yearly Results - Part 3

Mon 18th August, 2014 7:00am
- Part 3: For the preceding part double click  ID:nRSR3165Pb 

are observable for the assets or liability, either directly (i.e. as prices) or indirectly (ie derived from prices); and                                                                      
      Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).                                                                                                                                                      
                                                                                                                                                                                                                                                                          
      The financial assets and liabilities measured at fair value in the Condensed Balance Sheet are grouped into the fair value hierarchy as follows:                                                                                                                    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                Level 1  Level 2   Level 3  Total     
      At 30 June 2014 (unaudited)                                                                                                                                                                                                                                         Note  £'000    £'000     £'000    £'000     
      Financial assets at fair value through profit or loss                                                                                                                                                                                                                                                           
      Quoted equities                                                                                                                                                                                                                                                     a)    368,886  -         -        368,886   
      Quoted bonds                                                                                                                                                                                                                                                        b)    19,231   -         -        19,231    
                                                                                                                                                                                                                                                                                388,117  -         -        388,117   
                                                                                                                                                                                                                                                                                                                      
      Financial liabilities at fair value through profit or loss                                                                                                                                                                                                                                            
      Financial liabilities at amortised cost                                                                                                                                                                                                                             c)    -        (15,481)  -        (15,481)  
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
      Net fair value                                                                                                                                                                                                                                                            388,117  (15,481)  -        372,636   
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                Level 1  Level 2   Level 3  Total     
      At 30 June 2013 (unaudited)                                                                                                                                                                                                                                         Note  £'000    £'000     £'000    £'000     
      Financial assets at fair value through profit or loss                                                                                                                                                                                                                                                           
      Quoted equities                                                                                                                                                                                                                                                     a)    402,570  -         -        402,570   
      Quoted bonds                                                                                                                                                                                                                                                        b)    10,935   -         -        10,935    
                                                                                                                                                                                                                                                                                413,505  -         -        413,505   
                                                                                                                                                                                                                                                                                                                      
      Financial liabilities at fair value through profit or loss                                                                                                                                                                                                                                            
      Financial liabilities at amortised cost                                                                                                                                                                                                                             c)    -        (14,215)  -        (14,215)  
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
      Net fair value                                                                                                                                                                                                                                                            413,505  (14,215)  -        399,290   
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
                                                                                                                                                                                                                                                                                                                      
                                                                                                                                                                                                                                                                                Level 1  Level 2   Level 3  Total     
      At 31 December 2013 (audited)                                                                                                                                                                                                                                       Note  £'000    £'000     £'000    £'000     
      Financial assets at fair value through profit or loss                                                                                                                                                                                                                                                           
      Quoted equities                                                                                                                                                                                                                                                     a)    361,294  -         -        361,294   
      Quoted bonds                                                                                                                                                                                                                                                        b)    19,260   -         -        19,260    
                                                                                                                                                                                                                                                                                380,554  -         -        380,554   
                                                                                                                                                                                                                                                                                                                      
      Financial liabilities at fair value through profit or loss                                                                                                                                                                                                                                            
      Financial liabilities at amortised cost                                                                                                                                                                                                                             c)    -        (13,019)  -        (13,019)  
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
      Net fair value                                                                                                                                                                                                                                                            380,554  (13,019)  -        367,535   
                                                                                                                                                                                                                                                                                ______   ________  ______   ______    
                                                                                                                                                                                                                                                                                                                      
      a) Quoted equities                                                                                                                                                                                                                                                                                              
      The fair value of the Company's investments in quoted equities have been determined by reference to their quoted bid prices at the reporting date. Quoted equities included in Fair Value Level 1 are actively traded on recognised stock exchanges.                
                                                                                                                                                                                                                                                                          
      b) Quoted bonds                                                                                                                                                                                                                                                     
      The fair value of the Company's investments in corporate quoted bonds have been determined by reference to their quoted bid prices at the reporting date. Quoted corporate bonds included in Fair Value Level 1 are actively traded on recognised stock exchanges.  
                                                                                                                                                                                                                                                                          
      c) Financial liabilities at amortised cost                                                                                                                                                                                                                          
      Financial liabilities in the form of short term borrowings are held at amortised cost. The fair value is considered to approximate the carrying value.                                                                                                              
 
 
 11.  Half Yearly Financial Report                                                                            
      The financial information for the six months ended 30 June 2014 and 30 June 2013 has not been audited.  
 
