TIDMHYF
RNS Number : 7001X
Himalayan Fund N.V.
01 September 2015
01 September 2015
Himalayan Fund N.V.
Semi-Annual Report 2015
The complete version may be found on
http://www.himalayanfund.nl/annual-reports/
Contents
Multiple year overview Himalayan
Fund N.V. 3
Profile 4
Directors' Report 5
Financial statements 7
Balance sheet 8
Profit & Loss account 9
Statement of Cash Flows 10
Notes 11
Notes to the Balance sheet 13
Notes to the Profit & Loss account 16
Portfolio Breakdown 18
Other information 19
Himalayan Fund N.V.
open-end investment Fund (in Dutch: beleggingsmaatschappij met
veranderlijk kapitaal)
Registered office: c/o Inviqta
Legmeerdijk 182
1187 NJ Amstelveen
The Netherlands
Board of Directors: Ian McEvatt, Chairman
Dwight Makins
Robert Meijer *
Karin van der Ploeg *
Administrator: CACEIS Bank Luxembourg Amsterdam Branch
Gustav Mahlerlaan 310-B
1082 ME Amsterdam
The Netherlands
Custodian: Citibank
3rd Floor, Trent House
G Block, Plot No 60
Bandra Kurla Complex
Bandra (East)
Mumbai - 400 051
India
Listing Agent / Bank /
Fund Agent: Kas Bank N.V.
Auditor: Mazars Paardekooper Hoffman Accountants N.V.
P.O. Box 7266
1007 JG Amsterdam
For information or Prospectus: Website: http://www.himalayanfund.nl
Email: karin@himalayanfund.nl
Phone: +31 (0) 20 641 1161
* Dutch resident
Multiple year overview Himalayan Fund N.V.
30-06-2015 31-12-2014 31-12-2013 31-12-2012 31-12-2011
Net Asset Value
(USD x 1,000)
Net Asset Value
according to balance
sheet 11,593 12,024 10,853 14,137 15,896
Less: value priority
shares 14 14 14 14 14
---------- ---------- ---------- ---------- ----------
11,579 12,010 10,839 14,123 15,882
---------- ---------- ---------- ---------- ----------
01-01-2015 01-01-2014 01-01-2013 01-01-2012 01-01-2011
30-06-2015 30-06-2014 30-06-2013 30-06-2012 30-06-2011
Profit and loss
(USD x 1,000)
Income from investments 40 137 89 164 53
Capital gains/losses 678 2,618 -1,256 690 -2,081
Expenses -242 -277 -223 -291 -373
Tax 17 - 22 15 -
---------- ---------- ---------- ---------- ----------
Total investment
result 493 2,478 -1,368 578 -2,401
Number of ordinary
shares
outstanding 218,055 258,309 347,373 432,610 346,405
Per ordinary share
Net Asset Value
share (USD) 53.10 44.97 34.65 35.03 50.97
Transaction price
Euronext Amsterdam
end of reporting
period (USD) 53.06 44.28 33.81 33.89 50.79
Income from investments
(USD) 0.19 0.53 0.26 0.38 0.15
Capital gains/losses
(USD) 3.11 10.13 -3.61 1.59 -6.00
Expenses (USD) -1.11 -1.07 -0.64 -0.67 -1.08
Tax 0.08 - 0.06 0.04 -
---------- ---------- ---------- ---------- ----------
Total investment
result (USD) 2.27 9.59 -3.93 1.34 -6.93
---------- ---------- ---------- ---------- ----------
Profile
General
Himalayan Fund N.V. (the "Fund") is an open-end investment
company (in Dutch: beleggingsmaatschappij met veranderlijk
kapitaal) incorporated under Dutch Law with its statutory seat in
Amsterdam, The Netherlands. The Fund has 4,450,005 Ordinary Shares
and 49,995 Priority Shares in issue.
Objective
The Fund's principal objective is to generate long-term capital
appreciation for its shareholders by investing in the stock markets
of the Indian sub-continent. The Fund currently invests only in the
Indian stock markets; the discretion to invest a small proportion
of the portfolio in contiguous markets is not currently exercised.
