Conseq Invest plc Interim Report and Unaudited Financial

Transcription

Conseq Invest plc
Interim Report and Unaudited Financial Statements
For the six months ended 31 December 2011
Conseq Invest plc
Table of Contents
Page
General Information
2
Company Background
3-4
Investment Manager’s Report
5-9
Schedule of Investments
10-22
Balance Sheet
23-26
Notes to the Unaudited Financial Statements
27-34
Portfolio Changes
35-38
Conseq Invest plc
General Information
The Directors:
Mr. Jan Vedral (Czech)
Mr. Richard Siuda (Czech)
Mr. David McCabe (Irish)
Mr. Alan T. Jeffers (Irish)
Mr Ondřej Matuška (Czech)
Secretary and
Registered Office:
Wilton Secretarial Limited
First Floor
Fitzwilton House
Wilton Place
Dublin 2
Ireland
Investment Manager:
Conseq Investment Management a.s.
Rybná 682/14
Prague 1
110 05
Czech Republic
Administrator, Registrar,
and Transfer Agent:
Citi Fund Services (Ireland) Limited
1 North Wall Quay
Dublin 1
Ireland
Citibank Europe plc (from 1 January 2012)
1 North Wall Quay
Dublin 1
Ireland
Custodian:
Citibank International plc, Ireland Branch
1 North Wall Quay
Dublin 1
Ireland
Independent Auditors:
PricewaterhouseCoopers
Chartered Accountants & Registered Auditors
One Spencer Dock
North Wall Quay
Dublin 1
Ireland
Irish Legal Advisers:
William Fry Solicitors
Fitzwilton House
Wilton Place
Dublin 2
2
Conseq Invest plc
Company Background
Conseq Invest public limited company (the “Company”) is an open-ended investment company with variable
capital structured as an umbrella fund with segregated liability between Funds. The Company was
incorporated on 28 June 2000 under the laws of Ireland (registration number 329465). The Company has
been authorised as a UCITS within the meaning of the European Communities (Undertakings for Collective
Investment in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as amended
(“Regulations”) and authorised by the Central Bank of Ireland (“Central Bank”).
The date of commencement of operations was 4 September 2000.
The Company is structured as an umbrella fund in that different Funds thereof may be established with the
prior approval of the Central Bank. In addition, each Fund may have more than one Share Class allocated to
it. The Shares of each class allocated to a Fund will rank pari passu with each other in all respects except as
to all or any of the following: dividend policy; the level of fees and expenses to be charged; and the
Minimum Subscription and Minimum Holding applicable.
The assets of each Fund will be separate from one another and will be invested in accordance with the
investment objectives and policies applicable to each Fund. The specific investment objectives and policies
for each Fund will be formulated by the Directors, and detailed in the Prospectus (or Supplements thereto), at
the time of the creation of that Fund. Any alterations to the investment objectives of any Fund will be subject
to the prior approval of the Shareholders of the relevant Fund.
The objective of the Conseq Invest Bond Fund is to achieve capital appreciation measured in Czech Crowns
by investing in a diversified portfolio of fixed-income securities. The Bond Fund will aim to outperform its
benchmark (the “Benchmark”), the Patria GPRI1+ Index. The Patria GPRI1+ Index is calculated and
published by Patria Finance and is a Czech Crowns denominated composite government bond index which
includes all traded government bonds with maturities of 1 year and more weighted by total nominal value of
issues.
With effect from 20 August 2008, the Benchmark has changed to the Bloomberg Effas Czech Government
All >1 Yr TR Index. The Bloomberg Effas Czech Govt All >1 Yr TR Index is calculated and published by
Bloomberg and is a Czech Crowns denominated government bond index which tracks the complete universe
of existing Czech Crowns denominated government bonds with maturities of 1 year and more weighted by
their market capitalisation. Investments will be made primarily in short, medium and long term fixed-income
securities listed or traded on Regulated Markets in the Czech Republic, Poland, Hungary and Slovakia or any
OECD country, and denominated in Czech Crowns. The Bond Fund may also invest, less extensively, in
short, medium and long term fixed income securities listed or traded on Regulated Markets in the Czech
Republic, Poland, Hungary and Slovakia or any other OECD country, but denominated in other currencies.
Securities denominated in other currencies will not exceed 30% of the Net Asset Value of the Bond Fund.
The objective of the Conseq Invest Equity Fund is to achieve long-term capital appreciation measured in
Czech Crowns by investing principally in a diversified portfolio of Czech and/or other Central European
equity securities listed or traded on Regulated Markets. The Equity Fund will aim to outperform the
benchmark composed from four indices being 28% of the PX Index and 38% of the WIG 20 Index, 28% of
the BUX Index and 6% of the SBI Index (the “Benchmark”). All indices are measured in CZK.
The PX Index is the Prague Stock Exchange Equity Index comprised of the most liquid stocks listed on the
Prague Stock Exchange. The WIG 20 Index is the Warsaw Stock Exchange Equity Index comprised of the
most liquid stocks on the Warsaw Stock Exchange. The BUX Index is the Budapest Stock Exchange Equity
Index comprised of the most liquid stocks listed on the Budapest Stock Exchange. The SBI Index is the
Ljubljana Stock Exchange Equity Index comprised of the most liquid stocks on the Ljubljana Stock
Exchange.
3
Conseq Invest plc
Company Background (continued)
The Conseq Invest Conservative Bond Fund’s investment objective is to provide investors with current
income and a stable value over the medium term by investing in CZK denominated negotiable fixed-income
securities. The Conservative Bond Fund will aim to outperform the daily average of six month Prague
Interbank Bid Rate (6M PRIBID) as fixed by Czech National Bank (the “Benchmark”). The Conservative
Bond Fund will seek to achieve its investment objective by investing normally at least 90% of its net assets in
a portfolio of investment grade, transferable, fixed income securities and short term debt securities traded on
Regulated Markets principally in the Czech Republic and other European countries which will be either fixed
or variable rate, including but not limited to: commercial paper, government obligations, supranational bonds,
asset and mortgage-backed securities, certificates of deposit, floating rate notes and short and medium term
obligations. Investment grade securities are securities which have ratings of at least BBB by Standard &
Poor’s or Moody’s or the equivalent rating by any other internationally recognised statistical rating
organisation or, if unrated by such rating organisations, are determined by investment manager to be of
comparable credit quality.
The objective of the Conseq Invest New Europe Bond Fund is to maximise total investment return through a
combination of interest income, capital appreciation and currency gains by investing in a diversified portfolio
of fixed and floating rate debt securities denominated in the currencies of the New Europe Countries. The
total investment return will be measured in the base currency of the New Europe Bond Fund which is
currently Czech Crowns.
The investments of the Conseq Invest New Europe Bond Fund will be made primarily in short, medium and
long term fixed and floating rate debt securities and debt obligations of governments, government-related,
municipal or corporate issuers in the New Europe Countries denominated in domestic currencies of the New
Europe Countries or in any major currencies. The New Europe Bond Fund may also invest in fixed or
floating rate debt securities issued by supranational entities or corporate issuers in the European Union
denominated in any major currencies or in currencies of the New Europe Countries. Such securities will
primarily be listed or traded on Regulated Markets. The New Europe Bond Fund may invest in investment
grade and non-investment grade debt securities, subject to a 30% maximum allocation of the New Europe
Bond Fund’s total net assets in debt issued by issuers which have all been credited with B1 or lower rating by
Moody’s or B-plus or lower rating by Standard & Poor’s.
4
Conseq Invest plc
Investment Manager’s Report
Conseq Invest Bond Fund
Conseq Invest Conservative Bond Fund
Conseq Invest New Europe Bond Fund
Developments in the Semi Annual Period from July 2011 to December 2011
The situation in global financial markets during the second half of 2011 remained fully in the grip of the euro
area's deepening fiscal crisis and the fear that the developed world would tip back into recession. Apart from
Greece, on the verge of bankruptcy and faced with increasingly challenging problems as it sought to meet the
terms and conditions of last year's EU and IMF bailout, the start of the half-year found investors focused on
euro-club members of a much larger calibre – Italy and Spain. The yields on the government bonds of these
countries, which have a relatively weak fiscal profile, shot up sharply amid growing scepticism about the
medium-term plans for the consolidation of state finance, intended to establish a sustainable trajectory in
reducing the high level of public debt. When EMU representatives agreed to expand the rescue plan for
Greece, the respite on the markets was short-lived. The first ever cut in the USA's AAA credit rating by
Standard & Poor's, accompanied by worsening macroeconomic data from the world's largest economy,
subsequently sparked market fears that economic recession would re-descend on developed countries
ravaged by high public debt. The US Fed responded to the macroeconomic deterioration by announcing its
intention to keep short-term interest rates at record low levels for another two years. The Fed subsequently
started lengthening the average maturity of the government bonds in its balance sheet in an effort to reduce
further the long-term interest rates and thus give the destitute economy a boost. The European Central Bank,
in an effort to stabilize the situation on the EMU bond markets, started buying up in bulk Italian and Spanish
government bonds, yields of which had spiralled to dangerous heights.
In the final quarter, the euro crisis deepened further in the face of complex negotiations on a further loan to
debt-ridden Greece and the write-off of half of its debts to private investors (mainly European banks); in this
light, the threat of full-scale default in the euro area kept the markets in a state of constant distress. Growing
pressure on highly indebted Italy was eased somewhat when Prime Minister Berlusconi stepped down and a
non-political government was swiftly (by Italian standards) set up under the leadership of the former
European Commissioner Monti, a statesman respected by the markets. Nevertheless, the situation ultimately
deteriorated again. This time, the culprit was a new series of auctions of government bonds, which Italy and
Spain (for example) could only pull off by offering indiscreetly higher yields. Finally, the end of the year
brought some relief to the markets mainly thanks to the steps taken by the European Central Bank, which
made a two-step reduction in the base interest rate by 50 basis points to 1% and, more importantly, added to
its arsenal of tools in support of the liquidity of banks and the money market by offering up to three-year
refinancing operations and by relaxing conditions for the acceptance of security. In addition, the ECB
constantly intervened on the market in favour of Italian and Spanish bonds in particular, thus helping to
reduce their yields from unsustainably high levels.