 
 12.  This Half Yearly Financial Report was approved by the Board on 15 August 2014.  
 
 
The Half Year Report will be posted to shareholders in late August 2014 and
copies will be available on the Company's website (www.asian-income.co.uk*) or
in hard copy format from the Company's registered office, Sir Walter Raleigh
House, 48 - 50 Esplanade, St Helier, Jersey JE2 3QB. 
 
*Neither the Company's website nor the content of any website accessible from
hyperlinks on that website (or any other website) is (or is deemed to be)
incorporated into, or forms (or is deemed to form) part of this announcement 
 
Aberdeen Private Wealth Management Limited 
 
Company Secretary 
 
15 August 2014 
 
Independent Review Report to Aberdeen Asian Income Fund Limited 
 
Introduction 
 
We have been engaged by the Company to review the condensed set of financial
statements in the Half Yearly Financial Report for the six months ended 30
June 2014 which comprises the Condensed Statement of Comprehensive Income, the
Condensed Balance Sheet, the Condensed Statement of Changes in Equity, the
Condensed Cash Flow Statement and the related explanatory notes 1 to 12. We
have read the other information contained in the Half Yearly Financial Report
and considered whether it contains any apparent misstatements or material
inconsistencies with the information in the condensed set of financial
statements. 
 
This report is made solely to the Company in accordance with guidance
contained in International Standard on Review Engagements 2410 (UK and
Ireland) "Review of Interim Financial Information Performed by the Independent
Auditor of the Entity" issued by the Auditing Practices Board. To the fullest
extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company, for our work, for this report, or for the conclusions
we have formed. 
 
Directors' Responsibilities 
 
The Half Yearly Financial Report is the responsibility of, and has been
approved by, the Directors. The Directors are responsible for preparing the
Half Yearly Financial Report in accordance with the Disclosure and
Transparency Rules of the United Kingdom's Financial Conduct Authority. 
 
As disclosed in note 1, the annual financial statements of the Company are
prepared in accordance with International Financial Reporting Standards
(IFRS). The condensed set of financial statements included in this Half Yearly
Financial Report has been prepared in accordance with International Accounting
Standard 34, "Interim Financial Reporting". 
 
Our Responsibility 
 
Our responsibility is to express to the Company a conclusion on the condensed
set of financial statements in the Half Yearly Financial Report based on our
review. 
 
Scope of Review 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, "Review of Interim Financial Information
Performed by the Independent Auditor of the Entity" issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the Half Yearly
Financial Report for the six months ended 30 June 2014 is not prepared, in all
material respects, in accordance with International Accounting Standard 34 and
the Disclosure and Transparency Rules of the United Kingdom's Financial
Conduct Authority. 
 
Ernst & Young LLP 
 
Jersey 
 
Channel Islands 
 
15 August 2014 
 
The maintenance and integrity of the Aberdeen Asian Income Fund Limited
website is the responsibility of the Directors; the work carried out by the
Auditor does not include consideration of these matters and, accordingly, the
Auditor accepts no responsibility for any changes that may have occurred to
the financial information since it was initially presented on the website. 
 
Legislation in Jersey governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions. 
 