The Fund is registered as a Foreign Investment Institution (FII)
with the Securities and Exchange Board of India which enables it to
hold its own investments directly with its custodian, Citibank NA
in Mumbai.
Open-end status
The Fund is classified as an open-end investment company in The
Netherlands and its Ordinary Shares are traded weekly through the
Euronext Fund Service of NYSE Euronext Amsterdam. Liquidity is
assured by the Fund buying and selling its own shares in the market
at a Transaction Price based on Net Asset Value and holding
re-purchased shares in treasury pending re-sale.
Investment support
The Fund has entered into agreements with Mr. Ian McEvatt and
IndAsia Fund Advisors Pvt Ltd in Mumbai. Both parties provide the
Fund with research reports.
Registered office
The Fund has appointed Inviqta, a partnership of lawyers
established in Amstelveen, The Netherlands, to provide
domiciliation and company secretarial services.
Administrator
CACEIS Bank Luxembourg Amsterdam Branch (CBL AB) established in
Amsterdam, The Netherlands, has been appointed by the Fund as the
Administrator of Himalayan Fund N.V. CBL AB is an integral part of
an international fund administration network operating under the
CACEIS name.
Corporate Governance
The Board of Directors has adopted a Code of Governance
(Principles on Fund Governance) practice which is available for
downloading from the official website. The Fund does not actively
use its voting rights at shareholder meetings of companies in which
it has invested.
Taxation
In order to qualify as a Fiscal Investment Institution in The
Netherlands, the Fund is obliged to distribute all of its fiscal
income and will then be subject to 0% rate of Dutch corporate
income tax on its profits. It is the intention that the Fund is
managed in such a way as to maintain this status.
The Fund is registered as a Foreign Investment Institution with
the Securities and Exchange Board of India: this enables the Fund
to enjoy the benefits of the tax treaty between India and The
Netherlands, so that the proceeds of investment in India can be
received free of tax.
For the benefit of UK investors, the Fund has registered with
Her Majesty's Revenue and Customs (HMRC) as a Reporting Fund with
effect from financial year 2011. Subject to regular reporting
requirements, investment in the Fund by UK tax payers will enjoy
equivalent treatment to domestic mutual funds for UK tax purposes.
It's the Fund's intention to maintain compliance with the
requirements of Reporting Fund status.
When the Fund has held investments in Bangladesh and Sri Lanka
in the past, dividends received have been subject to withholding
tax which has been carried as an expense in the profit and loss
account. No capital gains tax is levied in Sri Lanka; the Fund has
been able to claim exemption from capital gains tax in Bangladesh
due to its tax exempt status in The Netherlands.
Directors' Report
The Fund
The Net Asset Value (NAV) per share of your Fund was US$53.10 on
June 30th 2015, 4.1% higher than the closing NAV of $51.01 on
December 31st, 2014. Over the same period, the Fund's performance
benchmark, the CNX Nifty index in US$ terms, advanced by 0.4%%.
Thus, your Fund outperformed its benchmark by 3.7%. This half-year
is the third successive six-month period in which the Fund has
outperformed its performance benchmark. For comparison purposes,
the Transaction Price for the Fund's shares was
US$51.76 on January 2nd the first Execution Day of 2015 and on
June 26th, the last Execution Day of the half-year, the Transaction
Price was US$53.25, a rise of 2.9%. Over the comparable period, the
benchmark index fell 0.7%, including Rupee depreciation of 0.6%
against the US dollar.
The number of Ordinary Shares held by third parties on December
31, 2014 was 235,416; by mid-year, this had fallen to 218,055.
The net turnover in the Fund's Ordinary Shares in the first half
of this year was just 7%. Investment in emerging markets demands
long-term commitment and in the first half of 2015, India provided
a modest reward which your Fund succeeded in multiplying for
investors who stayed the course. We commend our long-standing
shareholders for their commitment and thank them for their
continuing loyalty.
The Market
The first half of 2015 was tough for equity investors as the
MSCI World Index returned just 1.5%, somewhat less than the return
achieved in the comparable period in 2014. Developed markets were
in the black, the US up by 2.6%, Europe by 1.9% and the UK by 1.7%.
In emerging markets, the MSCI Emerging Markets Index returned 1.7%,
with the BRIC family notable for a return of 6.6%.
