Jupiter Second Split PLC
Announcement of Unaudited Interim Results for the half year to 30th April 2007
CHAIRMAN'S STATEMENT
During the six months to 30th April 2007 the Company's total assets, less
current liabilities, rose by 11.7 per cent.. By comparison the return on the
Company's composite benchmark index was 6.7 per cent. (in capital terms). The
composite benchmark index is comprised of 75 per cent FTSE All-Share Index and
25 per cent FTSE Actuaries World Index.
Revenues before tax for the six months were �862,000, as compared with �395,000
for the corresponding period to 30th April 2006. As with last year, no interim
dividend has been declared. However, a dividend is expected to be paid in
January 2008 to reflect the bulk of the net revenues for the current financial
year.
Material outperformance during the period resulted from a number of factors,
including a generally positive view of world equities and an especially
favourable view of equities with exposure to emerging markets. Although the
portfolio has little direct exposure to emerging economies, there is a
recognition that such economies are typically growing at a much faster rate than
more mature economies. Hence indirect exposure, through sectors such as mining,
asset management, and banking is favoured.
Within the resource sector, the focus continues to be on large companies with
substantial and proven reserves rather than small capitalisation and exploration
concerns. Within the financial sector the emphasis is heavily on Continental
European banks, with exposure to Eastern Europe, as opposed to UK banks, which
tend not to exhibit high growth.
Although equities look cheaply valued against bonds and world economic growth is
likely to remain solid, in the short term rising interest rates are causing
problems for consumers and corporations in many parts of the world. We would
particularly highlight difficulties faced by consumers in the UK, US and Spain,
where significant borrowings were taken on at much lower interest rates.
Against this background we have decided to repay borrowings and raised liquidity
amounting to some 9 per cent. of net assets at the end of April. This will
provide flexibility in the event of a stock market setback. On the other hand,
given the growth that is evident in many parts of the world and some low
valuations, significant equity opportunities remain.
Gordon Campbell
Chairman
6th July 2007
TWENTY LARGEST INVESTMENTS
as at 30th April 2007
Market Percentage
Company Value of Total
�'000 Investments
Absolute Capital Management 8,111 6.3
Playtech 6,155 4.8
Credit Suisse 5,933 4.6
Xstrata 4,754 3.7
Vedanta Resources 4,495 3.5
DNB 4,205 3.3
RAB Capital Energy Class A 4,205 3.3
Prudential 4,117 3.2
RAB Special Situations 3,887 3.0
Deutsche Bank 3,869 3.0
Kazakhmys 3,444 2.7
UniCredito Italian 3,362 2.6
Shore Capital 3,284 2.6
Societe Generale 3,204 2.5
Shun Tak Holdings 3,159 2.5
Orchid Development 3,053 2.4
Premier Oil 3,018 2.3
Equest Balkan Properties 2,882 2.2
BG Group 2,721 2.1
Puma Brandenburg 2,705 2.1
______ ____
80,563 62.7
CROSS HOLDINGS IN OTHER INVESTMENT COMPANIES
As at 30th April 2007, 2.9 per cent. of the Company's total assets less current
liabilities were invested in the securities of other UK listed investment
companies. It is the Company's stated policy that not more than 10 per cent., in
aggregate, of total assets less current liabilities may be invested in other
listed investment companies unless such companies have stated investment
policies to invest no more than 15 per cent. of their total assets less current
liabilities in other listed investment companies (including listed investment
trusts). As at 30th April 2007, 2.9 per cent. of the Company's total assets
less current liabilities were invested in listed investment companies that have
not made such a statement.
CONSOLIDATED INCOME STATEMENT
for the six months to 30th April 2007 (Unaudited)
Six months to Six months to
30th April 2007 30th April 2006
Revenue Capital Total Revenue Capital Total
Return Return Return Return
�'000 �'000 �'000 �'000 �'000 �'000
Gains on investments at fair - 16,103 16,103 - 34,726 34,726
value
Income from investments at fair 1,439 - 1,439 1,166 - 1,166
value through profit or loss
Bank interest 85 - 85 192 - 192
Dealing profits of subsidiary 263 - 263 - - -
______ _____ _____ ______ _______ _______
Total income 1,787 16,103 17,890 1,358 34,726 36,084
______ _____ _____ ______ _______ _______
Investment management fee (576) - (576) (537) - (537)
Investment performance fee - (756) - (4,384) (4,384)
(756)
Other expenses (155) - (155) (177) - (177)
______ _____ _____ ______ _______ _______
Total expenses (731) (1,487) (714) (4,384) (5,098)
(756)
______ _____ _____ ______ ______ ______
Net return before finance costs & 1,056 15,347 16,403 644 30,342 30,986
taxation
Interest payable (194) - (194) (249) - (249)
Zero Dividend Preference shares - (2,345) (2,345) - (2,181) (2,181)
______ _____ _____ ______ ______ ______
Net return before taxation 862 13,002 13,864 395 28,161 28,556
Taxation (48) - (48) (87) - (87)
______ _____ _____ ______ _______ _______
Net return after taxation 814 13,002 13,816 308 28,161 28,469
______ _____ _____ ______ _______ _______
Earnings per Geared Growth share 0.86 13.70 14.56 0.32 29.67 29.99
(p)
The total column of this statement is the income statement of the Group,
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance produced by the Association of
Investment Companies. All items in the above statement derive from continuing
operations.