The domestic bond market experienced two quite different quarters. In the first quarter, it profited from
global developments, supported by the rising prices of their German counterparts. A major market-moving
event was the surprisingly strong two-notch increase in the Czech Republic's rating by S&P's. The
consequent foreign investor interest in this environment of low liquidity and the reticence of domestic banks
to sell drove domestic government bond prices sharply upwards. Domestic macroeconomic developments
were also favourable for bond prices. However, slowing industrial production confirmed that weakening
activity was seeping onto Europe's export markets. The series of interest rate hikes by the Czech National
Bank anticipated by the market at the end of the year was progressively postponed much further into the
future as retail sales contracted and consumer inflation continued to stagnate safely below the CNB's
medium-term target (2%). Later, however, the situation on the market started following a path, heralded by
declining investor interest in the auctions of treasury bonds held by the Ministry of Finance. The escalating
euro crisis then hit the domestic market hard in November. A few days of sales (probably by foreign
investors) wiped out all liquidity on the domestic market, triggered steep losses in the prices of even very
short issues, and saw a manifold expansion of the price spread by market makers. Eventually, the situation
settled down, and by the end of the year bond prices had reclaimed major part of their losses, with domestic
investors showing a particularly healthy appetite to exploit the significantly reduced prices and buyerattractive credit margins. Under pressure from developments in Europe, as of September the Czech koruna
became subdued and ended the year at 25.47 CZK per EUR, i.e. 4.6% depreciation over the second half-year
as a whole. In this extremely turbulent half-year, the yield curve ultimately decreased slightly and became
flatter for maturities up to 10 years; the shift in yields was as much as 35 bps. The broad Bloomberg Effas
Czech Index (all maturities of more than one year) rose by 2.6%.
5
Conseq Invest plc
Investment Manager’s Report (continued)
Developments in the Semi Annual Period from July 2011 to December 2011 (continued)
In the targeted foreign-exchange markets, Polish bonds put in a solid performance; Hungarian government
bonds, on the other hand, experienced a torrid six months. On both those markets, exchange rates came under
strong selling pressure as the euro area crisis escalated. In Poland, bond prices were on a rise at the start of
the half-year, supported by falling inflation and declining economic activity and, to some extent, final
consumption. Market expectations of upcoming monetary policy in Poland thus swung rapidly from
considerations about when interest rate increases would end to speculation that the monetary policy would be
eased later on in response to the threat of economic recession in Europe. The prices of long-term bonds,
however, ultimately lost all the gains they had made when the weakening of the zloty accelerated. In the final
quarter, Polish assets benefited from the favourable outcome of the parliamentary elections, which renewed
the mandate of the centre-right government of acting PM Tusk; despite this, the zloty stuck to a trend of
depreciation.
Hungarian assets experienced one of their worst ever periods. Already suffering from rising risk aversion
caused by the euro crisis, problems were augmented by the impact of further controversial actions by Orbán's
populist government, especially its decision to allow the early repayment of foreign-currency mortgages at
better than market terms (in other words, another chance, following last year's selective tax, to fleece the
banking sector) and its attack on the independence of the central bank. While the Polish yield curve more or
less stagnated, the Hungarian yield curve shot up (by 200 to 275 bps). The Bloomberg Effas Poland Index
went up by 2.6% in the second half of the year; expressed in CZK, however, it fell by 4.3% due to the deep
depreciation of the zloty. The Hungarian index contracted by 5% over the half-year; considering the currency
depreciation, the loss expressed in CZK climbed to extreme levels (16%). The Turkish bond market fared
much better. Although the prices of government bonds, especially shorter maturities, were also under intense
adverse pressure due to rising inflation and the central bank's tighter monetary policy, the more stable
exchange rate (in parity with the euro), partly attributable to its strong link to the strengthening US dollar,
and the higher interest income delivered a modest overall profit. Over the period under review, the ML
Turkey Index gained 1.8%, or 2.7% expressed in CZK.
NAV per A class share in CZK
Benchmark
195
73,2%
CZK bonds
185
5,1%
PLN bonds
175
EUR bonds
16,8%
165
3,0%
HUF bonds
155
145
TRY bonds
135
USD bonds
125
0,0%
2,0%
0%
115
20%
40%
60%
80%
100%
105
95
9.00 9.01 9.02 9.03 9.04 9.05 9.06 9.07 9.08 9.09 9.10 9.11
The Conseq Invest Bond Fund’s Class A shares fell by 0.35% over the second half of 2011, falling well short
of the benchmark Bloomberg Effas Czech Govt All>1Y TR index, which gained 2.6% in the same period.
The main reason for the Fund's significant relative loss was a major loss in the corporate bond segment,
which accounted for about 40% to 45% of the portfolio. Credit margins rose considerably in the financial
institution segment in particular, under the pressure of escalating fiscal crisis in the EMU; in this regard,
bond prices went down significantly. To a lesser extent (due to their much lower weight in the portfolio) the
fall in the value of Hungarian and Polish government bonds, augmented by the significant weakening of local
currencies against the euro, contributed to the Fund's relative loss. As regards the Czech government bond
segment, in response to price growth in the third quarter we reduced the representation of long-term bonds
and the average duration to a level below that of the benchmark. In the wake of November's sharp price
declines, we increased the weight of this segment again. After credit margins expanded to long-term peaks,
we increased the weight of corporate bonds slightly.
6
Conseq Invest plc
NAV per share in CZK
6M PRIBID
121
119
117
115
113
111
Cash
0,9%
AAA
0,0%
3,9%
AA
83,0%
A
12,0%
BBB
109
107
105
103
D
0,1%
0%
20%
40%
60%
80%
100%
101
99
1.04 10.04 7.05 4.06 1.07 10.07 7.08 4.09 1.10 10.10 7.11
Conseq Invest Conservative Bond Fund shares slipped by 1.04% over the second half of 2011; the average
6M PRIBID rate reported a yield of 0.54% in the same period. The Fund's negative result was due to
significant corporate bond price losses across sectors. The most significant losses were suffered by the bonds
of financial institutions, regardless of their geographical location, as their credit margins, under pressure from
the escalating fiscal crisis in the euro area, skyrocketed to record levels, exceeding those from the time of the
financial crisis after the collapse of Lehman Brothers in autumn 2008. Although government bonds made a
modest positive contribution to performance, they were only able to reduce the overall negative result.
NAV per A class share in CZK
124
44,4%
PLN bonds
119
27,1%
TRY bonds
114
15,8%
HUF bonds
109
7,5%
EUR bonds
104
4,4%
CZK bonds
99
USD bonds
94
0%
89
84
12.05
0,8%
12.06
12.07
12.08
12.09
12.10
10%
20%
30%
40%
50%
12.11
The Conseq Invest New Europe Bond Fund fell by 6.3% in the second half of 2011 (Class A shares). Most
asset classes the Fund focused on during this period performed poorly. Hungarian bonds accounted for most
of the overall loss, followed to a lesser extent by PLN bonds. The overall loss was due in large part to
negative trends in local currencies against the euro, to which the Fund was fully exposed. Substantial price
losses were also suffered by corporate bonds, although their share in the portfolio was not too high. Turkish
bonds countered some of the overall loss by reporting a slight gain as they benefited from the stable lira and
high interest income; Irish government bonds also fared well. During the semester, we increased the share of
Turkish and Hungarian bonds; in contrast, we disposed entirely of our position in Ukrainian bonds and
reduced the weight of Irish government bonds, where we made a decent profit.
7
Conseq Invest plc
Conseq Invest Equity Fund
Developments in the Semi Annual Period from July 2011 to December 2011
Global Equity markets
After a rather poor second quarter, the situation on global stock markets became even worse in the third
quarter. From August, stock markets were engulfed by panic sales, with the various markets dipping by
around 20%. What was behind this summer stock sell-off? There were numerous reasons. First, there was
political bickering in the US regarding the debt limit and, in particular, the August reduction in the US
government's elite rating by S&P. Another major reason was the deepening debt crisis in the eurozone, as the
economic heavyweights Italy and Spain found themselves in serious difficulty. The ECB helped to stabilize
the situation by making direct purchases of Spanish and Italian bonds on the market. A third negative factor
was the worsening global macroeconomic conditions. It started to become obvious that the global economic
slowdown would be rather more serious than expected in previous months. The risk of another recession also
increased. At the end of the quarter, a further negative factor emerged as concerns intensified about the health
of large European banks.
In the final quarter of 2011, the situation on the global stock markets stabilized. There was a positive turn of
events in October, when a long-term solution to Europe's debt crisis, arising from a summit of European
Monetary Union representatives at the end of the month, began to take shape. This resulted in high 10%
equity market growth in October according to the MSCI World Index. In November, the situation in the euro
area deteriorated again, partly because of relatively weak investor demand for German government bonds
during a regular auction, to which stock markets responded by further decline, but December, as in previous
years, showed itself to one of the more successful months. The MSCI World Index, in an investment
environment that remained nervous due to the euro crisis, lost only 0.2%.
As a result, MSCI World, as a global index of developed markets, recorded a loss of 11% in the second half
of 2011. This time, emerging markets lagged far behind the developed markets. The MSCI Emerging
Markets Index lost 20%. Expressed in CZK, however, the performance was much better because of the
significant 18% strengthening of the dollar against the crown (the MSCI World and MSCI Emerging Markets
Indices are calculated in the US dollar). The CZK performance of the MSCI World Index actually reported a
4% rise. The CZK loss of the MSCI World Index, thanks to the appreciation of the dollar, was reduced to just
6%.
Central European equity markets
The Central European stock markets were quite far behind the global equity benchmarks in the second half of
2011. Losses in local currencies were around 25%. Negative impacts on the regional markets were the
proximity of the European debt crisis, the region's strong economic dependence on the euro area, especially
on Germany, and the substantial exposure of West European banks, including new capital requirements by
mid-2012 and forced deleveraging.
Key negative factors in the region included the populist steps taken by the Hungarian Prime Minister Orbán
to curb the Hungarian central bank's independence, and the unwillingness of Hungarian political leaders to
reach an agreement with the international community, the EU and the IMF on the terms of an emergency
loan after the outflow of foreign capital from the country triggered a significant rise in Hungarian
government bond yields and a major decline in the exchange rate of the forint.
Investors were also displeased by the Hungarian government's action to help Hungarian households, most of
which (approximately 60%) have a mortgage in a foreign currency, primarily the Swiss franc and the euro,
against which the forint weakened significantly. Local currency depreciation thus pushed up the monthly
mortgage payments of Hungarian households significantly, placing many of them in a very difficult financial
situation. The plan was for the banks to shoulder most of the losses caused by the government measures to
help out Hungarian households.