This was driven by a sharp advance of more than 12% in Chinese
markets as the government tried to engineer a "soft landing" for
the struggling economy.
(MORE TO FOLLOW) Dow Jones Newswires
September 01, 2015 07:44 ET (11:44 GMT)
In this context, the Indian markets managed to eke out a small
advance in the first half against a background of weak corporate
results and fading sentiment for the reforms promised by the Modi
government. Its thumping majority in the Lower House of parliament
gave rise to exaggerated optimism about the ease with which
controversial legislation could be passed. By mid-year, the two
most important statutory reforms were bogged down by opposition
resistance in the Upper House: the GST Bill and the
Land Acquisition Amendment Bill. India's macroeconomic position
improved significantly, however, thanks to external effects in the
form of commodity price reductions, especially oil, as well as some
deft management of the economy, both by the RBI and the
Finance Ministry. By mid-year, inflation had fallen below the
RBI's long-term target level of 6% and the bank took advantage by
cutting the repo rate twice. Also, the falling prices of imports
brought down the trade deficit and helped to reduce the fiscal
deficit to just below 4% by the time of the budget. This allowed
progressive reductions in the burden of fuel price subsidies and
provided a platform for a modestly expansive budget. By mid-year,
India's external position was robust, with foreign reserves of more
than $330bn near all-time highs. Also, the RBI has managed the
external reserves with a maturity profile intended to withstand
volatility in international liquidity due to interest rate rises
expected in the US.
Foreign portfolio flows continue to have an important impact on
the direction and momentum of Indian stock markets. Foreign
portfolio investors bought a net $4.3bn in cash equities in the
first half-year but this flow masked another period of instability,
in which net outflows of $1.5bn in May and June were caused by news
that the tax authorities were pursuing FIIs for unpaid Minimum
Alternative Tax (MAT) payable as a consequence of a new policy
announced in the Budget. The outcome of the action remained
uncertain at mid-year, though test case appeals are under way.
Shareholders should note, however, that Himalayan Fund's benefits
under the Dutch/Indian double tax treaty have protected the Fund
and also provide protection against taxation on long-term capital
gains which may apply under other regimes. Meanwhile, foreign
portfolio investors continue to hold some 23% of listed Indian
equity. As the half-year progressed, a return of retail interest in
the markets was accelerating, with the volume of interest from
domestic mutual funds gathering pace.
Investment strategy continued to focus on picking stocks for
exceptional return potential which also meet our governance
standards. In the first half-year, we maintained some highly
concentrated positions which rewarded our commitment. In the
Healthcare Sector: our pharmaceutical holdings made the largest
contribution to performance and at the end of the period remained
two of our largest positions. We moved to a neutral weight in the
Financial Sector, with some stocks contributing strongly while
others lagged. In the Consumer Sector, we exited larger cap stocks
and focused on non-index stocks, including our largest single
holding. We finally lost faith in the Energy Sector, exiting
entirely before returning in the last week of the half. In IT, we
maintained our sector exposure while reducing stock risk by adding
to the number of holdings. Several times during the half we trimmed
our largest holdings to take profits as well as for risk management
purposes. At mid-year, we had 22 holdings of which the top ten in
size made up 70.2% of the portfolio. Nifty stocks represented 56.3%
of the portfolio.
India's growth outlook has been transformed over twelve months:
GDP is forecast to grow by nearly 8% this fiscal year and it is
widely expected that this may be exceeded if more rate cuts are
forthcoming. There is evidence of acceleration in execution of
government investment projects and at the time of writing there is
also evidence of improving consumer confidence, especially in urban
areas. On the other hand, the government is facing increasing
political resistance in pursuing reforms; credit growth remains
weak, suggesting a lack of private sector investment; and earnings
reports continue to be weak. The macroeconomic environment is
expected to be sustained through he second half nonetheless, so
there seems to be little point in losing faith. The rest of the
world provides little encouragement.
Administration
The Fund's website provides access to all regulatory and
statutory information on the Fund, the address is:
www.himalayanfund.nl
On June 18, the AGM of the Fund was held in Amsterdam; the
Annual Report for 2014 was adopted by unanimous vote and the
Directors were discharged from their responsibilities for the
year.
