TIDMJSS
Jupiter Second Split Trust PLC
Unaudited Results for the half year to 30 April 2012
This announcement of unaudited results for the six months to 30 April 2012 was
approved by the Board of Directors on 18 June 2012
CHAIRMAN'S STATEMENT
In the period from 1 November 2011 to 30 April 2012, your Company's total assets
increased by 3.7 per cent. This compares favourably with the rate of 0.5 per
cent. for your Company's benchmark index, 3 month sterling LIBOR, and the cost
of the accrued entitlement of the Company's Zero Dividend Preference shares at
2.1 per cent. of total assets for the same period.
The geared split capital structure of the Company resulting from the prior
entitlement of the Zero Dividend Preference shares meant that the Net Asset
Value of the Company's Geared Ordinary shares increased by 4.3 per cent. during
the period under review.
The Packaged Units are not geared by the Company's split capital structure since
they each comprise one Geared Ordinary share and two Zero Dividend Preference
shares (the rights of which balance one another). The Net Asset Value of the
Packaged Units increased in line with the Company's total assets by 3.7 per
cent. over the period under review to 108.23p per Packaged Unit from 104.34p.
The Net Asset Value of the Zero Dividend Preference shares increased by 3.4 per
cent. from 33.13p to 34.26p over the period under review.
Revenues after tax for the six months to 30 April 2012 amounted to GBP1,022,000
representing 0.47p per Geared Ordinary share ( GBP191,000 for the period to 30
April 2011).
Market Highlights
The period under review began badly with extreme volatility during which the
FTSE 100 experienced nine consecutive days of decline, an event that has not
been seen since January 2003 and June 1994. This was caused by concerns over the
solvency of various southern eurozone countries and exacerbated by ratings
agency Standard and Poor's decision to downgrade nine European countries
including France, Italy, Spain, Cyprus and Portugal. At the end of November,
major central banks eased wholesale funding for banks through coordinated action
by bolstering dollar liquidity and thereby reducing the cost of dollar funding
to European banks to help them meet their dollar liabilities. The ECBs response
to the nervousness of the market and the deteriorating economic conditions in
the eurozone was to introduce its Long Term Refinancing Operation ('LTRO') which
gave European banks an unprecedented opportunity to refinance themselves with a
maturity of three years. In two major tranches of LTRO in December 2011 and
February 2012, the ECB injected a total of EUR1,019 billion into European banks.
LTRO initially eased market concern but was soon forgotten as investors turned
their attention to the deterioration of Spain's economy and the political
turmoil that was beginning to rock many countries within the Eurozone as people
voted for radical parties notably in the Netherlands and France. There was
growing concern that Greece could be forced out of the euro in the wake of an
indecisive Greek election result adding to fears that the anti-austerity Syriza
party would be elected in the second round, thus undermining the terms of the
bailout package agreed with eurozone leaders. If Greece were allowed to default,
the consequences for the euro and the eurozone and other regions of
the world could be disastrous.
None of this should come as a big surprise when you consider the history of
currency unions. In the 19th century, there was the Latin Monetary Union
('LMU'), which covered France, Belgium, Italy, Greece and Bulgaria. It lasted
for most of the century but failed when some members, notably the Papal State,
began to debase their currency.
In the West generally, economies remain under pressure, not only from large debt
piles but from the impact of inflation thanks to a high oil price and of tax
rises as governments seek to bring their spending under control. Unemployment
has risen sharply in many economies and the highest among these is Spain with an
official unemployment rate of 24.4 per cent. of the population.
Elsewhere in the world, other concerns have plagued investors, especially with
regard to growth. China's GDP for example has begun to slow although it is still
growing by an annualized rate of 7 per cent., down from 9.1 per cent. at the
beginning of the reporting period. US GDP has slowed to 2.2 per cent. from 3 per
cent. although this is thought to be a blip by the Federal Reserve which has
revised its forecast for GDP growth upwards. Meanwhile, Japan has set an
inflation target of 1 per cent. in an attempt to boost the domestic economy
which has struggled for over a decade.