Investment Portfolio 
 
As at 30 June 2014 
 
                                                                               Valuation  Total assets  
 Company                                                  Country of activity  £'000      %             
 HSBC Holdings                                            Hong Kong            13,137     3.3           
 Singapore Post                                           Singapore            12,852     3.3           
 China Mobile                                             China                12,306     3.1           
 Singapore Telecommunications                             Singapore            12,250     3.1           
 Oversea-Chinese Banking Corporation                      Singapore            11,706     3.0           
 Venture Corporation                                      Singapore            11,635     3.0           
 BHP Billiton                                             Australia{A}         11,167     2.8           
 British American Tobacco Malaysia                        Malaysia             10,622     2.7           
 SP Ausnet                                                Australia            10,381     2.7           
 United Overseas Bank                                     Singapore            10,167     2.6           
 Top ten investments                                                           116,223    29.6          
 Keppel Corporation                                       Singapore            10,105     2.6           
 Swire Pacific (Class A and Class B shares)               Hong Kong            10,096     2.6           
 Woolworths                                               Australia            9,993      2.5           
 Jardine Cycle & Carriage                                 Singapore            9,842      2.5           
 Telstra                                                  Australia            9,778      2.5           
 Canon                                                    Japan                9,223      2.3           
 Singapore Technologies Engineering                       Singapore            9,086      2.3           
 DFCC Bank{B}                                             Sri Lanka            9,036      2.3           
 Taiwan Mobile                                            Taiwan               8,984      2.3           
 Pos Malaysia                                             Malaysia             8,899      2.2           
 Top twenty investments                                                        211,265    53.7          
 Australia & New Zealand Bank Group                       Australia            8,702      2.2           
 Commonwealth Bank of Australia                           Australia            8,572      2.2           
 Guinness Anchor                                          Malaysia             8,323      2.1           
 Tesco Lotus Retail Growth                                Thailand             8,199      2.1           
 Taiwan Semiconductor Manufacturing Corporation           Taiwan               8,121      2.1           
 Yanlord Land Group{B}                                    China                7,968      2.0           
 Electricity Generating                                   Thailand             7,862      2.0           
 Far East Hospitality Trust                               Singapore            7,565      1.9           
 BEC World                                                Thailand             7,443      1.9           
 DBS Group                                                Singapore            7,199      1.9           
 Top thirty investments                                                        291,219    74.1          
 Telecom Corp of New Zealand (Australia listing)          New Zealand          6,711      1.7           
 QBE Insurance Group                                      Australia            6,497      1.7           
 Giordano International                                   Hong Kong            6,393      1.6           
 CDL Hospitality Trust                                    Singapore            6,319      1.6           
 Advanced Information Services                            Thailand             5,947      1.5           
 Shopping Centres Australasia                             Australia            5,604      1.4           
 Li & Fung                                                Hong Kong            5,525      1.4           
 Star Publications                                        Malaysia             5,258      1.4           
 PetroChina                                               China                5,166      1.3           
 Scentre Group                                            Australia            5,164      1.3           
 Top forty investments                                                         349,803    89.0          
 Siam Cement                                              Thailand             4,951      1.2           
 Ascendas Hospitality Trust                               Singapore            4,731      1.2           
 Hana Microelectronics                                    Thailand             4,038      1.0           
 Keppel REIT                                              Singapore            4,030      1.0           
 Hong Leong Finance                                       Singapore            3,932      1.0           
 Westfield Corporation                                    Australia            3,473      0.9           
 Ratchaburi Electricity                                   Thailand             3,324      0.8           
 Lafarge Malaysia                                         Malaysia             3,084      0.8           
 Okinawa Cellular Telephone                               Japan                2,623      0.7           
 Yingde Gases{B}                                          China                2,227      0.6           
 Top fifty investments                                                         386,216    98.2          
 Kingmaker Footwear                                       Hong Kong            1,113      0.3           
 Texwinca Holdings                                        Hong Kong            788        0.2           
 Total investments                                                             388,117    98.7          
 Net current assets{C}                                                         5,026      1.3           
 Total assets                                                                  393,143    100.0         
 {A} Incorporated in and listing held in United Kingdom.  
 {B} Corporate bonds.                                     
 {C} Before deduction of bank loans of £15,481,000.       
 
 
This information is provided by RNS
The company news service from the London Stock Exchange

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