Our two board meetings so far this year were occasions to
celebrate the 25th anniversary of the Fund's launch. First, in
Amsterdam in March, when NYSE Euronext Amsterdam invited the
Chairman, accompanied by invited guests to strike the gong to open
trading on March 30th. Then, on June 17th, we had a similar
occasion at The London Stock Exchange. Both of these events gave us
a rare opportunity to acknowledge the contributions and support of
the many associates and service providers with whom we work on a
day to day basis.
Conclusion
The Directors would like to thank our long-standing shareholders
for their continuing support for the Fund in volatile market
conditions which nonetheless provide encouragement for long-term
return expectations. In compliance with regulatory requirements,
the Directors review the Synthetic Risk and Reward Indicator (SRRI)
on a regular basis. As at June 30th, the calculation puts the Fund
in Category 6, the same category as last year. Consistent positive
monthly returns continue to drive the SRRI percentage, so that we
are now at the bottom of the current range and may drop into a
lower category in due course. It is not unusual for a fund
investing in emerging market equities to have a high risk rating
and the Directors remind shareholders of the risk statements in
the
Fund's Prospectus which is available for download from the
Fund's website.
Amsterdam, August 24, 2015
Board of Directors
Ian McEvatt, Chairman
Dwight Makins
Robert Meijer
Karin van der Ploeg
Financial statements
Himalayan Fund N.V.
Semi Annual Report 2015
Balance sheet
(before profit appropriation)
30-06-2015 31-12-2014
USD Notes USD
Investments
Securities 11,279,734 4.1 11,907,241
Short term receivables
Receivable on security
transactions - 5.1 -
Due to subscriptions - 5.2 4,944
Dividend receivable 12,600 5.3 -
Other receivables - 5.4 -
---------- -----------
12,600 4,944
Other assets
Cash at banks 634,498 6 200,116
Current liabilities (due
within one year)
Payable on security transactions 263,411 7.1 -
Due to redemptions 11,514 7.2 13,349
Other liabilities, accruals
and deferred income 58,463 7.3 75,295
---------- -----------
Total current liabilities 333,388 88,644
Total of receivables
and other assets
less current liabilities 313,710 116,416
----------
Total assets less current
liabilities 11,593,444 12,023,657
---------- -----------
Shareholders' equity
Issued capital 17,958 8.1 18,488
Share premium 19,025,227 8.2 19,947,953
General reserve -7,942,784 8.3 -11,914,402
Undistributed result
current year 493,043 8.4 3,971,618
----------
Total shareholders' equity 11,593,444 12,023,657
---------- -----------
Net Asset Value per share 53.10 51.01
Profit & Loss account
01-01-2015 01-01-2014
30-06-2015 30-06-2014
USD Notes USD
Income from investments
Dividends 40,428 9.1 65,601
Other income 40 9.3 71,082
---------- ----------
40,468 136,683
Capital gains/losses
Unrealised gains on investments 404,940 4 2,616,143
Unrealised losses on
investments -1,112,815 4 -521,769
Realised price gains
on investments 1,605,299 4 997,184
Realised price losses
on investments - 4 -103,730
Realised currency gains
on investments - 4 9,647
Realised currency losses
on investments -211,562 4 -371,682
Other exchange differences -7,857 -8,230
---------- ----------
678,005 2,617,563
Expenses
(MORE TO FOLLOW) Dow Jones Newswires
September 01, 2015 07:44 ET (11:44 GMT)
Investment research fees 90,847 10.1 102,499
Other expenses 151,091 10.2 174,773
---------- ----------
241,938 277,272
----------
Tax 16,508 -
Total investment result 493,043 2,476,974
---------- ----------
Total investment result
per ordinary share 2.26 9.59
Statement of Cash Flows
01/01/2015 01/01/2014
30/06/2015 30/06/2014
USD Notes USD
Cash flow from investing
activities
Income from investments 40,468 9 136,683
* 277,272
Expenses * 241,938 10
Tax 16,508 -
----------------- -----------------
* 140,589
Result of operations * 184,962
* 468,121
Purchases of investments * 1,654,272 4
Sales of investments 2,967,641 4 2,496,577
----------------- -----------------
1,313,369 2,028,456
Change in short term * 26,935
receivables * 7,656 5
* 48,541
Change in current liabilities 244,744 7
----------------- -----------------
* 75,476
237,088
----------------- -----------------
Cash flow from investing
activities 1,365,495 1,812,391
Cash flow from financing
activities
Received on shares issued 186,699 8 26,933
Paid on shares purchased * 1,109,955 8 * 1,727,304
----------------- -----------------
Cash flow from financing
activities * 923,256 * 1,700,371
* 8,230
Other exchange differences * 7,857
----------------- -----------------
Change in cash and cash
equivalents 434,382 103,790
Cash and cash equivalents
as at January 1 200,116 331,368
----------------- -----------------
Cash and cash equivalents
as at June 30 634,498 6 435,158
----------------- -----------------
Notes
1 General
Himalayan Fund N.V. ('the Fund') is an open-end investment
company (in Dutch: beleggingsmaatschappij met veranderlijk
kapitaal) incorporated under Dutch law and has its statutory seat
in Amsterdam. The Fund is listed both on NYSE Euronext Amsterdam
and on The London Stock Exchange.
