AVI Japan Opportunity Trust Plc (AJOT) 2019年年度报告「LSE」.pdf

1、Annual Report 2019AVI Japan Opportunity Trust plc /Annual Report 2019Strategic Report01 Financial Highlights02 Overview03 Chairmans Statement 06 Investment Managers Report11 Top 10 Investments12 Portfolio Construction13 Investment Portfolio14 Business Model21 Principal Risks and Uncertainties22 Envi

2、ronmental,Social and Governance PolicyGovernance23 Directors24 Directors Report27 Corporate Governance Statement32 Directors Remuneration Report35 Statement of Directors Responsibilities in Relation to the Annual Report and Financial Statements36 Report from the Audit Committee38 Independent Auditor

3、s Report to the MembersFinancial Statements43 Statement of Comprehensive Income44 Statement of Changes in Equity45 Balance Sheet46 Statement of Cash Flows47 Notes to the Financial StatementsShareholder Information57 AIFMD Disclosures58 Glossary 60 Investing in the Company61 Company InformationFor mo

4、re information visit:www.ajot.co.ukavi-japan-opportunity-trustAVIJapanAVI 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 market capitalisation in cash or realisable assets.AVI

5、 Japan Opportunity Trust plc Strategic Report /Governance /Financial Statements /Shareholder Information 01Financial Highlights*For all Alternative Performance Measures,please refer to the definitions in the Glossary on pages 58 and 59 MSCI Japan Small Cap Total Return Index(adjusted total return)Po

6、rtfolio Statistics as at 31 December 201981.0%Net Financial Value/Market Cap-36.1%Portfolio Discount45.1%Net cash/Market Cap3.8EV/EBIT5.8%FCF Yield2.0%Portfolio Yield22.3%EV/FCF Yield7.5%ROE18.0%ROE ex non-corefinancial assetsPerformance SummaryFinancial Highlights Period from 23 October 2018 to 31