BlackRock Latin American Investment Trust (LON:BRLA) annual results announcement for the year ended 31 December 2019.
FINANCIAL HIGHLIGHTS AS AT 31 DECEMBER 2019
Outperformance of index benchmark 0.7%1,6
Revenue profit per ordinary share (+19.6%) 18.10 cents
Ordinary share price (+22.0%3,6) 643.17 cents4
NAV per ordinary share (+18.2%3,6) 732.15 cents
Net assets (+12.6%) US$287.4 million
Total dividends (+48.2%5) 34.89 cents
Dividend yield 5.4%2,6
Percentage comparisons are year on year against 31 December 2018.
1 Outperformance based on cum-income NAV per share calculated relative to the MSCI EM Latin America Index (Net Return) with dividends reinvested for the year ended 31 December 2019 (all in US Dollars).
2 Yield calculated based on 4 quarterly dividends for the year ended 31 December 2019 of 34.89 cents per share and the share price as at 31 December 2019 of 643.17 cents. 2018 dividend yield based on total dividends of 23.55 cents and a share price at 31 December 2018 of 557.20 cents.
3 All calculations in US Dollars with dividends reinvested.
4 Mid-market price.
5 Dividends declared in respect of the financial year to 31 December 2019 of 34.89 cents per share compared to dividends declared in respect of the financial year to 31 December 2018 of 23.55 cents per share.
6 Alternative Performance Measure. See Glossary in the Annual Report and Financial Statements.
PERFORMANCE RECORD
| 31 December 2019 | 31 December 2018 | Change % | |
| Net assets (US$’000) | 287,444 | 255,245 | +12.6 |
| Net asset value per ordinary share (US$ cents) | 732.15c | 650.15c | +12.6 |
| – with dividends reinvested1 | +18.2 | ||
| Ordinary share price (mid-market) (US$ cents)2 | 643.17c | 557.20c | +15.4 |
| – with dividends reinvested1 | +22.0 | ||
| Ordinary share price (mid-market) (pence) | 485.50p | 437.50p | +11.0 |
| – with dividends reinvested1 | +17.2 | ||
| Discount1 | 12.2% | 14.3% | n/a |
| MSCI EM Latin America Index (Net return)3 | 558.16 | 475.18 | +17.5 |
| | Year ended 31 December 2019 | Year ended 31 December 2018 | Change % |
| Revenue | |||
| Net profit after taxation (US$’000) | 7,106 | 5,947 | +19.5 |
| Revenue profit per ordinary share (US$ cents) | 18.10 | 15.13 | +19.6 |
| Dividends per ordinary share (US$ cents) | |||
| Quarter to 31 March | 8.56 | n/a | n/a |
| Quarter to 30 June | 9.15 | 7.57 | +20.9 |
| Quarter to 30 September | 8.03 | 7.85 | +2.3 |
| Quarter to 31 December | 9.15 | 8.13 | +12.5 |
| —————– | —————– | —————– | |
| Total dividends paid and payable (US$ cents) | 34.89 | 23.55 | +48.2 |
| ========== | ========== | ========== |
Source: BlackRock.
1 Alternative Performance Measures, see Glossary in the Annual Report and Financial Statements.
2 Based on an exchange rate of $1.3248 to £1 at 31 December 2019 and $1.2736 to £1 at 31 December 2018.
3 The Company’s performance benchmark (the MSCI EM Latin America Index) may be calculated on either a Gross or a Net return basis. Net return (NR) indices calculate the reinvestment of dividends net of withholding taxes using the tax rates applicable to non-resident institutional investors, and hence give a lower total return than indices where calculations are on a Gross basis (which assumes that no withholding tax is suffered). As the Company is subject to withholding tax rates for the majority of countries in which it invests, the NR basis is felt to be the most accurate, appropriate, consistent and fair comparison for the Company.
About BlackRock Latin American Investment Trust plc
BlackRock Latin American Investment Trust plc aims to secure long-term capital growth and an attractive total return primarily through investing in quoted securities in Latin America.
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