This semi annual report is prepared in accordance with Part 9
Book 2 of the Dutch Civil Code and the Act on the Financial
Supervision (AFS) ("Wet op het financieel toezicht"). Since
December 1991 the Fund is licensed to undertake investment
activities according to the Act on the Financial Supervision.
2. Principles of valuation
2.1 Investments
The investments are valued based on the following
principles:
- listed securities are valued at the most recent stock market
price as at the end of the accounting period which can be
considered fair value;
- non or low marketable securities are, according to the
judgement of the Investment Committee, valued at the best effort
estimated price, taking into account the standards which the
Investment Committee thinks fit for the valuation of such
investments.
Expenses related to the purchase of investments are included in
the cost of investments.
Sales charges, if any, are deducted from gross proceeds and will
be expressed in the capital gains/losses.
2.2 Foreign currency translation
Assets and liabilities in foreign currencies are translated into
US dollars at the rate of exchange as at the balance sheet date.
All exchange differences are taken to the profit and loss account.
Income and expenses in foreign currencies are translated at the
exchange rate as per transaction date.
Rates of exchange as at June 30, 2015, equivalent of 1 US
dollar:
Euro 0.89750 Srilanka Rupee 133.80003
Indian Rupee 63.67999 Bangladesh Taka 77.77500
------------- -------- ----------------- ---------
2.3 Other assets and liabilities
Other assets and liabilities are stated at nominal value. If
required, provisions have been taken for irrecoverable
receivables.
2.4 Income recognition principles
The result is determined by deducting expenses from the proceeds
of dividend, interest and other income in the period under review.
The realized revaluations of investments are determined by
deducting the purchase price from the sale proceeds. The unrealized
revaluations of investments are determined by deducting the
purchase price or the balance sheet value
at the start of the period under review from the balance sheet
value at the end of the period under review. Brokerage fees payable
on the acquisition of investments, if any, are considered to be
part of the investments costs, and as a result, are not taken to
the profit and loss account.
2.5 Cash flow statement
The Cash Flow statement has been prepared according to the
indirect method.
3. Risk Management
Investing in emerging and developing markets carries risks that
are greater than those associated with investment in securities in
developed markets. In particular, prospective investors should
consider the following:
3.1 Currency Fluctuations
The Fund invests primarily in securities denominated in local
currencies whereas the Ordinary Shares are quoted in US dollars.
The US dollar price at which the Ordinary Shares are valued is
therefore subject to fluctuations in the US dollar/ local currency
exchange rate.
3.2 Counterparty Risk
The Fund deals principally in listed stocks traded on the BSE
and the NSE in India.
All transactions are book-entry and settlement is fully
automated. In the event of non-delivery by either side, the
transaction fails. In this case recovery can be achieved by
delivery against payment or the transaction abandoned.
3.3 Concentration Risk
The investment restrictions for the Fund in section IX
INVESTMENT POLICIES of the Prospectus, limit the possibility for
concentration of risk by stock and sector. Investors should note
that the portfolio will be concentrated in the Indian
sub-continent.