In Poland, investors did not like the Polish government's announcement that it would introduce high taxes on
the mining of copper and silver as of 2012. This measure was directed against KGHM, the semi-state-owned
copper and silver mining company, whose shares responded to this negative news in November and
December by sinking by as much as 39%.
8
Conseq Invest plc
Conseq Invest Equity Fund
Central European equity markets (continued)
The worst performer in the second half of 2011 was the Czech market, which, according to the Prague Stock
Exchange's PX index, fell by 26%. Shares in the media company CME (-62%), Austria's Erste Bank (-60%)
and the coal company NWR (-45%) suffered the steepest declines. The Hungarian BUX Index went down by
25%. Shares in the largest Hungarian bank, OTP, tumbled most (by 46%). The Polish WIG 20 Index
recorded a 23% loss. Shares in the real estate company GTC weakened most (-50%), followed by the
construction company PBG (-49%), the oil refining company Lotus (-48%), the bank Getin (-45%) and the
above-mentioned KGHM (-44%).
During the second half of 2011, we introduced two new titles into the the Fund's portfolio. We purchased
shares in the largest Polish insurance company, PZU, offering a highly attractive dividend yield of 8%. We
also bought shares in Kety, the Polish leader in aluminium production and aluminium products. Kety shares
offer a 5% dividend yield. During the second half of 2011, in response to attractive price levels we increased
our positions in the shares of the Austria's Erste Bank, the real estate company Atrium, coal and coke
producer NWR, and the Romanian Restitution Fund (Fondul Proprietatea). In contrast, we decided to sell our
entire position in the stocks of the construction company Polimex and the real estate company GTC.
In terms of territorial structure, at the end of last year the largest share of the portfolio was taken up by Czech
stocks (32.2%), followed by Polish (25.8%) and Hungarian stocks (23.8%). The proportion of Polish stocks
(in which respect the portfolio is very underweight) continued to differ most from the Fund's benchmark.
Czech shares were slightly overweight relative to the benchmark, while Hungarian and Slovenian shares
were slightly underweight. Romanian stocks (3.9%) comprised a position in the shares of the Romanian
Restitution Fund (Fondul Proprietatea). Austrian and Romanian stocks were non-benchmark positions. The
share of cash amounted to 2.3%.
In terms of sector structure, at the end of last year the Fund's portfolio continued to be dominated by the
banking sector (26%), which consists primarily of positions in the stocks of the Austrian Erste Bank, the
Czech Komerční banka, and the Hungarian OTP Bank. It was followed by the telecommunications sector,
with a share of 12%, made up of positions in the stocks of the Czech Telefonica O2, the Polish TPSA and the
Hungarian Magyar Telekom. The pharmaceutical industry, with a share of 11.6%, included positions in the
stocks of the Hungarian companies Richter Gedeon and Egis and the Slovenian Krka. The chemicals and
petrochemicals sector, with a share of 9.7%, comprised positions in the stocks of the Hungarian MOL and
Austria's OMV. The sector of other companies, with a share of 3.9%, was made up of stocks of the Romanian
Restitution Fund (Fondul Proprietatea), which operates as a closed-end fund.
In the second half of 2011, the Fund recorded a 25.2% loss. However, the benchmark's loss was 3% higher at
28.5%. Therefore, relative to the benchmark, the performance was a positive 3.3%.
300
32,2%
29,0%
Czech republic
Benchmark
250
Hungary
23,8%
26,4%
Poland
25,8%
NAV class A
200
Slovenia
150
Romania
4,0%
6,8%
3,9%
7,9%
Austria
100
Cash
37,8%
Share in NAV
Share in benchmark
2,3%
50
0%
0
00
01
02
03
04
05
06
07
08
09
10
11
9
10%
20%
30%
40%
50%
Conseq Invest plc
Schedule of Investments as at 31 December 2011
Bond Fund
Holding Investment
Currency
Coupon
EUR
1.39%
Maturity
Value CZK
% of Fund
Austria: 1.08% (2010: 3.86%)
Corporate Bonds
800,000 Erste Group Bank AG
19/07/2017
Total Austria
14,175,289
1.08%
14,175,289
1.08%
15,791,245
1.20%
15,791,245
1.20%
Croatia: 1.20% (2010: 1.34%)
Corporate Bond
Croatian Bank for Reconstruction &
600,000 Development
EUR
7.25%
03/09/2012
Total Croatia
Czech Republic: 58.49% (2010: 59.26%)
Corporate Bonds
20,000,000 CEZ AS
25,000,000 CEZ AS
20,000,000 CETELEM CR AS
Severomoravske Vodovody A
30,000,000 Kanalizace Ostrava AS
93,000,000
86,000,000
60,000,000
115,000,000
23,500,000
22,500,000
135,000,000
22,000,000
32,000,000
30,000,000
Government Security
Czech Republic Government Bond
City of Prague
CZK
CZK
CZK
6.50%
4.60%
2.34%
26/01/2014
03/05/2023
09/05/2014
23,040,556
27,319,740
19,666,300
1.75%
2.07%
1.49%
CZK
5.00%
15/11/2015
31,177,500
2.37%
CZK
CZK
CZK
CZK
CZK
CZK
CZK
CZK
CZK
CZK
4.70%
5.00%
3.85%
4.00%
4.60%
4.20%
3.75%
1.65%
5.70%
4.25%
12/09/2022
11/04/2019
29/09/2021
11/04/2017
18/08/2018
04/12/2036
12/09/2020
04/12/2036
25/05/2024
11/05/2021
102,995,175
98,968,561
62,079,417
124,726,319
25,960,254
22,449,563
139,478,625
21,677,272
39,150,933
31,861,042
7.82%
7.51%
4.71%
9.47%
1.97%
1.70%
10.59%
1.65%
2.97%
2.42%
770,551,257
58.49%
Total Czech Republic
Hungary: 7.84% (2010: 7.08%)
Corporate Bonds
1,050,000 Hungarian Development Bank
900,000 MOL Hungarian Oil and Gas Plc
1,450,000 OTP Bank Plc
Government Security
225,000,000 Hungary Government Bond
219,000,000 Hungary Government Bond
Total Hungary
10
EUR
EUR
EUR
4.88%
5.88%
2.02%
21/06/2012
20/04/2017
04/03/2015
27,082,645
20,568,297
26,583,933
2.06%
1.56%
2.02%
HUF
HUF
6.00%
6.50%
24/11/2023
24/06/2019
13,609,906
15,369,168
1.03%
1.17%
103,213,949
7.84%
Conseq Invest plc
Bond Fund (continued)
Holding Investment
Currency
Coupon
CZK
3.00%
Maturity
Value CZK
% of Fund
Iceland: 0.33% (2010: 0.46%)
Corporate Bond
20,000,000 Glitnir Banki HF
01/04/2010
Total Iceland
4,400,000
0.33%
4,400,000
0.33%
25,912,853
1.97%
25,912,853
1.97%
11,109,140
22,709,450
0.84%
1.73%
33,818,590
2.57%
2,300,000
0.17%
2,300,000
0.17%
14,822,348
21,818,500
18,152,237
10,616,074
7,963,033
1.12%
1.66%
1.38%
0.81%
0.60%
73,372,192
5.57%
Italy: 1.97% (2010: 2.80%)
Corporate Bonds
27,500,000 UniCredit SpA
CZK
2.02%
16/12/2013
Total Italy
Jersey C.I.: 2.57% (2010: 3.61%)
Corporate Bonds
,500,000 Atrium European Real Estate Ltd
26,000,000 Atrium European Real Estate Ltd
EUR
CZK
4.00%
2.72%
04/08/2017
18/08/2015
Total Jersey C.I.
