Aberdeen All Asia Investment Trust Announcements

RNS Number : 9683I Aberdeen All Asia Inv Tst PLC 26 November 2008  
?
ABERDEEN ALL ASIA INVESTMENT TRUST PLC

HALF YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2008

Chairman's Statement
Global financial markets were buffeted by exceptional turbulence during the period under review. Asian markets did not escape this turbulence. Outflows of foreign capital were substantial, despite the region's sound fundamentals and relatively high rates of economic growth. Confidence was also weakened by the prospect of recession in Western economies resulting in sharply reduced demand for Asian exports. 

Performance 
The Company suffered a 13.1% fall in net asset value for the six months to end September 2008, in line with the benchmark MSCI AC Asia Pacific Free Index which fell by 13.0% in Sterling terms. The share price also fell during the period by 16.6% which was in line with other comparable investment trusts. Further information may be found in the Manager's Report.

Board
David Price, the Company's first Chairman who has served in that position for nearly ten years, resigned as Chairman on 24th September 2008. I should like to thank him for his leadership of the Company over that period and am pleased to confirm that the Board and the Company's shareholders will continue to benefit from his experience as, following his recovery, he has agreed to remain as a Director of the Company. I was appointed Chairman of the Company on 24th September 2008, in succession to David, with Kevin Pakenham taking my place as Chairman of the Audit Committee. Sir Robin McLaren, who had been Acting Chairman during David's temporary absence through illness, continues in his role of Senior Independent Director.  

Outlook
The short term outlook for Asia remains very cloudy. Equity markets are still volatile, despite coordinated central bank moves, interbank rates are still high, and slower or negative growth seems likely to be a recurring theme in the months ahead. So there may well be further surprises in store.

The good news is that companies in Asia are generally in better shape to weather the downturn than those in developed markets, having reduced debt levels in the wake of the 1997 financial crisis. Corporate reform has resulted in healthier balance sheets, while corporate governance standards have also improved. 

Your Company's portfolio consists of conservative, well-managed businesses with strong balance sheets that are likely to weather the current crisis and even prosper from it. Companies that have built up their savings and kept debt to a minimum will stand to gain. In Asia, household, corporate and government balance sheets are generally sound. A growing middle class and the push for wealth, particularly in emerging Asian economies like China and India, should continue to act as a growth engine. In the longer term your Board are optimistic about the prospects for Asia. 

The Company's borrowings, denominated in US dollars and Japanese Yen, totalled a Sterling-equivalent of £4.3m at the end of the period and were unchanged at the date of writing this report. The Board regularly reviews the overall level of borrowings in light of market conditions.

Directors' Responsibility Statement
The Directors are responsible for preparing the Half-Yearly Financial Report in accordance with applicable law and regulations. The Directors confirm that to the best of their knowledge -
 
-  the condensed set of Financial Statements have been prepared in accordance with the Accounting     
   Standards Board's statement "Half-Yearly Financial Reports"; and
 
-  the Interim Management Report includes a fair review of the general conditions required by 4.2.7R and 4.2.8R 
   of the Financial Services Authority's Disclosure and Transparency Rules.

The Half-Yearly Financial Report, for the six months ended 30 September 2008, comprises an Interim Management Report in the form of the Chairman's Statement, the Directors' Responsibility Statement and a condensed set of Financial Statements and has not been audited or reviewed by the auditors pursuant to the APB guidance on Review of Interim Financial Information.

Neil Gaskell
Chairman

26 November 2008
 
Manager's Report
Overview
During the six month review period, global financial markets were in turmoil. Comparisons with the 1929 stock market crash that preceded the great depression were made frequently in the media. Although Asia's financial system is strong, its markets could not help getting caught up in the frenzy, with foreign outflows causing problems for equities and certain currencies alike. Although the period began on an upbeat note, hopes that the worst of the credit crisis had passed proved premature. Inflationary worries first escalated, as the oil price hit nearly $150 per barrel, and then eased, as fears of a global recession caused by the higher prices set in.

Early on, the financial turmoil appeared to have been contained. Asian markets rose in April on renewed confidence that the region was able to 'decouple' from its Western counterparts. Soon, however, elevated food and oil prices that had fuelled inflationary concerns across the region started weighing on sentiment, along with fears the US economic slowdown would spill over into Asia. There were brief rallies, for example, in China, where the government introduced administrative measures to shore up sentiment on stock markets, and India, where the incumbent government survived a no-confidence vote. However, such rallies without exception proved short-lived.

