Herald Investment Trust PLC (HRI) 2017年年度报告「LSE」.pdf

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1、Annual report&financial statements31 December 2017Herald Investment Trust plcHeralds objective is to achieve capital appreciation through investments in smaller quoted companies in the areas of technology,media and telecoms.Investments will be made throughout the world.The business activities of inv

2、estee companies will include information technology,broadcasting,printing and publishing and the supply of equipment and services to these companies.Introductory Highlights01 Highlights02 Company Summary03 Years SummaryInvestment Report06 Company Overview07 Geographic Analysis08 Chairmans Statement

3、10 Investment Managers Report15 Classification of Investments16 Top 20 Holdings20 Detailed List of Investments26 Long Term PerformanceGovernance30 Strategic Report33 Directors Biographies34 Corporate Governance Report37 Audit Committee Report38 Directors Report40 Directors Remuneration Report43 Stat

4、ement of Directors Responsibilities44 Independent Auditors ReportFinancial Statements50 Income Statement51 Balance Sheet52 Statement of Changes in Equity 53 Cash Flow Statement54 Notes to the Financial Statements67 Notice of Annual General Meeting69 Further Shareholder Information01Herald Investment

5、 Trust plcAnnual report&financial statements 2017INTRODUCTORY HIGHLIGHTS16000200400600800100012001400Feb 941996199820002002200420062008201020122014201620170612182430129.8215.4311.6410.458.7HIGHLIGHTSNAV AT DEC 2016791.4mNAV AT DEC 2017966.7mTOTAL RETURN 2017 202.9m 27.6m+=SHARE BUY-BACKS 2017 TOTAL

6、RETURN SINCE INCEPTION(FIGURES HAVE BEEN REBASED TO 100 AT 16 FEBRUARY 1994)Source:Thomson ReutersNET ASSET VALUE PER SHARE DEC 201713.75CHANGE IN NAV PER SHARE IN2017+26.9%TOTAL NAV RETURN SINCE INCEPTION+1,380.8%TOP FIVE WINNERS TOTAL GAIN IN 2017 IN STERLING TERMS(MILLIONS)IQEBango BE Semiconduct