3.4 Market Volatility
Securities exchanges in emerging markets are smaller and subject
to greater volatility than those in developed markets. The Indian
market has in the past experienced significant volatility and there
is no assurance that such volatility will not occur in the
future.
3.5 Market Liquidity
A substantial proportion of market capitalization and trading
value in emerging markets can be represented by a relatively small
number of issuers. Also, there is a lower level of regulation and
monitoring of the activities of investors, brokers and other market
participants than in most developed markets. Disclosure
requirements may be less stringent and there may be less public
information available about corporate activity. As a result,
liquidity may be impaired at times of high volatility.
The Indian markets have withstood high volatility in the recent
past and recovered momentum because of excellent corporate results.
This has shown that the liquidity in the shares of the top
companies is strong, as further emphasized by demand for those
shares through Depository Receipts in overseas markets.
Furthermore, standards of governance and transparency are improving
dramatically under the impetus of the regulatory bodies. Other
contiguous markets are not necessarily the same and the Fund only
invests in them with the utmost care.
3.6 Fund Liquidity
The Fund's rules allow weekly purchases and sales of Ordinary
Shares but in order to allow orderly management of the portfolio in
the interest of continuing shareholders, the value of purchases may
be limited to 5% of the net asset value of the Fund on any one
Execution Day.
3.7 Political Economy
The Fund's portfolio may be adversely affected by changes in
exchange rates and controls, interest rates, government policies,
inflation, taxation, social and religious instability and regional
geo-political developments.
3.8 Legal and Regulatory Compliance
The Fund is responsible for ensuring that no action taken by it
or by any contracted service provider might cause a breach of any
legal or regulatory requirement. The Fund and all of its service
providers maintain adequate control procedures to guard against any
such occurrence and these procedures are subject to regular review.
Should such a breach occur inadvertently, control procedures should
detect it and institute corrective action without delay.
3.9 Financial Crisis
(MORE TO FOLLOW) Dow Jones Newswires
September 01, 2015 07:44 ET (11:44 GMT)
Almost uniquely amongst financial markets, the Indian financial
sector was insulated against any consequences of the recent
financial crisis by the tight control exercised by the RBI. Bank
balance sheets were free of toxic assets and capital ratios were
maintained. Ratios of non-performing assets remained within
historic norms.
3.10 Credit risk
The principal credit risk is counterparty default (i.e., failure
by the counterparty to perform as specified in the contract) due to
financial impairment or for other reasons. Credit risk is generally
higher when a nonexchange-traded or foreign exchange-traded
financial instrument is involved. Credit risk is reduced by dealing
with reputable counterparties. The Fund manages credit risk by
monitoring its aggregate exposure to counterparties.
Notes to the Balance sheet
30-06-2015 31-12-2014
4. Investments USD USD
4.1 Statement of changes in securities
Position as at January 1 11,907,241 10,741,908
Purchases 1,654,272 1,127,892
Sales -2,967,641 -4,268,428
Unrealised gains on investments 404,940 3,485,272
Unrealised losses on investments -1,112,815 -787,449
Realised price gains on investments 1,605,299 2,223,946
Realised price losses on investments - -103,730
Realised currency gains on investments - 9,647
Realised currency losses on investments -211,562 -521,817
---------- ----------
Position as at June 30 11,279,734 11,907,241
---------- ----------
Historical cost 6,450,337 6,369,968
The portfolio comprises of shares,
mainly listed.
The total unlisted shares held directly by the Fund amounted to
USD 127,953 (December 31, 2014: USD 114,616). The portfolio
break-down as at June 30, 2015 is specified on page 18 of this
report.
4.2 Transaction costs
The transaction costs for the purchase of investments are
capitalized within the historical cost price and for sales the
transaction costs are discounted from the sales price. Transaction
costs for the first half year of 2015 are USD 15,471 (for the first
half year of 2014: USD 10,331).
5. Receivables
5.1 Receivable on security transactions
These include transactions still unsettled as at the balance
sheet date.
5.2 Due to subscriptions
These include payments already done by new subscribers for
entering the Fund against the next available NAV.
5.3 Dividend receivable
These include other transactions still unsettled as at the
balance sheet date.