The end of the reporting period was marked by extreme volatility. In September, the collapse of Lehman Brothers and Washington Mutual in the US spooked markets around the world. The various government bailouts of troubled Fannie Mae, Freddie Mac and AIG in the US, and Fortis, Hypo Real Estate and Dexia in Europe, as well as the emergency capital injections by major central banks, provided little relief. The dramatic series of bank failures culminated in US legislators rejecting an initial US$700bn financial rescue plan at the end of September (a revised version of which was approved in early-October). 

Meanwhile, weakening growth in the West took a toll on Asian economies. Second-quarter numbers were disappointing as external demand and local consumption eased. Concern then shifted away from rising inflation to falling growth, causing commodity prices to fall sharply. Some Asian central banks tightened monetary policy during the period, but reversed policy direction as business and consumer confidence fell, bankruptcies rose and lending growth stalled. Japan and Taiwan unveiled stimulus packages to boost their economies, while Malaysia, Indonesia and Korea announced tax cuts. And after months of raising bank reserve requirements, China cut rates in September for the first time in more than six years and lowered the reserve requirement for smaller banks. 

China is still the most exciting growth story in Asia, even if its stock markets remain highly speculative. Chinese banks have been more insulated from the global credit crisis than their Western counterparts. However, the country has not been totally spared the financial contagion. Despite accounting for one-third of global GDP growth in the first half of 2008, export and industrial production growth has slowed, causing the closure of thousands of companies in southern areas. We continue to prefer Hong Kong companies or Chinese companies listed in Hong Kong, where standards of accounting and transparency are better than those of their mainland counterparts. 

In Japan politics dogged headlines during the period as the country suffered a leadership crisis, overshadowing concerns about the stagnant economy. In September Taro Aso became the country's fourth prime minister in just over two years, and all eyes will be on how he can push economic reforms through the opposition-controlled upper house amid the current crisis.

Portfolio
In terms of total assets, the portfolio fell by 12.2% (Sterling-adjusted) over the period, outperforming the benchmark's decline of 12.9%. This outperformance was offset by the effect of gearing such that the net asset value per share fell by 13.1% which was in line with the Index total return decline of 13.0%. The portfolio's underweight position in China was the biggest contributor to this relative outperformance in terms of asset allocation as the market, having been previously overextended, suffered from a general sell-off. Our underweight in Japan was the largest detractor as the domestic market's fall was marginal compared to the declines of its peers.

Over the half year, we have been trimming those holdings that became overvalued and re-investing the proceeds in existing holdings that had fallen to attractive valuations with the number of holdings falling from 56 at 31 March 2008 to 52 by the end of the review period.

At the stock level, our holdings in Hong Kong and Australia detracted most from the portfolio's performance. Wing Hang Bank fell in tandem with the general sell-off among small Hong Kong banks after the run on Bank of East Asia, as well as on concerns over their potential exposure to the fallout of the financial sector in the West. Standard Chartered also suffered from the indiscriminate sell off in banks. Hong Kong-listed property firm Sun Hung Kai Properties suffered from a softer real estate sector and falling property prices in Hong Kong and China.

Another detractor from performance was Australia's biggest gaming company Tabcorp Holdings, which posted losses in the six months to June, after the Victoria government ended its duopoly of the gaming industry with Tatts Group.

Other stocks which detracted from the portfolio's performance were Thailand's Siam Cement, an economy-sensitive stock, which suffered from weakened demand in construction and infrastructure amid the economic slowdown and continuing domestic political uncertainty and Korea's Samsung Electronics, a victim of the general decline in IT stocks on fears of falling demand from developed markets.

Not holding Mizuho Financial and Mitsubishi UFJ also cost the portfolio's relative performance as both showed resilience during the period, being well-capitalised and conservative Japanese financial plays. Our lack of exposure to them reflects our belief that the mature domestic environment in which they operate does not offer much opportunity for growth.

On a more positive note, strong performances from our consumer staples contributed to positive performance. Japanese retail group Seven & I Holdings, which owns the 7-Eleven chain of convenience stores, proved defensive in the current economic slowdown. Hong Kong-listed Dairy Farm International benefited from strong sales and comparatively low overhead costs; the supermarket chain owner also has a good spread of businesses across Asian markets.

Another significant contributor to performance was Australia's QBE Insurance Group, which has been a comfortable long-term hold for the portfolio given the company's strong general and life insurance business and conservative provisioning. Unlike competitors such as US insurer AIG, which had commitments of $400 billion to complex credit default swaps that plummeted in value when the securities they guaranteed declined, QBE remains selective in taking on risks and, therefore, has been less exposed to the current financial storm. 