Luxembourg: 0.17% (2010: 3.02%)
Corporate Bonds
23,000,000 ECM Real Estate Investments AG
CZK
4.44%
30/03/2012
Total Luxembourg
Netherlands: 5.57% (2010: 4.18%)
16,000,000
22,000,000
750,000
125,000,000
10,000,000
Corporate Bonds
KBC Internationale
Financieringsmaatschappij NV
LeasePlan Corp NV
New World Resources NV
NIBC Bank NV
NIBC Bank NV
CZK
CZK
EUR
HUF
HUF
Total Netherlands
11
3.87%
2.55%
7.88%
9.10%
2.04%
18/05/2016
28/04/2014
01/05/2018
19/06/2012
07/03/2016
Conseq Invest plc
Holding Investment
Currency
Coupon
PLN
PLN
PLN
PLN
–%
5.50%
5.75%
5.25%
Maturity
Value CZK
% of Fund
Poland: 5.15% (2010: 8.04%)
2,400,000
3,135,000
3,850,000
2,600,000
Government Security
Poland Government Bond
25/01/2013
25/10/2019
23/09/2022
25/10/2017
Total Poland
13,094,753
17,897,174
22,145,897
14,860,389
0.99%
1.36%
1.68%
1.12%
67,998,213
5.15%
26,931,001
2.04%
26,931,001
2.04%
16,632,071
1.26%
16,632,071
1.26%
Russia: 2.04% (2010: -%)
Corporate Bond
Home Credit & Finance Bank OOO
1,350,000 Via Eurasia Capital SA
USD
7.00% 18/03/2014
Total Russia
Spain: 1.26% (2010: 1.42%)
Corporate Bond
16,000,000 Telefonica Emisiones SAU
CZK
4.62%
19/06/2014
Total Spain
Sweden: 2.78% (2010: 2.17%)
Corporate Bond
700,000 PKO Finance AB
Bank Ochrony Srodowiska Finance
800,000 AB
EUR
3.73%
21/10/2015
16,644,202
1.26%
EUR
6.00% 11/05/2016
20,022,602
1.52%
36,666,804
2.78%
16,579,273
1.26%
16,579,273
1.26%
35,912,660
37,413,692
22,668,042
22,134,715
10,369,106
2.73%
2.84%
1.72%
1.68%
0.78%
128,498,215
9.75%
1,336,840,952
101.46%
Total Sweden
United Kingdom: 1.26% (2010: 1.01%)
Corporate Bond
16,500,000 Royal Bank of Scotland Plc
CZK
3.02%
22/04/2013
Total United Kingdom
United States: 9.75% (2010: 6.96%)
38,000,000
38,000,000
1,000,000
1,000,000
12,500,000
Corporate Bonds
Citigroup Funding Inc
General Electric Capital Corp
Goldman Sachs Group Inc
Merrill Lynch & Co Inc
HSBC Finance Corp
CZK
CZK
EUR
EUR
SKK
Total United States
Total Value of Investments ( Cost CZK 1,347,248,355)
12
2.57%
2.38%
2.04%
2.03%
1.90%
29/09/2015
03/03/2015
02/02/2015
22/07/2014
26/10/2012
Conseq Invest plc
Forward Foreign Exchange Contracts 0.31% (2010: 0.32%)
Purchases Currency
335,103,030 CZK
10,594,400 CZK
17,746,200 CZK
Sales Currency
(12,990,000 )
(410,000 )
(900,000 )
Maturity
EUR 30/01/2012
EUR 30/01/2012
USD 30/01/2012
3,822,114
138,266
69,000
0 .29%
0 .01%
0 .01%
(counterparty: Citibank N.A. London Branch)
Total Value of Forward Foreign Exchange Contracts
4,029,380
0.31%
1,340,870,332
101.77%
11,639,191
0.88%
Net Current Liabilities
(34,924,907)
(2.65)%
Total Value of Fund
1,317,584,616
100.00%
Total Financial Assets at fair value through profit or loss
Net Current Liabilities (1.77%) (2010: (5.26%))
Cash
Total assets comprised as follows;
(a) Transferable securities admitted to an official stock exchange listing
(b) Transferable securities dealt in another regulated market
(c) Transferable securities other than those admitted to an official exchange listing or dealt in
another regulated market
(d) Financial derivatives instruments dealt in on a regulated
(e) Other assets
13
% of Total Assets
97.14%
–%
–%
0.29%
2.57%
100.00%
Conseq Invest plc
Equity Fund
Holding Investment
25,400
155,500
Austria: 13.83% (2010: 18.85%)
Banks
Erste Group Bank AG
Erste Group Bank AG
Insurance
30,233 Vienna Insurance Group AG Wiener Versicherung Gruppe
5,000 Vienna Insurance Group AG Wiener Versicherung Gruppe
Miscellaneous Manufacture
21,727 Semperit AG Holding
Oil & Gas
45,000 OMV AG
Currency
Value CZK
% of Fund
EUR
CZK
8,799,841
53,725,250
0.91%
5.56%
EUR
CZK
23,608,475
3,999,500
2.45%
0.41%
EUR
16,484,213
1.71%
EUR
26,899,959
2.79%
133,517,238
13.83%
CZK
68,607,990
7.11%
CZK
32,700,744
3.39%
CZK
38,176,681
3.95%
139,485,415
14.45%
HUF
57,587,716
5.96%
HUF
66,359,204
6.87%
HUF
HUF
10,244,954
63,135,035
1.06%
6.54%
HUF
32,929,185
3.41%
230,256,094
23.84%
32,837,325
3.40%
32,837,325
3.40%
46,705,400
4.84%
46,705,400
4.84%
Total Austria
Czech Republic: 14.45% (20101: 13.24%)
Banks
20,603 Komercni Banka AS
Electric
41,604 CEZ AS
Telecommunications
99,652 Telefonica O2 Czech Republic AS
220,876
47,207
7,144
22,785
783,102
Hungary: 23.84% (2010: 19.37%)
Banks
OTP Bank Plc
Oil & Gas
MOL Hungarian Oil and Gas Plc
Pharmaceuticals
Egis Gyogyszergyar Nyrt
Richter Gedeon Nyrt
Telecommunications
Magyar Telekom Telecommunications Plc
Total Hungary
Jersey C.I.: 3.40% (2010:2.57%)
Real Estate
369,792 Atrium European Real Estate Ltd
EUR
Total Jersey C.I.
Luxembourg: 4.84% (2010: -%)
Textiles
102,200 Pegas Nonwovens SA
CZK
Total Luxembourg
14
Conseq Invest plc
Equity Fund (continued)
Holding Investment
Currency
Value CZK
% of Fund
PLN
PLN
31,042,500
5,826,717
3.22%
0.60%
PLN
25,855,940
2.68%
PLN
29,608,880
3.07%
PLN
42,426,054
4.39%
PLN
PLN
1,790,750
19,307,973
0.19%
2.00%
PLN
PLN
20,163,082
28,528,505
2.09%
2.95%
PLN
44,478,093
4.61%
249,028,494
25.80%
37,762,862
3.91%
37,762,862
3.91%
39,038,280
4.04%
39,038,280
4.04%
34,871,551
3.61%
34,871,551
3.61%
Total Value of Investments (Cost CZK 1,202,271,501)
943,502,659
97.72%
943,502,659
97.72%
20,793,641
1,250,728
2.15%
0.13%
965,547,028
100.00%
Poland: 25.80% (2010: 33.73%)
Banks
38,429 Bank Pekao SA
15,000 Bank Handlowy w Warszawie SA
Powszechna Kasa Oszczednosci Bank Polski
140,709 SA
Computers
106,713 Asseco Poland SA
Insurance
24,000 Powszechny Zaklad Ubezpieczen SA
Media
28,200 Agora SA
250,000 Cyfrowy Polsat SA
Mining
33,727 Grupa Kety SA
45,088 KGHM Polska Miedz SA
Telecommunications
451,230 Telekomunikacja Polska SA
Total Poland
Romania 3.91% (2010:-%)
Investment Companies
15,000,000 SC Fondul Proprietatea SA
RON
Total Romania
Slovenia: 4.04% (2010: 1.58%)
Pharmaceuticals
28,937 Krka dd Novo mesto
EUR
Total Slovenia
United Kingdom: 3.61% (2010: -%)
Coals
256,805 New World Resources PLC
CZK
Net Current Assets (2.61%) (2010: 1.06%)
Cash
Net Current Assets
Total Value of Fund
15
Conseq Invest plc
Equity Fund (continued)
(c) Transferable securities other than those admitted to an official exchange
listing or dealt in another regulated market
(e) Other assets
16
% of Total Assets
97.17%
–%
–%
–%
2.83%
100.00%
Conseq Invest plc
Conservative Bond Fund
Holding Investment
Currency
Coupon
Maturity
Value CZK
% of Fund
Austria: 6.06% (2010: 3.11%)
Corporate Bonds
14,000,000 Erste Group Bank AG
450,000 Erste Group Bank AG
600,000 Raiffeisen Bank International AG
CZK
EUR
EUR
2.21%
1.98%
2.37%
13/09/2013
19/07/2017
04/03/2013
Total Austria
13,791,821
7,973,600
15,193,123
2.26%
1.31%
2.49%
36,958,544
6.06%
5,263,748
0.86%
5,263,748
0.86%
Croatia: 0.86% (2010: 0.96%)
Corporate Bond
Croatian Bank for Reconstruction &
200,000 Development
EUR
7.25%
03/09/2012
Total Croatia
Czech Republic: 64.42%% (2010: 68.24%)
Corporate Bonds
14,000,000 CETELEM CR AS
18,000,000 CEZ AS
20,000,000 ING Bank NV
Severomoravske Vodovody A
10,000,000 Kanalizace Ostrava AS
6,000,000
58,000,000
123,000,000
6,000,000
5,000,000
9,000,000
38,000,000
81,000,000
Government Security
CZK
CZK
CZK
2.34%
6.50%
1.81%
09/05/2014
26/01/2014
30/07/2012
13,766,410
20,130,116
19,991,839
2.25%
3.30%
3.27%
CZK
5.00%
15/11/2015
10,392,500
1.70%
CZK
CZK
CZK
CZK
CZK
CZK
CZK
CZK
3.75%
4.00%
1.52%
5.00%
3.40%
3.85%
2.75%
2.48%
12/09/2020
11/04/2017
27/10/2016
11/04/2019
01/09/2015
29/09/2021
31/03/2014
18/04/2023
6,199,050
62,872,161
119,301,048
6,904,783
5,242,019
9,311,913
39,551,329
79,811,775
1.01%
10.29%
19.53%
1.13%
0.86%
1.52%
6.48%
13.07%
393,474,943
64.42%
9,027,549
5,713,416
10,083,561
1.48%
0.94%
1.65%
24,824,526
4.07%
Hungary: 4.07% (2010: 3.30%)
Corporate Bonds
350,000 Hungarian Development Bank
250,000 MOL Hungarian Oil and Gas PLC
550,000 OTP Bank PLC
EUR
EUR
EUR
Total Hungary
17
4.88%
5.88%
2.02%
21/06/2012
20/04/2017
04/03/2015
Conseq Invest plc
Conservative Bond Fund (continued)
Holding Investment
Currency
Coupon
0.00%
01/03/2010
Maturity Value CZK
Iceland: 0.08% (2010: 0.22%)
Corporate Bond
16,000,000 Landsbanki Islands HF
CZK
Total Iceland
480,000
0.08%
480,000
0.08%
6,616,267
1.08%
6,616,267
1.08%
14,134,283
2.31%
14,134,283
2.31%
6,044,243
9,952,083
11,901,000
7,963,033
6,013,300
0.99%
1.63%
1.95%
1.30%
0.98%
41,873,659
6.85%
12,057,653
6,022,708
1.97%
0.99%
18,080,361
2.96%
17,011,260
17,722,275
9,067,217
14,516,749
11,067,358
2.79%
2.90%
1.48%
2.38%
1.81%
69,384,859
11.36%
611,091,190
100.05%
Ireland: 1.08% (2010: 5.43%)
Corporate Bonds
250,000 Aegon Global Institutional Markets Plc
EUR
4.25%
23/01/2012
Total Ireland
Italy: 2.31% (2010: -%)
Corporate Bonds
15,000,000 UniCredit Spa
CZK
2.02%
16/12/2013
Total Italy
Netherlands: 6.85% (2010: 4.20%)
6,000,000
10,000,000
12,000,000
10,000,000
6,000,000
Corporate Bonds
E.ON International Finance BV
ING Bank NV
LeasePlan Corp NV
NIBC Bank NV
Volkswagen Financial Services NV
CZK
CZK
CZK
CZK
CZK
1.94%
1.59%
2.55%
2.04%
1.70%
12/03/2013
10/11/2012
28/04/2014
07/03/2016
30/08/2013
Total Netherlands
United Kingdom: 2.96% (2010: 2.32%)
Corporate Bonds
12,000,000 Royal Bank of Scotland Plc
6,000,000 Vodafone Group Plc
CZK
CZK
3.02%
1.94%
22/04/2013
03/06/2013
United States: 11.36% (2010: 8.51%)
18,000,000
18,000,000
400,000
17,500,000
500,000
Corporate Bonds
General Electric Capital Corp
Goldman Sachs Group Inc/The
HSBC Finance Corp
CZK
CZK
EUR
SKK
EUR
Total United States
Total Value of Investments ( Cost CZK 627,060,585)
18
2.52%
2.37%
2.04%
1.90%
2.03%
29/09/2015
03/03/2015
02/02/2015
26/10/2012
22/07/2014
Conseq Invest plc
Conservative Bond Fund (continued)
Purchases Currency
96,014,434 CZK
Sales Currency
(3,722,000 )
EUR
Maturity
30/01/2012
1,095,143
0 .18%
1,095,143
0.18%
612,186,333
100.23%
5,725,381
0.94%
(7,125,524)
(1.17%)
Total Value of Fund
610,786,190
100.00%
Net Current Liabilities (0.23%)% (2010: (0.70%))
Cash
(e) Other assets
19
% of Total Assets
98.74%
–%
–%
0.18%
1.08%
100.00%
Conseq Invest plc
New Europe Bond Fund
Holding Investment
Currency
Coupon
Maturity
Value CZK
% of Fund
EUR
2.02%
04/03/2015
5,500,124
1.28%
HUF
HUF
HUF
5.50% 12/02/2016
6.50% 24/06/2019
6.00% 24/11/2023
10,112,520
24,983,671
26,010,041
2.36%
5.83%
6.07%
66,606,356
15.53%
240,000
0.06%
240,000
0.06%
10,347,580
2.41%
10,347,580
2.41%
15,792,751
3.68%
15,792,751
3.68%
1,000,000
0.23%
1,000,000
0.23%
2,450,713
0.57%
2,450,713
0.57%
Hungary: 15.53% (2010: 15.09%)
Corporate Bonds
300,000 OTP Bank Plc
135,000,000
356,000,000
430,000,000
Government Security
Hungary Government Bond
Total Hungary
Iceland: 0.06% (2010: 0.17%)
Corporate Bond
8,000,000 Landsbanki Islands HF
CZK
0.00%
01/03/2010
Total Iceland
Ireland: 2.41% (2010: 6.93%)
Government Security
500,000 Ireland Government Bond
EUR
5.00%
18/10/2020
Total Ireland
Jersey C.I.: 3.68% (2010: 3.64%)
Corporate Bond
18,000,000 Atrium European Real Estate Ltd
CZK
2.70%
18/08/2015
Total Jersey C.I.