While conditions remain difficult, the portfolio continues to be positioned in a
conservative manner, which has enabled your Company to increase its value and
avoid the volatility in the market during the period, more of which is described
in the Manager's Review. However, volatility always brings opportunities, which
the manager will aim to capitalize on.
Gordon Campbell
Chairman
18 June 2012
MANAGER'S REVIEW
Market review
The six months to 30 April 2012 started tumultuously. Asset markets experienced
heavy losses due to a deepening malaise in the eurozone and the crisis in
confidence it caused across the global economy. Within Europe, negotiations
around the terms of further bailout of Greece proved fraught, with richer states
becoming more reluctant in their willingness to support the beleaguered southern
economies. Meanwhile, bond markets grew concerned about the ability of Spain and
Italy to stabilise government balance sheets without some form of fiscal
assistance. As key holders of regional sovereign debt, the region's banks came
under extreme pressure. It took the extreme actions of the ECB to restore some
stability, via the launch in December of its long-term refinancing operations
(LTRO). Under this programme over EUR1tn in cheap liquidity was taken up by the
region's banks, not only easing funding pressures, but alleviating contagion
fears in sovereign debt markets. The programme precipitated a strong recovery in
asset markets which was supported by a pickup in US data. The rally continued
into March, but plateaued in the final weeks of the period under review as
downward pressures on Spain's economy intensified.
Policy review
Against this backdrop, the portfolio made a solid, low volatility, absolute
return. The key theme throughout the period was the potential underperformance
of the eurozone, which proved beneficial to the portfolio during the six months
under review. Our short position in the euro was a notable highlight, with the
currency losing ground against sterling, the US dollar, Canadian dollar and
Norwegian krone, each of which we held long. Currencies are generally less
volatile than other asset classes and offer the potential to generate profits
for the Fund in the event of either a further contraction in the economy or
additional ECB stimulus.
The portfolio's fixed interest exposure also made a reasonable contribution to
performance. For much of 2011 we owned AAA-rated Australian government bonds
against short positions in 10 year Japanese government bonds (JGBs). This trade
was positive for the fund, with a slowdown in the domestic Australian economy
leading to a significant rally in its domestic government bonds. During the
period we took the decision to take profits in a large tranche of our Australian
bond holding, re-investing the proceeds in a high yielding bond issued by
Barclays held in the portfolio for considerable time. This subsequently
benefited from fund flows into banking sector bonds following the LTRO. Against
this we retained our long term short position in 10 year Japanese government
bonds (JGBs), where interest rates appear exceptionally low given the fiscal
challenges faced by the country.
Our equities exposure remained modest, with shorts in European cyclical stocks
balanced by long positions in US stock indices (including financials). This
strategy made little headway during the period, with our European short
positions proving more resilient that might have been expected given the
deterioration of the economy. Following the ECB's LTRO policy, we took the
decision to reduce the size of our short book while retaining long exposure to
US equities, which was being supported by improving US economic data and
accommodative fiscal and monetary policy.
Outlook
The eurozone crisis continues to create great uncertainty in the global economy
and financial markets. At the time of writing, Greece is without a government
and EU officials are openly contemplating the impact of the country's potential
exit from the monetary union. In France, meanwhile, Francois Hollande has won a
mandate based on slower spending cuts which could ultimately lead to de-ratings
and higher borrowing costs. The Franco-German partnership, which has become
crucial to maintaining regional solidarity, has also been potentially weakened
by his election win. Spain remains of most concern, however. Sovereign bond
yields have spiked due to a lack of confidence in the government's ability to
reform the banking sector at a time of a spiralling fiscal deficit, especially
as it has recently been forced to bailout Bankia, the country's fourth largest
bank. Given Spain's systemic importance, a further deterioration in bond prices
could lead to another ECB emergency intervention, only months after it injected
EUR1tn into the banking system. The nature of this is uncertain. However, a
softening of the Bundesbank's anti-inflation stance may be a sign of support for
a broader range of policy tools, including printing money. Looking more broadly,
the US economy continues to show signs of recovery, although the expiry of
fiscal stimulus later this year poses a clear risk to growth. China, meanwhile,
has the fiscal ammunition to support its growth rate. However, we remain mindful
that Europe's crisis remains a key risk globally and are positioned accordingly.