Other positive contributors to performance included Japan's Honda Motor, whose differentiating factors include emphasis on volume growth and a focus on vehicles with greater fuel efficiency. Healthcare stocks such as Japan's Takeda Pharmaceutical also performed well during the period. Companies with strong branding and client retention, like Singapore Airlines, were able to expand their market share as the downturn weakened competitors. Those companies that were seen as able to command strong pricing in developing markets in the face of weakness at home, like chemical company Shin-Etsu Chemical, also proved defensive.

Financial firms suffered during the period due to the loss in confidence amid the ongoing turmoil. We remain very selective about our investments in this sector and the financial institutions in our portfolio all have sensible business strategies and conservative accounting practices. Our bank holdings are mainly engaged in straightforward deposit-taking and lending, with little exposure to the toxic assets afflicting Western banks. As such, our Singapore financial holdings Oversea-Chinese Banking Corporation and United Overseas Bank performed well compared to their peers.

At the portfolio level we introduced Fanuc, a leading Japanese robot maker, due to its diversified product portfolio and strong long-term growth prospects. Conversely, we exited Australian construction company Leighton Holdings, a long-term position that had been exceptionally rewarding, and Korean lender Kookmin Bank, accepting a repurchase offer in relation to its transformation into a financial holding company. We also sold Maybank in Malaysia following meetings with the company's senior management that left us unconvinced that purchases of equity stakes in banks in Indonesia, Pakistan and Vietnam were at decent prices, nor that the company had the resources to manage the acquisitions. We exited Japanese electric components maker Rohm Co, as it continued to suffer from deteriorating margins in an increasingly competitive environment, as well as China's Zhejiang Expressway due to stagnating revenue growth in relation to its toll roads and a lack of clear direction within its securities arm. 

Furthermore, we reduced our positions in holdings like Taiwan's Fubon Financial, Hong Kong-based CLP Holdings and China Mobile after their shares rallied and their valuations rose to more demanding levels. We added to holdings such as PetroChina, Standard Chartered and Mitsubishi Estate after their share prices fell to more attractive levels. 

Outlook
At the time of writing, a coordinated global effort to ease monetary policy and inject more capital into distressed credit markets had failed to lift the gloom in the financial system. The IMF has argued that the global banking system urgently requires further capital injection, in addition to the more than US$400bn that has already been committed. Most likely, it will take some time for confidence to return to credit markets, even if more capital is made available, given banks' unwillingness to lend and uncertainty about how serious the economic downturn will be. Fears that lack of credit and ongoing deleveraging will lead to job cuts and a global recession have become more pronounced. In Asia, some economies such as Singapore and Japan are already in a technical recession, and others could be heading that way soon. 

We continue to believe that the exposure gained through our investment on your behalf in solid, well run companies should deliver favourable long term growth. Like your Board, we remain optimistic in the longer term investment case for Asia.
  INCOME STATEMENT 

 
Six months ended
 
30 September 2008
 
(unaudited)
 
Revenue
Capital
Total
 
£'000
£'000
£'000
(Losses)/gains on investments
-
(5,413)
(5,413)
Income (note 2)
808
-
808
Investment management fee
(149)
-
(149)
Administration expenses
(111)
(12)
(123)
Exchange (losses)/gains
-
(326)
(326)

_________
_________
_________
Net return before finance costs and taxation
548
(5,751)
(5,203)
 

Finance costs
(60)
-
(60)

_________
_________
_________
Net return on ordinary activities before taxation
488
(5,751)
(5,263)
 

Taxation on ordinary activities
(31)
-
(31)

_________
_________
_________
Net return on ordinary activities after taxation
457
(5,751)
(5,294)
 
_________
_________
_________
 

Return per Ordinary share (pence)(note 3)
2.83
(35.58)
(32.75)
 
_________
_________
_________
 
The total column of this statement represents the profit and loss account of the Company. 
A Statement of Total Recognised Gains and Losses has not been prepared as all gains and losses have been reflected in the Income Statement. 