No operations were discontinued or acquired in the period.
The financial information does not constitute `accounts' as defined in section
240 of the Companies Act 1985.
CONSOLIDATED BALANCE SHEET
at 30th April 2007
30th April 31st October
2007 2006
(unaudited) (audited)
�'000 �'000
Non-Current assets
Investments held at fair value through profit or loss 128,554 131,041
_______ _______
Current assets
Investments held at fair value through profit or loss 7,500 8,148
Receivables 3,979 164
Cash and cash equivalents 2,818 4,247
_______ _______
14,297 12,559
_______ _______
Total assets 142,851 143,600
Current liabilities (1,768) (17,350)
_______ _______
Total assets less current liabilities 141,083 126,250
Non-Current liabilities
Zero Dividend Preference shares (66,643) (64,298)
_______ _______
Net Assets 74,440 61,952
======= ======
Capital and reserves
Called up share capital 949 949
Share premium 493 493
Special reserve 36,232 36,232
Retained earnings 36,766 24,278
_______ _______
61,952
Total equity 74,440
======= ======
Net Asset Value per Geared Growth share (pence) 78.44 65.28
CONSOLIDATED STATEMENT OF CHANGES IN NET EQUITY
For the six months to 30th April 2007 (Unaudited)
Share Share Special Retained
Capital Premium Reserve Earnings Total
�'000 �'000 �'000 �'000 �'000
For the six months to 30th April 2007
31st October 2006 949 493 36,232 24,278 61,952
Net profit for the period - - - 13,816 13,816
Dividends paid and declared:
First interim dividend for year ended
31st October 2006 - - - (750) (750)
31st October 2007 - - - (578) (578)
______ _____ _____ _______ _______
Balance at 30th April 2007 949 493 36,232 36,766 74,440
______ _____ _____ _______ _______
For the six months to 30th April 2006
31st October 2005 (restated) 949 476 36,232 3,525 41,182
Net profit for the period - - - 28,469 28,469
Issue expenses recovered - - 17 - 17
Dividends paid and declared:
First interim dividend for year ended
31st October 2005 - - - (1,044) (1,044)
______ _____ _____ _______ _______
Balance at 30th April 2006 949 476 36,249 30,950 68,624
______ _____ _____ _______ _______
CONSOLIDATED CASH FLOW STATEMENT
for the six months to 30th April 2007
(Unaudited)
Six months to Six months to
30th April 2007 30th April 2006
�'000 �'000
Cash flows from operating activities
Purchases of investments (61,186) (82,654)
Sales of investments 73,199 85,521
Investment income received 960 710
Deposit interest received 74 177
Investment management fee paid (544) (462)
Sales less purchases of dealing subsidiary 911 -
Other cash receipts - 13
Other cash expenses (177) (164)
Performance fee paid (3,019) -
Dividend paid (1,328) (1,044)
_______ _______
Net cash inflow from operating activities before finance 8,890 2,097
costs and taxation
Interest paid (273) (248)
Taxation (46) (87)
_______ _______
Net cash inflow from operating activities 8,571 1,762
Cash flows from financing activities
Short term loan repaid (10,000) -
_______ _______
(Decrease)/increase in cash (1,429) 1,762
Change in cash and cash equivalents
Cash and cash equivalents at start of period 4,247 4,892
_______ _______
Cash and cash equivalents at end of period 2,818 6,654
_______ _______
The interim report will be sent to all shareholders and copies may be obtained
from the registered office of the Company at 1 Grosvenor Place, London SW1X 7JJ
BY ORDER OF THE BOARD
JUPITER ASSET MANAGEMENT LIMITED
Secretaries
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