Philip Gibbs
Fund Manager
Jupiter Asset Management Limited
18 June 2012
HALF YEAR MANAGEMENT REPORT
Related Party Transactions
Mr Richard Pavry is an employee of Jupiter Asset Management Limited which
receives investment management fees as detailed below. Jupiter Administration
Services Limited, a company within the same group as Jupiter Asset Management
Limited receives administration fees as set out below.
Jupiter Asset Management Limited is contracted to provide investment management
services to the Company (subject to termination by not less than 12 months'
notice by either party) for a quarterly fee of 0.1875 per cent. of the Total
Assets less current liabilities of the Group excluding the value of any Jupiter
managed investments payable in arrears on 31 January, 30 April, 31 July and 31
October in each year. The total fees payable under this agreement are shown in
the Consolidated Statement of Comprehensive Income.
Jupiter Asset Management Limited is also entitled to an investment performance
fee if Total Assets less current liabilities (after adding back any dividends
paid or performance fee accrued) at the end of any given accounting period have
increased over the greatest of three 'high water marks', being (a) the Initial
Total Assets; (b) the Total Assets on the last business day of a calculation
period in respect of which a performance fee was last paid (after deduction of
any performance fee paid to the Investment Manager in respect of that period);
and (c) the Total Assets on the last business day of the previous calculation
period (after deduction of any performance fee paid to the Investment Manager in
respect of that period) increased by the total return on the Benchmark Index
over the course of the calculation period, the Benchmark Index being the higher
of (i) the annualised cost of the ZDP Share accrual expressed as a percentage of
Total Assets; (ii) the Hurdle Rate on the ZDP shares and (iii) 3 month sterling
LIBOR calculated as at the first business day of each calendar month.
In such circumstances, the performance fee will amount to 15 per cent. of any
such excess. The calculation of the total amount of any performance fee will be
adjusted for the repurchase or redemption of shares in any given accounting
period and/or for the change in any borrowings by the Company in any given
accounting period. The performance fee will be calculated by reference to the
Adjusted Total Asset Value as at the last day of the relevant calculation
period. The combined amount of any management and performance fees payable in
respect of any twelve month period will not exceed 4.99 per cent. of the Net
Asset Value of the Geared Ordinary shares and the ZDP shares (as at the last day
of the relevant period) and, to the extent any such fees would otherwise exceed
4.99 per cent. of such Net Asset Value, they would be waived by the Investment
Manager and will not be carried forward.
Jupiter Administration Services Limited is contracted to provide secretarial,
accounting and administrative services to the Company for an annual fee of
GBP94,392.80 adjusted each year in line with the Retail Price Index, payable
quarterly.
The Company has invested from time to time in funds managed by Jupiter
Investment Management Group Limited or its subsidiaries. As at 30 April 2012
there was one investment, East European Food Fund representing 0.1 per cent. of
total investments including cash.
Risks and Uncertainties
The risks to the Company are investment strategy and Share price movement,
foreign currency movements, interest rates, use of derivatives, liquidity risk,
Gearing risk, the discount to Net Asset Value, regulatory risk, credit and
counterparty risk, operational, financial and loss of investment trust status. A
detailed explanation of the Risks and Uncertainties facing the Company can be
found on pages 14 to 15 of the Company's published report and accounts for the
year to 31 October 2011.
Directors' Responsibility Statement
We the directors of Jupiter Second Split Trust PLC confirm to the best of our
knowledge:
a. The condensed set of financial statements contained within the half-yearly
financial report has been prepared in accordance with applicable UK
accounting standards and gives a true and fair view of the assets,
liabilities, financial position and return of the Company;
b. the half yearly report includes a fair review of the important events that
have occurred during the first six months of the financial year and their
impact on the financial statements;
c. the Directors' Statements of Principal Risks and Uncertainties shown above
is a fair review of the principal risks and uncertainties for the remainder
of the financial year; and
d. the half yearly report includes details on related party transactions.