All revenue and capital items in the above statement derive from continuing operations. 
The accompanying notes are an integral part of the financial statements.
  INCOME STATEMENT 
 
Six months ended
 
30 September 2007
 
(unaudited)
 
Revenue
Capital
Total
 
£'000
£'000
£'000
(Losses)/gains on investments
-
3,892
3,892
Income (note 2)
748
-
748
Investment management fee
(150)
-
(150)
Administration expenses
(108)
(7)
(115)
Exchange (losses)/gains
-
42
42

_________
_________
_________
Net return before finance costs and taxation
490
3,927
4,417
 

Finance costs
(47)
-
(47)

_________
_________
_________
Net return on ordinary activities before taxation
443
3,927
4,370
 

Taxation on ordinary activities
(29)
-
(29)

_________
_________
_________
Net return on ordinary activities after taxation
414
3,927
4,341
 
_________
_________
_________
 

Return per Ordinary share (pence)(note 3)
2.48
23.53
26.01
 
_________
_________
_________
 
  INCOME STATEMENT

 
Year ended
 
31 March 2008
 
(audited)
 
Revenue
Capital
Total
 
£'000
£'000
£'000
(Losses)/gains on investments
-
834
834
Income (note 2)
1,202
-
1,202
Investment management fee
(305)
-
(305)
Administration expenses
(218)
(19)
(237)
Exchange (losses)/gains
-
(77)
(77)

_________
_________
_________
Net return before finance costs and taxation
679
738
1,417
 
 
Finance costs
(120)
-
(120)

_________
_________
_________
Net return on ordinary activities before taxation
559
738
1,297
 
 
Taxation on ordinary activities
(55)
-
(55)

_________
_________
_________
Net return on ordinary activities after taxation
504
738
1,242
 
_________
_________
_________
 
 
Return per Ordinary share (pence)(note 3)
3.04
4.45
7.49
 
_________
_________
_________
 
 

  BALANCE SHEET

 

As at
As at
As at
 

30 September 2008
30 September 2007
31 March 2008
 

(unaudited)
(unaudited)
(audited)
 
Notes
£'000
£'000
£'000
Non-current assets

 
Investments at fair value through profit or loss

37,670
46,807
43,583
 

_________
_________
_________
Current assets

 
Debtors

199
185
320
Cash at bank and in hand

1,149
344
381
_________
_________
_________
 

1,348
529
701
 

_________
_________
_________
Creditors: amounts falling due within one year

 
Foreign currency loans
5
(4,227)
(2,832)
(3,852)
Other creditors

(212)
(137)
(103)
_________
_________
_________
 

(4,439)
(2,969)
(3,955)
_________
_________
_________
Net current liabilities

(3,091)
(2,440)
(3,254)
_________
_________
_________
Net assets

34,579
44,367
40,329
 

_________
_________
_________
Share capital and reserves

 
Called-up share capital

1,606
1,669
1,627
Special reserve

1,566
2,961
2,022
Capital redemption reserve

2,126
2,063
2,105
Capital reserve
6
28,839
37,779
34,590
Revenue reserve

442
(105)
(15)
_________
_________
_________
Equity Shareholders' funds

34,579
44,367
40,329
 

_________
_________
_________
 

 
Net asset value per Ordinary share (pence):
7
215.25
265.88
247.82
_________
_________
_________
  RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

Six months ended 30 September 2008 (unaudited)
 
 
 
 
 
 
Capital
 
 
Share
Special
redemption
Capital
Revenue
 
 
capital
reserve
reserve
reserve
reserve
Total
 
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 31 March 2008
1,627
2,022
2,105
34,590
(15)
40,329
Purchase of own shares for cancellation
(21)
(456)
21
-
-
(456)
Return on ordinary activities after taxation
-
-
-
(5,751)
457
(5,294)

_______
_______
_______
_______
_______
_______
Balance at 30 September 2008
1,606
1,566
2,126
28,839
442
34,579
 
_______
_______
_______
_______
_______
_______
 

 
Six months ended 30 September 2007 (unaudited)
 
 
Capital
 
 
Share
Special
redemption
Capital
Revenue
 
 
capital
reserve
reserve
reserve
reserve
Total
 
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 31 March 2007
1,669
2,961
2,063
33,852
(519)
40,026
Return on ordinary activities after taxation
-
-
-
3,927
414
4,341

_______
_______
_______
_______
_______
_______
Balance at 30 September 2007
1,669
2,961
2,063
37,779
(105)
44,367
 
_______
_______
_______
_______
_______
_______
 

 
Year ended 31 March 2008 (audited)

 
 