This includes the receivables from unsettled share subscriptions
as per balance sheet date.
5.4 Other receivables
These include other receivables.
6. Cash at banks
This includes immediately due demand deposits at banks.
7. Current liabilities (due within one year)
7.1 Payable on security transactions
These include transactions still unsettled as at the balance
sheet date.
7.2 Due to redemptions
These include the debts in respect of the repurchase of shares
Himalayan still unsettled as at the balance sheet date.
30/06/2015 31/12/2014
USD USD
7.3 Other liabilities, accruals
and deferred income
Payable investment reseach
fee 26,626 21,985
Payable administration fee 4,642 5,042
Payable auditors fee 10,357 22,409
Other expenses payable 16,838 25,859
----------- -----------
58,463 75,295
----------- -----------
8. Shareholders'
equity
The authorised share capital of the Fund is EUR
60,000 (December 31, 2014: EUR 60,000) and consists
of:
Ordinary shares
of EUR 0.01 each 5,000,100
Priority shares
- of EUR 0.20 each 49,995
8.1 Issued capital number USD USD
------------------------------
Ordinary shares:
Position as at January
1 235,416 4,258 4,189
Sold 3,452 35 18
Purchased -20,813 -208 -705
Revaluation - -357 756
---------- ------- -------
Position as at June
30 218,055 3,728 4,258
-------
Priority shares:
Position as at January
1 49,995 14,230 14,230
Sold - - -
Revaluation - - -
---------- ------- -------
Position as at June
30 49,995 14,230 14,230
Total issued capital 17,958 18,488
-------
As at June 30, 2015 the issued and subscribed
share capital amounts to: EUR EUR
Ordinary shares, par
value EUR 0.01 (December
31, 2014: EUR 0.01) 4,450,005 44,500 44,500
Priority shares, par
value EUR 0.20 (December
31, 2014: EUR 0.20) 49,995 9,999 9,999
------- -------
54,499 54,499
------- -------
The Fund became open-ended on April 7, 2000. As at June 30, 2015
a total of 4,231,950 Ordinary Shares have been purchased, meaning
that 218,055 Ordinary Shares are still outstanding as at June 30,
2015. Ordinary Shares purchased by the Fund are directly charged
against capital and share premium.
8.2 Share premium USD USD
Position as at January
1 19,947,953 22,748,568
Received on shares
sold 186,664 86,250
Paid on shares purchased -1,109,747 -2,886,109
Revaluation of outstanding
capital 357 -756
Position as at June
30 19,025,227 19,947,953
30/06/2015 31/12/2014
USD USD
8.3 General reserve
Position as at January 1 -11,914,402 -10865740
Transferred from undistributed
result 3,971,618 -1,048,662
Position as at June 30 -7,942,784 -11,914,402
8.4 Undistributed result
Position as at January 1 3,971,618 -1,048,662
Transferred to/from general
reserve -3,971,618 1,048,662
Total investment result 493,043 3,971,618
Position as at June 30 493,043 3,971,618
Three years Himalayan Fund
N.V.
30/06/2015 31/12/2014 31/12/2013
Net Asset Value (USD x 1,000)
Net Asset Value according to balance
sheet 11,593 12,024 10,853
Less: value priority
shares 14 14 14
11,579 12,010 10,839
Number of Ordinary Shares
outstanding 218,055 235,416 304,103
Per Ordinary Share
Net Asset Value
share (USD) 53.1 51.01 35.64
Notes to the Profit & Loss account
9. Income from investments
9.1 Dividends
This refers to net cash dividends including withholding tax.
Stock dividends are considered to be cost free shares. Therefore
stock dividends are not presented as income.
9.2 Interest income
Most of this amount was received on outstanding cash
balances.
9.3 Other income
From March 6, 2009 this refers to the charges of 0.35% received
on shares issued and repurchased.
These costs are to cover transaction costs in relation with the
purchase and sale of Ordinary Shares and are booked as an income
for the Fund.
01-01-2015 01-01-2014
10. Expenses 30-06-2015 30-06-2014
USD USD
10.1 Investment research fees
Research fee 85,771 93,500
Custody Fee and Charges 5,076 8,999
---------- ----------
90,847 102,499
---------- ----------
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