Luxembourg: 0.23% (2010: 2.86%)
Corporate Bonds
10,000,000 ECM Real Estate Investments AG
CZK
4.44%
30/03/2012
Total Luxembourg
Montenegro: 0.57% (2010: -%)
Government Security
Montenegro Government
10,000,000 International Bond
EUR
Total Montenegro
20
7.88% 14/09/2015
Conseq Invest plc
New Europe Bond Fund (continued)
Holding Investment
Currency
Coupon
EUR
HUF
7.88%
9.10%
Maturity
Value CZK
% of Fund
Netherlands: 3.39% (2010: 3.24%)
Corporate Bonds
250,000 New World Resources NV
100,000,000 NIBC Bank NV
01/05/2018
19/06/2012
Total Netherlands
6,050,745
8,492,859
1.41%
1.98%
14,543,604
3.39%
22,806,695
42,048,443
56,583,790
71,366,050
5.32%
9.81%
13.20%
16.64%
192,804,978
44.97%
2,992,333
0.70%
2,992,333
0.70%
8,759,888
2.04%
8,759,888
2.04%
4,122,978
4,247,389
5,269,967
0.96%
0.99%
1.23%
14,001,142
20,661,405
28,208,983
42,643,272
3.27%
4.82%
6.58%
9.95%
119,155,136
27.80%
434,693,339
101.38%
Poland: 44.97% (2010: 43.61%)
4,180,000
7,310,000
9,900,000
12,501,000
Government Security
PLN
PLN
PLN
PLN
0.00%
5.75%
5.25%
5.50%
25/01/2013
23/09/2022
25/10/2017
25/10/2019
Total Poland
Russia: 0.70% (2010: -%)
Corporate Bond
Home Credit & Finance Bank OOO
150,000 Via Eurasia Capital SA
USD
7.00%
18/03/2014
Total Russia
Sweden: 2.04% (2010: -%)
Corporate Bond
Bank Ochrony Srodowiska Finance
350,000 AB
EUR
6.00%
11/05/2016
Total Sweden
Turkey: 27.80% (2010: 18.64%)
Corporate Bonds
Bank Pozitif Ve Kalkinma Bankasi
400,000 AS
400,000 Creditwest Faktoring Hizmetleri AS
500,000 Merinos Hali Sanayi Ve Ticaret AS
TRY
TRY
TRY
10.08% 02/10/2013
12.14% 28/05/2013
3.00% 25/07/2013
Government Security
Turkey Government Bond
TRY
TRY
TRY
TRY
3.00%
10.00%
4.00%
10.50%
1,300,000
2,000,000
2,350,000
3,775,000
Total Turkey
Total Value of Investments ( Cost CZK 474,983,415)
21
06/01/2021
17/06/2015
01/04/2020
15/01/2020
Conseq Invest plc
New Europe Bond Fund (continued)
Purchases Currency
2,366,280 CZK
57,989,250 CZK
343,100,100 CZK
Sales Currency
(120,000 )
(2,250,000 )
(13,300,000 )
USD
EUR
USD
Maturity
30/01/2012
30/01/2012
30/01/2012
9,320
608,030
3,913,327
0 .00%
0 .14%
0 .91%
4,530,677
1.05%
439,244,016
102.43%
5,039,601
1.19%
(15,527,723)
(3.62)%
Total Value of Fund
428,755,894
100.00%
Net Current Liabilities (2.43%) (2010: (0.29%))
Cash
(e) Other assets
22
% of Total Assets
97.60%
–%
–%
1.02%
1.38%
100.00%
Conseq Invest plc
BALANCE SHEET
As at 31 December 2011
Bond
Fund
CZK
Equity Conservative
Fund
Bond Fund
CZK
CZK
New Europe
Bond Fund
CZK
Total
31 December
2011
CZK
Notes
Current Assets
Financial Assets at fair value
through profit or loss
Sales Awaiting Settlement
Cash and Deposits at Bank
Other Assets
Due from Shareholders
1(c),12
1,340,870,332
15,316,550
11,639,191
1
8,306,203
943,502,659
20,793,641
6,645,751
612,186,333
5,275,381
1,454,899
439,224,016
5,039,601
20,603
1,120,448
3,335,783,340
15,316,550
42,747,814
20,604
17,527,301
1,376,132,277
970,942,051
618,916,613
445,404,668
3,411,395,609
75,902
53,336,338
3,357,905
113,712
1,243,096
106,140
126,053
188,515
1,793,684
1,902,775
222,009
1,068,152
54,542
46,563
116,814
94,654
95,830
7,640,448
322,548
2,505
58,032
106,890
15,316,550
674,873
80,763
399,192
2,410
57,940
54,782
62,264
1,869,586
68,652,888
13,576,001
416,484
3,032,988
56,952
46,563
283,399
333,521
453,499
58,547,661
5,395,023
8,130,423
16,648,774
88,721,881
1,317,584,616
965,547,028
610,786,190
428,755,894
3,322,673,728
Adjustment
From bid to mid market prices
-
-
-
-
-
Net Assets Attributable to
Redeemable Participating
Shareholders at Mid Market
Prices
1,317,584,616
965,547,028
610,786,190
428,755,894
3,322,673,728
7
Total Assets
Current Liabilities
Bank Overdraft
Due to Broker
Due to Shareholders
Custody Fees Payable
Investment Manager Fees Payable
Administrator Fees Payable
Directors Fees Payable
Other Fees Payable
Trustee Fees Payable
Audit Fees Payable
Liabilities (excluding net assets
attributable to Redeemable
Participating Shareholders)
Shareholders at Bid Market
Prices
7
5
5
5
The accompanying notes form an integral part of the financial statements.
23
Conseq Invest plc
BALANCE SHEET
Bond
Fund
CZK
Equity Conservative
Fund
Bond Fund
CZK
CZK
New Europe
Bond Fund
CZK
Shares in Issue at 31 December 2011
Class A
Class B
Class C
Class D
5,940,425
1,389,619
122,603
5,461,502
756,247
3,355,710
5,042,657
130,861
2,543,074
1,827,712
177.1751
182.8925
89.2201
136.0711
142.0479
33.8803
118.7598
91.0968
111.6923
79.1777
1,317,584,616
965,547,028
610,786,190
428,755,894
Equity Conservative
Fund
Bond Fund
CZK
CZK
New Europe
Bond Fund
CZK
Net Asset Value Per Share at 31 December 2011
Class A
Class B
Class C
Class D
Net Asset Value at 31 December 2011
Bond
Fund
CZK
Shares in Issue at 30 June 2011
Class A
Class B
Class C
Class D
6,121,016
1,416,841
87,282
4,940,095
707,286
2,669,682
5,575,548
128,251
2,594,807
1,589,476
177.7993
183.2594
89.3991
181.8663
189.4730
45.1918
120.0114
92.1561
119.1633
84.3462
1,355,764,655
1,153,096,321
680,948,272
443,272,054
Net Asset Value Per Share at 30 June 2011
Class A
Class B
Class C
Class D
Net Asset Value at 30 June 2011
24
Conseq Invest plc
BALANCE SHEET
Bond
Fund
CZK
Equity Conservative New Europe
Fund
Bond Fund Bond Fund
CZK
CZK
CZK
Shares in Issue at 30 June 2010
Class A
Class B
Class C
Class D
5,469,911
1,048,505
369,088
406,174
4,241,580
1,135,463
3,264,802
4,776,161
260,123
2,741,995
1,219,391
169.9283
174.6215
179.6255
89.3991
157.3095
163.2373
42.8078
117.5320
92.6662
116.7191
84.6169
1,215,193,372
992,349,419
585,456,092
423,224,308
Net Asset Value Per Share at 30 June 2010
Class A
Class B
Class C
Class D
Net Asset Value at 30 June 2010
25
Conseq Invest plc
BALANCE SHEET
AS AT 30 June 2011
Bond
Fund
CZK
Equity Conservative
Fund
Bond Fund
CZK
CZK
New Europe
Bond Fund
CZK
Total
30 June
2011
CZK
Notes
Current Assets
Financial Assets at fair value
Sales Awaiting Settlement
Cash and Deposits at Bank
Other Assets
Due from Shareholders
Dividends Receivable
1(c),12
7
Total Assets
Current Liabilities
Bank Overdraft
Due to Broker
Due to Shareholders
Financial Liabilities at fair value
Custody Fees Payable
Investment Manager Fees Payable
Performance Fees Payable
Administrator Fees Payable
Other Fees Payable
Trustee Fees Payable
Directors' Fees Payable
Audit Fees Payable
Liabilities (excluding net assets
attributable to Redeemable
Participating Shareholders)
Shareholders at Bid Market
Prices
Adjustment
From bid to mid market prices
Shareholders at Mid Market
Prices
1,291,782,712 1,098,586,226
44,228,139
60,275,640
77,682,054
5,463,712
4,779,921
5,959,266
652,186,572
28,344,630
1,658,931
-
419,555,815
20,922,380
212,714
1,080,379
-
3,462,111,325
44,228,139
187,224,704
212,714
12,982,943
5,959,266
1,357,522,064 1,231,235,606
682,190,133
441,771,288
3,712,719,091
7
1,580,363
3,623,171
77,702,076
593,870
1,672,893
142,220
2,194,949
859,730
142,220
81,477,388
6,749,664
12
5
2,825,724
165,513
1,079,457
413,590
131,422
148,104
193,878
391,148
345,697
1,036,160
449,276
111,802
127,564
189,043
311,239
770,339
63,729
287,025
356,192
194,711
73,543
68,996
94,080
200,134
2,398,266
5,496
342,843
228,010
93,611
40,714
124,593
5,994,329
580,435
2,745,485
356,192
1,285,587
410,378
385,378
477,001
1,027,114
10,552,370
80,866,727
3,781,642
6,430,432
101,631,171
1,346,969,694 1,150,368,879
678,408,491
435,340,856
3,611,087,920
2,727,442
2,539,781
7,931,198
21,993,382
1,355,764,655 1,153,096,321
680,948,272
443,272,054
3,633,081,302
5
5
5
8,794,961
26
Conseq Invest plc
Notes to the Financial Statements
1.