Capital
 
 
Share
Special
redemption
Capital
Revenue
 
 
capital
reserve
reserve
reserve
reserve
Total
 
£'000
£'000
£'000
£'000
£'000
£'000
Balance at 31 March 2007
1,669
2,961
2,063
33,852
(519)
40,026
Purchase of own shares for cancellation
(42)
(939)
42
-
-
(939)
Return on ordinary activities after taxation
-
-
-
738
504
1,242

_______
_______
_______
_______
_______
_______
Balance at 31 March 2008
1,627
2,022
2,105
34,590
(15)
40,329

_______
_______
_______
_______
_______
_______

  CASHFLOW STATEMENT

 
Six months ended
Six months ended
Year ended
 
30 September 2008
30 September 2007
31 March 2008
 
(unaudited)
(unaudited)
(audited)
 
£'000
£'000
£'000
Return on ordinary activities before finance costs and taxation
(5,203)
4,417
1,417
Adjustments for:
 
Losses/(gains) on investments
5,413
(3,892)
(834)
Expenses taken to capital reserve
12
7
19
Foreign exchange movements
326
(42)
77

___________
___________
___________
 
548
490
679
 
 
Decrease/(increase) in accrued income
105
27
(80)
Decrease in other debtors
8
34
27
(Decrease)/increase in other creditors
(46)
35
3
Overseas withholding tax suffered
(46)
(37)
(50)
Stock dividends included in investment income
(1)
(1)
-

___________
___________
___________
Net cash inflow from operating activities
568
548
579
 
 
Servicing of finance
 
Bank and loan interest paid
(30)
(47)
(121)
 
 
Financial investment
 
Purchases of investments
(2,738)
(3,657)
(7,542)
Sales of investments
3,382
2,096
6,102
Expenses allocated to capital
(7)
(2)
(5)

___________
___________
___________
Net cash inflow/(outflow) before financing
1,175
(1,062)
(987)
 
 
Financing
 
Purchase of Ordinary share capital
(456)
-
(939)
Loan drawn down
-
1,151
2,076

___________
___________
___________
Increase in cash
719
89
150
 
___________
___________
___________
 
 
Reconciliation of net cash flow to movements in net debt
 
Increase in cash as above
719
89
150
Increase in borrowings
-
(1,151)
(2,076)

___________
___________
___________
Change in net debt resulting from cash flows
719
(1,062)
(1,926)
Foreign exchange movements
(326)
42
(77)

___________
___________
___________
Movement in net debt in the period
393
(1,020)
(2,003)
Opening net debt
(3,471)
(1,468)
(1,468)

___________
___________
___________
Closing net debt
(3,078)
(2,488)
(3,471)

___________
___________
___________
  NOTES TO THE ACCOUNTS

1.
 
Accounting policies
Basis of accounting
The accounts have been prepared in accordance with applicable UK Accounting Standards, with pronouncements on Half-Yearly Reporting issued by the Accounting Standards Board and with the Statement of Recommended Practice for 'Financial Statements of Investment Trust Companies' (December 2005). They have also been prepared on the assumption that approval as an investment trust will continue to be granted.
 
The financial statements and the net asset value per share figures have been prepared in accordance with UK Generally Accepted Accounting Practice (UK GAAP).
 
The interim accounts have been prepared using the same accounting policies as the preceding annual accounts.

 
 
Six months ended
Six months ended
Year ended
 

30 September 2008
30 September 2007
31 March 2008
2.
Income
£'000
£'000
£'000
 
Income from investments
 
 
UK dividend income
17
13
37
 
Overseas dividends
788
728
1,156
 
Stock dividends
1
1
1
___________
___________
___________
 
 
806
742
1,194
 

___________
___________
___________
 
Other income
 
 
Deposit interest
2
6
8
___________
___________
___________
 
Total income
808
748
1,202
___________
___________
___________

 
 
Six months ended
Six months ended
Year ended 
 

30 September 2008
30 September 2007
31 March 2008
3.
Return per Ordinary share
£'000
£'000
£'000
 
The return per share is based on the following figures:
 
Revenue return
457
414
504
 
Capital return
(5,751)
3,927
738
___________
___________
___________
 
Total return
(5,294)
4,341
1,242
 

___________
___________
___________
 
Weighted average number of Ordinary shares in issue
16,165,930 
16,686,767 
16,591,260 

4.
Transaction costs
 
During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. Expenses incurred in acquiring investments have been expensed through capital and are included within administration expenses in the Income Statement, whilst expenses incurred in disposing of investments have been expenses through capital and are included within (losses)/gains on investments in the Income Statement. The total costs were as follows:
 

 
 