The half-yearly financial report for the six months to 30 April 2012 comprises
the Chairman's Statement, Manager's Review, the Directors' Responsibility
Statement and a condensed set of financial statements, and has not been audited
or reviewed by the auditors pursuant to the Auditing Practices Board guidance on
Review of Interim Financial Information.
By order of the Board
Gordon Campbell
Chairman
18 June 2012
=-----------------------------------------------
Consolidated Statement of Comprehensive Income
=-----------------------------------------------
For the six months to 30 April 2012 (unaudited)
=-------------------------------------------------------------------------------
Six months to 30.04.12 Six months to 30.04.11
=-------------------------------------------------------------------------------
Revenue Capital Revenue Capital
Return Return Total Return Return Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
Gain/(Loss) on
investments at
fair value through
profit or loss
(Note 2) - 5,131 5,131 - (2,790) (2,790)
=-------------------------------------------------------------------------------
Foreign exchange
gains - 4,360 4,360 - 6,767 6,767
=-------------------------------------------------------------------------------
Income from
investments 2,095 - 2,095 1,022 - 1,022
=-------------------------------------------------------------------------------
Bank Interest 311 _ 311 240 - 240
=-------------------------------------------------------------------------------
Total income 2,406 9,491 11,897 1,262 3,977 5,239
=-------------------------------------------------------------------------------
Investment
management fee (866) - (866) (819) - (819)
=-------------------------------------------------------------------------------
Investment
Performance fee (186) (186) - - -
=-------------------------------------------------------------------------------
Other expenses (201) - (201) (184) - (184)
=-------------------------------------------------------------------------------
Total expenses (1,067) (186) (1,253) (1,003) - (1,003)
=-------------------------------------------------------------------------------
Net return before
finance costs and
taxation 1,339 9,305 10,644 259 3,977 4,236
=-------------------------------------------------------------------------------
Interest payable _ _ _ (5) _ (5)
=-------------------------------------------------------------------------------
Finance costs of
Zero Dividend
Preference shares _ (4,862) (4,862) _ (4,522) (4,522)
=-------------------------------------------------------------------------------
Net return before
taxation 1,339 4,443 5,782 254 (545) (291)
=-------------------------------------------------------------------------------
Taxation (317) _ (317) (63) _ (63)
=-------------------------------------------------------------------------------
Net return after
taxation 1,022 4,443 5,465 191 (545) (354)
=-------------------------------------------------------------------------------
Return per Geared
Ordinary share (p)
(Note 3) 0.47 2.05 2.52 0.09 (0.25) (0.16)
=-------------------------------------------------------------------------------
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 (AIC). 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
434 of the Companies Act 2006.
=--------------------------------------------------------------
Consolidated Statement of Financial Position at 30 April 2012
=--------------------------------------------------------------
30.04.12 30.04.11
(unaudited) (audited)
GBP'000 GBP'000
=-------------------------------------------------------------------------------
Non current assets
=-------------------------------------------------------------------------------
Investments held at fair value through profit or
loss 60,435 94,562
=-------------------------------------------------------------------------------
Current assets
=-------------------------------------------------------------------------------
Receivables 9,397 18,072
=-------------------------------------------------------------------------------
Open forward currency contracts 160,060 103,133
=-------------------------------------------------------------------------------
Cash and cash equivalents 164,483 115,841
=-------------------------------------------------------------------------------
333,940 237,046
=-------------------------------------------------------------------------------
Creditors: amount falling due within one year (2,037) (1,618)
=-------------------------------------------------------------------------------
Open forward currency contracts (158,198) (104,230)
=-------------------------------------------------------------------------------
Net current assets 173,705 131,198
=-------------------------------------------------------------------------------
Total assets less current liabilities 234,140 225,760
=-------------------------------------------------------------------------------
Creditors: amount falling due after more than one
year
=-------------------------------------------------------------------------------
Zero Dividend Preference shares (148,231) (143,369)
=-------------------------------------------------------------------------------
Total net assets 85,909 82,391
=-------------------------------------------------------------------------------
Capital and reserves
=-------------------------------------------------------------------------------
Called up share capital 1,237 1,237
=-------------------------------------------------------------------------------
Share premium 26,321 26,321
=-------------------------------------------------------------------------------
Special reserve 30,530 30,530