Significant Accounting Policies
a)
Basis of Accounting and Presentation of Financial Statements
The financial statements have been prepared in accordance with accounting standards generally
accepted in Ireland and Irish Statute comprising the the European Communities (Undertakings for
Collective Investments in Transferable Securities) Regulations, 2011 (S.I. No. 352 of 2011), as
amended and the Companies Acts, 1963 to 2009. Accounting standards generally accepted in
Ireland in preparing financial statements giving a true and fair view are those published by the
Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board.
The financial statements are prepared under the historical cost convention as modified to include
investments at valuation and denominated in Czech Crowns (CZK).
The format and certain wordings of the financial statements has been adapted from those contained
in the Companies (Amendment) Act, 1986 and FRS 3 "Reporting Financial Performance" so that, in
the opinion of the directors, they more appropriately reflect the nature of the Company’s business as
an investment fund.
The Company has availed of the exemption available to open-ended investment funds under FRS 1
not to prepare a cash flow statement.
The Company has not applied the disclosure requirements of FRS 29: Financial Instruments
Disclosures as according to paragraph 56 of the “Statement on Half Yearly Reports” issued by the
Accounting Standards Board (“ASB”) in July 2007, disclosures demanded by Financial Reporting
Standards and Statements of Accounting Practice are not generally required for half yearly reports.
b)
Income
Dividends are credited to the Profit and Loss Account on the dates on which the relevant securities
are listed as “ex dividend”. Interest income is accrued on a daily basis. Income is shown gross of
any non-recoverable withholding tax, which is disclosed separately in the Profit and Loss Account,
and net of any tax credits.
c)
Investments at Fair Value Valuation
This category has two sub-categories: financial assets and liabilities held for trading, and those
designated by management at fair value through profit and loss at inception.
Regular purchases and sales of investments are recognised on trade date - the date on which the
Company commits to purchase or sell the asset. Investments are initially recognised at fair value,
and transaction costs for all financial assets at fair value through profit or loss are expensed as
incurred. Investments are derecognised when the rights to receive cash flows from the investments
have expired or the Company has transferred substantially all risks and rewards of ownerships.
Gains and losses arising from changes in the fair value of the financial assets at fair value through
profit or loss category are included in the Profit and Loss Account in the period in which they arise.
The fair value of financial instruments traded in active markets (such as publicly traded derivatives
and trading securities) is based on quoted market prices at the balance sheet date. The quoted market
price used for financial assets held by the Company is the current bid price. When the Company
holds derivatives with offsetting market risks it uses mid-market prices as a basis for establishing
fair values for the offsetting risk positions and applies the bid or asking price to the net open
position, as appropriate.
27
Conseq Invest plc
Notes to the Financial Statements (continued)
1.
Significant Accounting Policies (continued)
c)
Investments at Fair Value (continued)
The Company may from time to time invest in financial instruments that are not traded in an active
market (for example in over the-counter derivatives). The fair value is determined by using
valuation techniques. The Company uses a variety of methods and makes assumptions that are based
on market conditions existing at each balance sheet date. Valuation techniques used include the use
of comparable recent arm’s length transactions, discounted cash flow analysis and other valuation
techniques commonly used by market participants. There were no financial instruments traded in a
non active market at the period end.
Financial Assets and Liabilities held for trading are securities, which are either acquired for
generating a profit from short-term fluctuations in price or dealer margins, or are included in a
portfolio where a pattern of short term trading exists.
Financial assets or liabilities held for trading are acquired or incurred principally for the purpose of
selling or repurchasing in the short term. Derivatives are also categorised as held for trading, as the
Company does not designate any derivatives as hedges in a hedging relationship. If prices for an
investment are not available at the relevant time or are unrepresentative in the opinion of the
Manager or the Administrator, as its delegate, such investments shall be valued at such value as
shall be certified with care and good faith as the probable realisation value of the investment. Short
term investments maturing within 60 days are valued at cost plus accreted discount or minus
amortized premium, which approximates value. There were no securities valued using this method
at period end.
d)
Forward Foreign Exchange Contracts
A forward currency contract involves an obligation to purchase or sell a specific currency at a future
date, at a price set at the time the contract is made. Forward foreign exchange contracts are valued
by reference to the forward price at which a new forward contract of the same size and maturity
could be undertaken at the valuation date. The unrealised gain or loss on open forward currency
contracts is calculated as the difference between the contract rate and this forward price, and are
recognised in the Profit and Loss Account.
e)
Foreign Exchange
Foreign currency translation
Functional and presentation currency
The Board of Directors considers the Czech Crowns as the currency that most faithfully represents
the economic effects of the underlying transactions, events and conditions. The financial statements
are presented in Czech Crowns, which is the Company’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the
translation at period end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the Profit and Loss Account. Transaction differences on nonmonetary financial assets and liabilities such as equities at fair value through profit or loss are
recognised in the Profit and Loss Account within the fair value net gain or loss.
Proceeds from subscriptions and amounts paid on redemption of redeemable preference shares are
translated at average rates, which approximate the rates prevailing at the dates of the transactions.
28
Conseq Invest plc
1.
Significant Accounting Policies (continued)
f)
Redeemable Shares
The Company issues redeemable shares, which are redeemable at the holder’s option and are
classified as financial liabilities. Redeemable shares can be put back to the Company at any time for
cash equal to a proportionate share of the Company's net asset value. The redeemable share is
carried at the redemption amount that is payable at the balance sheet date if the holder exercises the
right to put the share back to the Company.
Redeemable shares are issued and redeemed at the holder's option at prices based on the Company's
net assets value per share at the time of issue or redemption. The Company's net asset value per
share is calculated by dividing the net assets attributable to the holders of redeemable shares with
the total number of outstanding redeemable shares. In accordance with the provisions of the
Company’s regulations, investment positions are valued based on the last traded market price for the
purpose of determining the net asset value per share for subscriptions and redemptions.
g)
Distributions payable to holders of redeemable shares
Proposed distributions to holders of redeemable shares are recognised in the profit and loss account
when the Company incurs a legal or constructive obligation to pay such a distribution. The
distribution on these redeemable shares is recognised in the Profit and Loss Account as finance cost.
2.
Taxation
Under current law and practice the Company qualifies as an investment undertaking as defined in
Section 739B of the Taxes Consolidation Act, 1997 (as amended). On that basis it is not chargeable
to Irish taxes on its income and gains. However Irish tax may arise on the happening of a
“chargeable event”. A chargeable event includes any distribution payment to shareholders or any
encashment, redemption or transfer of shares.
No tax will arise on the Fund in respect of chargeable events in respect of:i.
a shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of
the chargeable event, provided the necessary statutory declarations are held by the Fund,
and
ii.
certain exempted Irish resident investors who have provided the Fund with the necessary
signed statutory declarations.
Dividends, interest and capital gains (if any) received on investments made by the Company may be
subject to withholding taxes imposed by the country from which the investment income/gains are
received and such taxes may not be recoverable by the Company or its shareholders, depending on
the relevant Double Taxation Treaty.
3.
Dividends Paid/Payable
The intention of the Bond Fund is to declare at least semi-annually a dividend that will be
determined with the objective of distributing the majority of Net Revenue, if any, attributable to the
Class D Shares. The formula for calculating the dividends is set out in the Bond Fund’s Supplement
to the prospectus dated 22 December 2010. In respect of this Fund, a dividend amounting of CZK
Nil (30 June 2011: 342,379 was declared during the period ended 31 December 2011 attributable to
the Class D Shares.
29
Conseq Invest plc
3.
Dividends Paid/Payable (continued)
The intention of the Equity Fund is to declare at least annually a dividend that will be determined
with the objective of distributing the majority of Net Revenue, if any, attributable to the Class D
Shares. The formula for calculating the dividends is set out in the Equity Fund’s Supplement to the
prospectus dated 22 December 2010. In respect of this Fund, a dividend amounting of CZK Nil (30
June 2011: CZK 13,889,106) was declared during the period ended 31 December 2011 attributable
to the Class D Shares.
The Conservative Bond Fund intends to declare at least quarterly a dividend that will be determined
with the objective of distributing the majority of Net Revenue, if any, attributable to the D Class
Shares. The formula for calculating the dividend payable on the Class D Shares of the Conservative
Bond Fund is set out in the Conservative Bond Fund’s Supplement to the prospectus dated 22
December 2010. Dividends totalling CZK 18,179 (30 June 2011: CZK 412,122) were declared
during the period ended 31 December 2011 in respect of the Conservative Bond Fund.
