Baker Steel Resources Trust Limited (BSRT) 2015年年度报告「LSE」.pdf

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1、BAKER STEEL RESOURCES TRUST LIMITEDAnnual Report and Audited Financial StatementsFor the year ending 31 December 2015 CONTENTS PAGE Chairmans Statement 3 Investment Managers Report 4-7 Strategic Report 8-12 Board of Directors 13 Directors Report 14-20 Report of the Audit Committee 21-24 Portfolio St

2、atement 25-26 Independent Auditors Report 27-31 Statement of Financial Position 32 Statement of Comprehensive Income 33-34 Statement of Changes in Equity 35 Statement of Cash Flows 36 Notes to the Financial Statements 37-57 Appendix-additional information(unaudited)58 Glossary of Terms 59 Notice of

3、2016 Annual General Meeting Management and Administration BAKER STEEL RESOURCES TRUST LIMITED 60-6263-64MISSION STATEMENT11 Source:Bloomberg,Baker Steel internal Data at 31 December 2015?(“BSRT”)?Outperform?+94%?Under?perform?Outperform?+517%?Under?perform?39%?58%?Outperform?+43%?CHAIRMANS STATEMENT

4、 For the year ended 31 December 2015 Despite apparent green shoots in the mining sector at the beginning of 2015,hopes for improved conditions were disappointed as the bear market of the past five years continued unabated during the year,amid fears of a slowdown in demand for metals,in particular fr

5、om China.This is illustrated by the Euromoney Global Mining Index which fell 39.3%in Sterling terms during the year and at 31 December 2015 was down 68.2%from the date of the Companys first Net Asset Value(NAV)on 30 April 2010.By comparison,the Companys NAV per share fell 25.4%during the year and ha

6、s fallen 65.8%since 30 April 2010.Mining shares have fallen in response to weak commodity prices which in turn have fallen owing to concerns over the level of global growth,and in particular the growth in China as it evolves from an infrastructure-led to a consumer-led economy.Iron ore companies con