Six months ended
Six months ended
Year ended
 

30 September 2008
30 September 2007
31 March 2008
 
 
£'000
£'000
£'000
 
Purchases
4
5
14
 
Sales
5
4
10
___________
___________
___________
 
 
9
9
24

 
 
Six months ended
Six months ended
Year ended
 

30 September 2008
30 September 2007
31 March 2008
5.
Foreign currency loans
£'000
£'000
£'000
 
Foreign currency loans
4,227
2,832
3,852
 

___________
___________
___________

Bank loans of US$5,700,000 (30 September 2007 - US$2,450,000; 31 March 2008 - US$5,700,000), equivalent to £3,198,000 (30 September 2007 - £2,405,000; 31 March 2008 - £2,868,000) at an interest rate of 3.48% (30 September 2007 - 6.50%; 31 March 2008 - 3.30%) and JPY194,700,000 (30 September 2007 - JPY100,000,000; 31 March 2008 - JPY194,700,000), equivalent to £1,029,000 (30 September 2007 - £427,000; 31 March 2008 - £984,000) at an interest rate of 1.63% (30 September 2007 - 1.67%; 31 March 2008 - 1.67%) are drawn down from the £7,000,000 facility with ING Bank N.V. 
 
On 2 October 2008 the loans were rolled over to 31 December 2008 for the US$5,700,000 loan at a rate of 4.70% and 30 December 2008 for the JPY194,700,000 loan at a rate of 1.67%.
 
 
 
Investment
 
 
holding
 
 

Realised
gains
Total
6.
Capital reserve
£'000
£'000
£'000
 
Six months ended 30 September 2008 (unaudited)
 
 
At 31 March 2008
34,590
-
34,590
 
Movement in investment holdings fair value losses
(4,995)
-
(4,995)
 
Losses on realisation of investments at fair value
(418)
-
(418)
 
Foreign exchange movements
(326)
-
(326)
 
Administration expenses
(12)
-
(12)
___________
___________
___________
 
At 30 September 2008
28,839
-
28,839
 

___________
___________
___________
 

 
 
Six months ended 30 September 2007 (unaudited)
 
 
At 31 March 2007
32,471
1,381
33,852
 
Reclassification of reserves
1,381
(1,381)
-
 
Movement in investment holdings fair value gains
3,753
-
3,753
 
Gains on realisation of investments at fair value
139
-
139
 
Foreign exchange movements
42
-
42
 
Administration expenses
(7)
-
(7)
___________
___________
___________
 
At 30 September 2007
37,779
-
37,779
 

___________
___________
___________
 

 
 
Year ended 31 March 2008 (audited)
 
 
At 31 March 2007
32,471
1,381
33,852
 
Reclassification of reserves
1,381
(1,381)
-
 
Movement in investment holdings fair value gains
152
-
152
 
Gains on realisation of investments at fair value
682
-
682
 
Foreign exchange movements
(77)
-
(77)
 
Administration expenses
(19)
-
(19)
___________
___________
___________
 
At 31 March 2008
34,590
-
34,590
___________
___________
___________

 
 
As at
As at
As at
7.
Net asset value per Ordinary share
30 September 2008
30 September 2007
31 March 2008 
 
Attributable net assets (£'000)
34,579
44,367
40,329
 
Number of Ordinary shares in issue
16,064,367
16,686,767
16,273,367
 
Net asset value per Ordinary share (p)
215.25
265.88
247.82

8.
 
Related party disclosures
During the course of the period, the Company held an investment in another fund managed by the same Manager. The value of the holding at the period end was £3,757,000 (30 September 2007 - £4,804,000; 31 March 2008 - £4,110,000). Such investments are excluded from the calculation of the investment management fee.

9.
The financial information contained in this Half-Yearly Financial Report is not the Company's statutory financial statements. The financial information for the six months ended 30 September 2008 and 30 September 2007 is not for a financial year and has not been audited. The statutory financial statements for the financial year ended 31 March 2008 have been delivered to the Registrar of Companies and received an audit report which was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under Section 237(2) and (3) of the Companies Act 1985.

10.
This Half-Yearly Financial Report was approved by the Board on 26 November 2008. The Interim Report will shortly be available from the Company's website (www.all-asia.co.uk) and will be posted to shareholders in December 2008.

For Aberdeen All Asia Investment Trust plc
Aberdeen Asset Management PLC, Secretaries

END
This information is provided by RNSThe company news service from the London Stock Exchange  END  IR BQLFLVFBXFBE