The intention of the New Europe Bond Fund is to declare at least semi-annually a dividend that will
be determined with the objective of distributing the majority of Net Revenue, if any, attributable to
the Class D Shares. The formula for calculating the dividends is set out in the New Europe Bond
Fund’s Supplement to the prospectus dated 22 December 2010. Dividends totalling CZK Nil (30
June 2011: 2,841,489) were declared during the period ended 31 December 2011 in respect of the
New Europe Bond Fund.
4.
Exchange Rates
The financial statements are prepared in CZK. Exchange rates used in the preparation of the
financial statements as at 31 December 2011were as follows:
At 31 December 2011
CZK / EUR
CZK / HUF
CZK / PLN
CZK / SKK
25.5024
12.3425
5.72088
1.1813
CZK / SIT
CZK / USD
CZK / TRY
CZK / RON
9.39689
19.6452
10.4020
5.8958
Exchange rates used in the preparation of the financial statements as at 30 June 2010 were as
follows:
At 30 June 2011
CZK / EUR
CZK / HUF
CZK / PLN
CZK / SKK
5.
24.3325
10.9120
6.1133
1.2381
CZK / USD
CZK / TRY
CZK / RON
16.7785
10.3342
5.7511
Fees and Expenses
Investment Manager Fee
The Investment Manager is entitled to charge a fee equal to a percentage of Net Asset Value of each
Fund payable monthly in arrears. The Investment Manager will be responsible for the fees and
expenses of the investment advisers, and is entitled to be paid its reasonable out-of-pocket expenses
(apart from the fees and expenses of investment advisers). The Balance Sheet includes a payable as
at 31 December 2010 of CZK 3,032,988 (30 June 2011: CZK 2,745,485) in respect of the
Investments Managers’ Fees.
30
Conseq Invest plc
5.
Fees and Expenses (continued)
Investment Manager Fee (continued)
The Investment Manager’s fee charged to the Bond Fund is 1.00% per annum on Class A Shares,
0.70% per annum on Class B Shares, 0.40% per annum on Class C Shares and 0.70% per annum on
Class D Shares. The Equity Fund is charged 1.15% per annum on Class A Shares, 0.75% per annum
on Class B Shares and 0.75% per annum on Class D Shares. The fee charged to the Conservative
Bond Fund will not exceed the maximum fee of 0.65% per annum of Class A shares and 0.65% per
annum of Class D shares. Currently the fee charged on both Classes of shares is 0.50% per annum.
The Investment Manager’s fee charged to the New Europe Bond Fund is 1.00% per annum on Class
A Shares and 0.70% per annum on Class B Shares.
Performance Fee
(i) Bond Fund, Equity Fund and Conservative Bond Fund
Where the performance of a Fund exceeds that of its Benchmark (see below), the Investment
Manager is entitled to a performance fee accrued weekly and payable semi-annually in arrears,
calculated by the Administrator, subject to approval by the Custodian as follows:
In each successive Performance Period (180 days) in which the Portfolio Return exceeds the
Benchmark Return the Investment Manager shall be entitled to a performance fee, payable out of the
assets of the relevant Fund, equal to 12% of the amount by which the Portfolio Return exceeds the
Benchmark Return in that Performance Period. The performance fee will only be paid if the closing
NAV of the relevant Fund is greater than the Closing NAV of that Fund in the Performance Period
when a performance fee was last payable. Changes in the revised prospectus on 22 December 2010
mean that the daily performance fee accrual will be weighted by the probability of surpassing the
High-water mark, thus factoring in the likelihood that at the end of the performance period the
performance fee is actually payable.
Equity Fund - Benchmark
The benchmark composed from four indexes being 38% of the WIG 20 Index, 28% of the PX Index,
28% of the BUX Index and 6% of the SBI Index (all indexes are measured in CZK).
During the period the Slovenian benchmark on the Equity Fund was changed. This new index for
Slovenian equities will track the most liquid stocks on the Ljubljana stock exchange.
The performance fee payable as at 31 December 2011 was CZK Nil (June 2011:Nil).
Bond Fund - the benchmark was the CoreActive Bond Index. With effect from 20 August 2008, the
Benchmark is the Bloomberg Effas Czech Govt All >1 Yr TR Index.
The performance fee payable as at 31 December 2011 was CZK Nil (June 2011: Nil).
Conservative Bond Fund - the benchmark is the daily average of six month Prague Interbank Bid
Rate (6M PRIBID)
Note: the Portfolio Return is calculated on a NAV per Share basis. Prior to the revised prospectus
the Performance Periods of the Bond Fund and the Equity Fund were 16 August to 31 January; the
Performance Periods of the Conservative Bond Fund was 07 July to 31 January.
31
Conseq Invest plc
5.
Performance Fee (continued)
Per revised prospectus on the 22 December 2010 the performance period for each of the funds has
been amended as follows: Bond Fund and Equity Fund is 01 February to 29 July; the Conservative
Bond Fund is 01 February to 29 July.
The performance fee payable as at 31 December 2011 was CZK Nil (June 2011: 356,192).
(ii) New Europe Bond Fund
Where the Total Return of the Fund, adjusted for subscriptions and redemptions, is positive (see
below), the Investment Manager is entitled to a performance fee accrued daily and payable semiannually in arrears, calculated by the Administrator, subject to approval by the Custodian as follows:
In each successive Performance Period (180 days) in which the Closing NAV of the Fund is higher
than the Previous Highest Closing NAV, the Investment Manager shall be entitled to a performance
fee, payable out of the assets of the Fund, equal to 8% of the amount of the Total Return. Once
payable, a performance fee for any period will not be affected by any losses experienced by the
Fund in a subsequent performance period. Changes in the revised prospectus on 22 December 2010
mean that the daily performance fee accrual will be weighted by the probability of surpassing the
High-water mark, thus factoring in the likelihood that at the end of the performance period the
performance fee is actually payable.
The performance fee payable as at 31 December 2011 CZK Nil (June 2011: CZK Nil).
The Performance Period for the New Europe Bond Fund was revised per the new prospectus from
24 May to 19 November, to 22 November to 29 July.
Custodian and Trustee Fees
The Custodian is entitled to charge a custody fee at normal commercial rates together with a trustee
fee of 5 basis points per annum of the net asset value of each Fund, subject to a minimum of
US$650 per Fund per month. The fee will be accrued daily and will be paid monthly in arrears out
of the assets of the Company based on the net asset value of each Fund as at the last Dealing Day of
each month. The Custodian is also entitled to charge transaction fees and is entitled to be reimbursed
for all sub-custodians’ fees, both of which will be at normal commercial rates and for all expenses
incurred by it or by its sub-custodians on behalf of the Fund.
The Custodian and Trustee fees of CZK 750,005 (30 June 2011: CZK 965,813) were due at 31
December 2011.
Audit Fees
The audit fees of CZK 453,499 (30 June 2011: CZK 1,027,114) were due at 31 December 2011.
Administration Fees
The Administrator is entitled to charge on a tier structured fee per annum as set out on the below
table of the net asset value of each Fund subject to a minimum of US$555 per month per Fund
US$500 per month per second and subsequent share classes. The Administrator is also entitled to
transactional fees and to reports compilation fees (at normal commercial rates). The fee will be
accrued daily and will be paid monthly in arrears out of the assets of the Company based on the net
asset value of each Fund as at the last Dealing Day of each month. The Administrator is also entitled
to be reimbursed any expenses incurred by it on behalf of a Fund.
32
Conseq Invest plc
5.
Administration Fees (continued)
The table set out below details the tier structured fee for each fund is as follows:
First EUR25 From 25 millions to
Over EUR50
million
EUR50 million
million
Equity Fund
0.20%
0.16%
0.12%
Bond Fund
0.15%
0.12%
0.09%
0.12%
0.10%
0.08%
New Europe Bond Fund
0.17%
0.13%
0.10%
The administration fees of CZK 56,952 (30 June 2011: CZK 1,285,587) were due at 31 December
2011.
Directors’ fees and Expenses
The Directors shall be entitled to a fee and remuneration for their services at a rate to be determined
from time to time by the Directors provided that such fee will not exceed the sum of €10,000 per
annum per Director without the approval of the Board of Directors of the Company. The Directors
may also be paid, inter alia, for travelling, hotel and other expenses properly incurred by them in
attending meetings of the Directors or in connection with the business of the Company. The
Directors Fees of CZK 46,563 (30 June 2011: CZK 477,001) were due at 31 December 2011.
6.
Soft Commission Arrangements
There were no soft commission arrangements in place during the period ended 31 December 2010
(30 June 2011: Nil).
7.
Credit Institution
All monies of the Funds are held with Citibank, N.A. in the name of Citibank International plc,
Ireland Branch as Custodian of the relevant Funds.
8.
Related Parties
In the opinion of the Directors, Conseq Investment Management a.s. (the Investment Manager) is a
related party under FRS 8 “Related Party Transactions”. Mr. Jan Vedral, Mr. Richard Siuda and
Mr. Ondřej Matuška who are Directors of the Company are also Directors of the Investment
Manager. Fees due at the period end are disclosed in the Balance Sheet.
9.
Efficient Portfolio Management
The Company may, for the purposes of efficient portfolio management and hedging of currency
risks, enter into futures contracts or write call options and purchase put options on currencies
provided that these transactions may only concern contracts which are traded on a regulated market
operating regularly, being organised and open to the public. The Company may also enter into
forward sales of currencies or exchange currencies on the basis of “over the counter” (OTC)
arrangements with highly rated financial institutions specialising in this type of transaction. During
the year the Company entered into forward currency transactions.
33
Conseq Invest plc
10.
Share Capital
Authorised Share Capital
On incorporation the authorised Share Capital of the Company was CZK 1,500,000 divided into
1,500,000 Subscriber Shares of a par value of CZK 1 each and 500,000,000,000 shares of no par
value initially designated as unclassified Shares. The unclassified Shares are available for issue as
Shares of classes within the Funds.
There are seven Subscriber Shares currently in issue which are held by the Investment Manager and
nominees of the Investment Manager. These Subscriber Shares may be repurchased by the Company
at any time. The repurchase price will be CZK 1 per Subscriber Share.
11.
Forward Foreign Exchange Contracts
All details of the open forward foreign exchange contracts as at 31 December 2011 have been
incorporated into the Schedule of Investments.
12.
Cross Liability Statement
The Company has adopted segregated liability between Funds, and therefore, the assets of each
Fund are not exposed to the liabilities of the other Funds within the Company.
13.
Significant Events during the period
There were no material significant events impacting the Company during the period ended 31
December 2011, which require amendment to or disclosure in these unaudited financial statements.
