AVI Japan Opportunity Trust Plc (AJOT) 2020年年度报告「LSE」.pdf

1、Annual Report 2020Finding CompellingOpportunities in Japanwww.ajot.co.ukAVI Japan Opportunity Trust plc /Annual Report 2020For more information visit:www.ajot.co.ukavi-japan-opportunity-trustAVIJapanStrategic Report1 Financial Highlights2 Overview3 Chairmans Statement 6 Investment Managers Report13

2、Top 10 Investments14 Portfolio Construction15 Investment Portfolio16 Business Model23 Principal Risks and Uncertainties25 Environmental,Social and Governance PolicyGovernance26 Directors27 Directors Report30 Corporate Governance Statement36 Directors Remuneration Report39 Statement of Directors Resp

3、onsibilities in Relation to the Annual Report and Financial Statements40 Report from the Audit Committee42 Independent Auditors Report to the MembersFinancial Statements47 Statement of Comprehensive Income48 Statement of Changes in Equity49 Balance Sheet50 Statement of Cash Flows51 Notes to the Fina

4、ncial StatementsShareholder Information62 AIFMD Disclosures63 Glossary 65 Investing in the Company66 Company InformationAVI Japan Opportunity Trust plc(“AJOT”or“the Company”)invests in a focussed portfolio of quality small and mid-cap listed companies in Japan that have a large portion of their mark

5、et capitalisation in cash or realisable assets.Portfolio Statistics as at 31 December 2020 NAV*Share Price*-1.4%(2019:14.3%)-1.1%(2019:14.3%)Net cash/Market CapNet Financial Value/Market Cap46.1%(2019:45.1%)82.1%(2019:81.0%)Portfolio DiscountROE ex non-core financial assets-41.9%(2019:-36.1%)21.3%(2

6、019:18.0%)BenchmarkFCF Yield3.2%(2019:7.9%)5.3%(2019:5.8%)EV/FCF YieldEV/EBIT18.1%(2019:14.3%)4.3x(2019:3.8)Portfolio YieldROE2.1%(2019:2.0%)7.9%(2019:7.5%)Designed and printed by Perivan 260133*For all Alternative Performance Measures,please refer to the definitions in the Glossary on pages 63 and