Asia Dragon Trust : Annual Report to 31 August 2022

Asia Dragon Trust plc

Annual Report 31 August 2022

Asia Dragon Trust plc

asiadragontrust.co.uk

"While the Company cannot be immune to the global picture or to geopolitical pressures, the Board remains convinced of the long-term outlook for Asia and the types of businesses favoured by your Manager."

James Will, Chairman

"Our focus remains on quality companies with sustainable business models, robust finances and access to structural growth drivers. We continue to favour fundamental themes like consumption, technology and green energy, which we believe will deliver positive results for Shareholders over the long run."

Adrian Lim and Pruksa Iamthongthong, abrdn (Asia) Limited

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own financial advice from your stockbroker, bank manager, solicitor, accountant or other financial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised financial adviser. If you have sold or otherwise transferred all your Ordinary shares in Asia Dragon Trust plc, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.

Asia Dragon Trust plc

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Performance Highlights

Net asset value total returnA

(8.4)%

2021	+20.5%

Share price total returnA

(11.8)%

	2021		+24.3%

Net asset value per share

513.3p

2021	566.6p

Share price

446.0p

	2021		512.0p

	Benchmark total return (in sterling terms)					Ongoing chargesA
	(7.1)%					0.84%
	2021		+14.7%				2021		0.83%

Earnings per share (revenue)

6.38p

Dividend per share

6.50p

2021	7.36p		2021	6.50p

1. Considered to be an Alternative Performance Measure. Further details can be found on page 99.

Net asset value per share		Dividends per share						Mid-market price per
															share
At 31 August - pence		Year ended 31 August - pence						At 31 August - pence
		566.6							6.50	6.50					512.0
																	446.0
		513.3										402.5	416.0
458.0	474.4
				4.75	4.75					370.0
421.5
						4.00

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2	Asia Dragon Trust plc

Contents

"ESG factors are considered in all investment decisions, and also at Board level, where ESG integration has become an increasingly important part of our discussions over the course of the year. The Trust's portfolio is ESG AA rated by MSCI, which is higher than the benchmark rating of A."

James Will, Chairman

Overview
Financial Calendar, Dividends and Highlights	4
Strategic Report
Chairman's Statement	8
Investment Manager's Review	11
Overview of Strategy	15
Our Manager's Approach to ESG	22
Results	29
Performance	30
Portfolio
Ten Largest Investments	34
Investment Portfolio	35
Changes in Asset Distribution	38
Analysis of Portfolio	39
Investment Case Studies	41
Governance
Board of Directors	44
Directors' Report	47
Statement of Corporate Governance	51
Audit and Risk Committee's Report	56
Directors' Remuneration Report	59
Statement of Directors' Responsibilities	63
Financial Statements
Independent Auditors' Report to the Members of Asia
Dragon Trust plc	65
Statement of Comprehensive Income	72
Statement of Financial Position	73
Statement of Changes in Equity	74
Statement of Cash Flows	75
Notes to the Financial Statements	76
Corporate Information
Alternative Performance Measures	98
Information about the Investment Manager	100
Investor Information	101
Glossary of Terms	105
Your Company's Share Capital History	107
Alternative Investment Fund Managers Directive
Disclosures (Unaudited)	108
General
Notice of Annual General Meeting	110
Corporate Information	117

Asia Dragon Trust plc

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