14.
Events After Balance Sheet Date
On 1 January 2012 the Administrator changed from Citi Fund Services (Ireland), Limited to
Citibank Europe plc.
15.
Comparative Information
The comparative figures given in the unaudited financial statements are for the year from 1 July
2010 to 30 June 2011. The current period is for six months from 1 July 2011 to 31 December 2011.
16.
Approval of Unaudited Financial Statements
These unaudited financial statements were approved by the Directors on 8 February 2012.
34
Conseq Invest plc
Portfolio Changes for the period ended 31 December 2011
Bond Fund
Largest Purchases
Nominal Description
156,500,000
116,500,000
90,000,000
47,000,000
9,350,000
7,350,000
50,000,000
32,000,000
30,000,000
30,000,000
27,000,000
25,000,000
22,000,000
3,850,000
1,000,000
21,000,000
20,000,000
3,135,000
225,000,000
1,000,000
CEZ AS
Meinl European Land Limited
Ceske Drahy AS
Merrill Lynch
Ceske Drahy AS
Home Credit and Finance
Coupon
Maturity
Cost CZK
4.00%
4.70%
3.85%
6.50%
0.00%
5.25%
0.00%
5.70%
0.00%
2.06%
0.00%
0.00%
0.00%
5.75%
0.00%
2.23%
3.75%
5.50%
6.00%
7.00%
04/11/2017
12/09/2022
29/09/2021
26/01/2014
25/01/2014
25/10/2017
18/08/2015
25/05/2024
02/09/2011
02/09/2011
10/02/2011
27/10/2016
18/04/2023
23/09/2022
22/07/2014
02/12/2011
12/09/2020
25/10/2019
24/11/2023
18/03/2014
162,876,474
122,098,776
89,955,000
49,820,000
48,431,776
42,335,853
40,720,000
35,948,000
29,935,680
29,842,894
26,750,485
24,698,250
22,345,070
22,156,440
21,982,273
20,898,047
20,250,000
17,905,115
17,901,106
17,594,326
Coupon
Maturity
Value CZK
4.70%
4.00%
3.40%
0.00%
0.00%
5.25%
5.00%
5.50%
3.85%
2.06%
0.00%
5.00%
0.00%
0.00%
2.23%
5.75%
0.00%
3.75%
3.00%
0.00%
12/09/2022
11/04/2017
01/09/2015
26/01/2014
25/01/2014
25/10/2017
11/04/2019
25/10/2019
29/09/2021
02/09/2011
02/09/2011
04/11/2019
10/02/2011
27/10/2016
02/11/2011
23/09/2022
07/12/2011
12/09/2020
24/08/2016
13/09/2013
151,093,938
108,491,750
92,151,217
51,722,013
48,465,991
42,341,305
41,208,318
31,977,585
30,645,222
30,000,000
29,974,649
29,182,639
26,799,747
24,564,944
21,000,000
20,080,530
19,692,726
19,692,726
19,692,726
19,692,726
Largest Sales
Nominal Description
141,500,000
101,500,000
87,500,000
47,000,000
9,350,000
7,100,000
50,000,000
5,235,000
30,000,000
30,000,000
30,000,000
25,000,000
27,000,000
25,000,000
21,000,000
3,250,000
23,500,000
15,000,000
2,000,000
14,000,000
CEZ AS
Meinl European Land Limited
Ceske Drahy AS
Ceske Drahy AS
Depfa Bank PLC
Erste Group Bank AG
35
Conseq Invest plc
Equity Fund
Largest Purchases
Nominal
24,000
79,000
33,727
6,000
108,805
169,000
17,000
4,000,000
27,500
200,000
10,000
18,000
25,000
65,000
30,000
1,538
2,000
Description
Cost CZK
Powszechny Zaklad Ubezpieczen SA
Erste Bank der Ost
Grupa Kety SA
Komercni Banka AS
New World Resources PLC
Atrium European Real Estate Ltd
Vienna Insurance Group AG Wiener
Versicherung Gruppe
SC Fondul Proprietatea SA
OTP Bank PLC
Magyar Telekom Telecommunications
PLC
Bank Pekao SA
Erste Groupe Bank AG.
Powszechna Kasa Oszczednosci Bank
Polski SA
Cyfrowy Polsat SA
Telekomunikacja Polska SA
BRE Bank SA
Pegas Nonwovens SA
48,534,484
41,235,404
19,558,743
18,639,036
15,323,290
14,814,176
10,851,654
10,570,488
10,089,724
9,832,402
7,908,466
5,108,782
5,084,442
4,795,056
3,081,501
2,112,558
804,205
Largest Sales
Nominal
4,300
18,000
14,000
25,000
470,000
30,000
10,000
130,000
10,000
60,000
15,000
1,538
Description
Value CZK
Komercni Banka AS
OMV AG
Bank Pekao SA
Cesky Telecom AS
Polimex Mostostal SA
New World Resources PLC
Erste Bank der Ost
Getin Holding SA
Pegas Nonwovens SA
Globe Trade Centre SA
Powszechna Kasa Oszczednosci Bank
Polski SA
BRE Bank SA
36
14,452,403
11,484,940
10,904,453
10,090,612
9,011,328
5,017,463
5,006,479
4,979,195
4,223,742
3,694,095
3,306,651
2,500,381
Conseq Invest plc
Largest Purchases
Nominal
81,000,000
48,000,000
50,000,000
50,000,000
38,000,000
20,000,000
15,000,000
15,000,000
14,000,000
14,000,000
500,000
10,500,000
10,000,000
10,000,000
300,000
6,000,000
250,000
5,000,000
200,000
4,500,000
Description
MOF of Czech Republic T-Bill
CEZ AS
Ceska Sporitelna AS
Erste Group Bank AG
Ceske Drahy AS
ING Bank NV
Raiffeisen Bank International AG
MOL Hungarian Oil and Gas PLC
Goldman Sachs Group Inc/The
Royal Bank of Scotland PLC/The
Coupon
Maturity
Cost CZK
2.48%
4.00%
0.00%
1.52%
6.50%
0.00%
2.75%
3.85%
2.21%
2.52%
2.03%
2.23%
2.01%
1.59%
2.37%
3.75%
5.88%
5.70%
2.04%
3.02%
18/04/2023
11/04/2017
11/02/2014
27/10/2016
26/01/2014
09/04/2013
31/03/2014
29/09/2021
13/09/2013
29/09/2015
22/07/2014
02/12/2011
07/09/2010
10/11/2012
04/03/2013
12/09/2020
20/04/2017
25/05/2024
02/02/2015
22/04/2013
82,277,560
49,950,500
49,537,935
49,396,500
38,910,000
19,700,000
15,402,900
14,983,500
13,643,000
13,076,000
10,991,137
10,449,023
9,978,560
9,930,000
7,521,010
6,075,000
5,652,637
5,525,000
4,430,921
4,358,250
Coupon
Maturity
Value CZK
3.55%
0.00%
0.00%
1.95%
6.50%
3.40%
2.56%
2.06%
2.23%
2.75%
2.80%
0.00%
0.00%
0.00%
5.00%
3.85%
5.70%
3.49%
18/10/2012
11/04/2012
10/02/2012
09/04/2013
26/01/2014
01/09/2015
21/12/2012
02/09/2011
02/12/2011
31/03/2014
16/09/2013
02/09/2011
30/10/2012
07/12/2011
04/11/2019
29/09/2021
25/05/2024
22/03/2012
100,473,304
51,411,714
49,795,114
31,739,538
28,920,104
26,345,833
15,076,725
15,000,000
10,500,000
10,397,694
10,253,889
9,991,882
9,931,000
9,636,866
8,171,139
6,124,617
6,100,208
4,117,744
Largest Sales
Nominal Description
98,000,000
51,000,000
50,000,000
32,000,000
28,000,000
25,000,000
15,000,000
15,000,000
10,500,000
10,000,000
10,000,000
10,000,000
10,000,000
11,500,000
7,000,000
6,000,000
5,000,000
4,000,000
Ceska Sporitelna AS
CEZ AS
CEZ AS
Ceske Drahy AS
Ceske Drahy AS
Depfa Bank PLC
Ceska Sporitelna AS
37
Conseq Invest plc
New Europe Fund
Largest Purchases
Nominal Description
26,000,000
17,400,000
13,801,000
7,310,000
50,000,000
430,000,000
2,350,000
100,000,000
500,000
675,000
250,000
500,000
Meinl European Land Ltd
Ukraine Government Bond
New World Resources
Ronesa Gayrimen
Coupon
Maturity
Cost CZK
0.00%
5.25%
5.50%
5.75%
0.00%
6.00%
4.00%
6.50%
6.25%
10.00%
7.88%
0.00%
25/01/2014
25/10/2017
25/10/2019
23/09/2022
18/08/2015
24/11/2023
01/04/2020
24/06/2019
17/06/2016
15/01/2020
01/05/2018
25/07/2013
Coupon
Maturity
Value CZK
0.00%
5.25%
5.50%
0.00%
5.00%
5.75%
3.00%
0.00%
5.00%
7.95%
6.25%
4.50%
0.00%
5.00%
0.00%
2.02%
0.00%
0.00%
25/01/2014
25/10/2017
25/10/2019
18/08/2015
18/10/2020
23/09/2022
24/08/2016
07/11/2012
25/08/2023
23/02/2021
17/06/2016
23/10/2017
07/03/2012
15/11/2015
01/06/2012
04/03/2015
19/06/2012
14/03/2012
134,771,740
80,285,598
74,777,256
41,177,950
20,249,648
19,774,516
18,933,509
14,022,027
12,880,482
9,559,099
8,724,264
8,550,527
6,112,433
5,372,222
5,264,906
4,938,842
3,558,439
2,478,781
134,676,597
100,249,418
79,174,721
42,127,848
40,678,369
33,583,521
27,252,800
8,671,684
8,485,376
7,138,743
5,761,630
4,983,910
Largest Sales
Nominal Description
26,000,000
13,400,000
12,376,000
50,000,000
1,000,000
3,250,000
2,500,000
1,500,000
2,000,000
550,000
500,000
450,000
600,000
5,000,000
500,000
250,000
340,000
240,000
Meinl European Land Ltd
Poland Treasury Bill
Ireland Government Bond
IS Bank
Severomoravske Vodo
Creditwest Faktoring
OTP Bank
Merinos Hali
38

Conseq Invest plc Interim Report and Unaudited Financial

Transcription

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