AVI Japan Opportunity Trust Plc (AJOT) 2021年年度报告「LSE」.pdf

1、ANNUAL REPORT 2021Finding CompellingOpportunities in JapanSTRATEGIC REPORT1 Financial Highlights3 Overview4 Chairmans Statement 7 Top 10 Investments9 ESG Policy11 Investment Managers Report19 Portfolio Construction20 Japan Investment Team21 Investment Portfolio22 Business Model30 Principal Risks and

2、 Uncertainties32 Environmental,Social and Governance PolicyGOVERNANCE33 Directors34 Directors Report37 Corporate Governance Statement43 Directors Remuneration Report46 Statement of Directors Responsibilities in Relation to the Annual Report and Financial Statements47 Report from the Audit Committee4

3、9 Independent Auditors Report to the MembersFINANCIAL STATEMENTS54 Statement of Comprehensive Income55 Statement of Changes in Equity56 Balance Sheet57 Statement of Cash Flows58 Notes to the Financial StatementsSHAREHOLDER INFORMATION70 AIFMD Disclosures71 Glossary 73 Investing in the Company74 Comp

4、any InformationFor more information visit:www.ajot.co.ukavi-japan-opportunity-trustAVIJapanSTRATEGIC REPORTGOVERNANCEFINANCIAL STATEMENTSSHAREHOLDER INFORMATION1 Financial HighlightsAVI Japan Opportunity Trust plc(“AJOT”or“the Company”)invests in a focused portfolio of quality small and mid-cap list

5、ed companies in Japan that have a large portion of their market capitalisation in cash or realisable assets.Portfolio Statistics as at 31 December 2021NAV Total Return*12.3%(2020:-1.4%)Share Price Total Return*10.0%(2020:-1.1%)Net Cash/Market Cap*39.9%(2020:46.1%)EV/EBIT*5.1x(2020:4.3x)FCF Yield*5.4

6、%(2020:5.3%)ROE*10.9%(2020:7.9%)Benchmark Total Return*-1.4%(2020:3.2%)Portfolio Discount*-41.2%(2020:-41.9%)Net Financial Value/Market Cap*75.9%(2020:82.1%)Portfolio Dividend Yield*1.8%(2020:2.1%)EV/FCF Yield*21.2%(2020:18.1%)ROE ex non-core financial assets*25.3%(2020:21.3%)*For all Alternative Pe