=-------------------------------------------------------------------------------
Retained earnings (Note 6) 27,821 24,303
=-------------------------------------------------------------------------------
Total equity 85,909 82,391
=-------------------------------------------------------------------------------
Net Asset Value per Geared Ordinary share (p) (Note
7) 39.71 38.08
=-------------------------------------------------------------------------------
=--------------------------------------------
Consolidated Statement of Changes in Equity
=--------------------------------------------
For the six months to 30 April 2012 (unaudited)
=-------------------------------------------------------------------------------
Share Share Special Retained
Capital Premium Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
For the six months to 30
April 2012
=-------------------------------------------------------------------------------
31 October 2011 1,237 26,321 30,530 24,303 82,391
=-------------------------------------------------------------------------------
Net return for the period - - - 5,465 5,465
=-------------------------------------------------------------------------------
Dividend paid - - - (1,947) (1,947)
=-------------------------------------------------------------------------------
Balance at 30 April 2012 1,237 26,321 30,530 27,821 85,909
=-------------------------------------------------------------------------------
=-------------------------------------------------------------------------------
Share Share Special Retained
Capital Premium Reserve Earnings Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
=-------------------------------------------------------------------------------
For the six months to 30
April 2011
=-------------------------------------------------------------------------------
31 October 2010 1,237 26,321 30,530 31,488 89,576
=-------------------------------------------------------------------------------
Net return for the period - - - (354) (354)
=-------------------------------------------------------------------------------
Reconstruction and New - - - (1,731) (1,731)
Share Issue
=-------------------------------------------------------------------------------
Balance at 30 April 2011 1,237 26,321 30,530 29,403 87,491
=-------------------------------------------------------------------------------
=---------------------------------
Consolidated Cash Flow Statement
=---------------------------------
For the six months to 30 April 2012 (unaudited)
=-------------------------------------------------------------------------------
Six months Six months
to to
30.04.12 30.04.11
GBP'000 GBP'000
=-------------------------------------------------------------------------------
Cash flows from operating activities
=-------------------------------------------------------------------------------
Purchases of investments (48,658) (42,165)
=-------------------------------------------------------------------------------
Sales of investments 87,309 77,056
=-------------------------------------------------------------------------------
Realised gain on foreign currency 4,360 3,678
=-------------------------------------------------------------------------------
Investment income received 238 1,234
=-------------------------------------------------------------------------------
Deposit interest received 303 187
=-------------------------------------------------------------------------------
Investment management fee paid (840) (815)
=-------------------------------------------------------------------------------
Receipts from Contracts for Difference (CFD)
counterparty 7,321 922
=-------------------------------------------------------------------------------
Change in Open Forward Currency Contracts (2,959)
=-------------------------------------------------------------------------------
Receipts from Futures & Options Counterparty 4,650
=-------------------------------------------------------------------------------
Other cash expenses (239) (176)
=-------------------------------------------------------------------------------
Net cash inflow from operating activities before
finance costs and taxation 51,485 39,921
=-------------------------------------------------------------------------------
Interest paid - (5)
=-------------------------------------------------------------------------------
Taxation (896) (629)
=-------------------------------------------------------------------------------
Net cash inflows from operating activities 50,589 39,287
=-------------------------------------------------------------------------------
Cash flows from financing activities
=-------------------------------------------------------------------------------
Dividend paid (1,947) (1,731)
=-------------------------------------------------------------------------------
Increase in cash 48,642 37,556
=-------------------------------------------------------------------------------
Change in cash and cash equivalents
=-------------------------------------------------------------------------------
Cash and cash equivalents at start of period 115,841 109,745
=-------------------------------------------------------------------------------
Cash and cash equivalents at end of period 164,483 147,301
=-------------------------------------------------------------------------------
Note:
1. Accounting Policies
A summary of the principal accounting policies, all of which have been applied
consistently throughout the period, is set out below:
(a) Basis of Preparation
The Consolidated accounts have been prepared in accordance with International
Financial Reporting Standards (IFRS), which comprise standards and
interpretations approved by the International Accounting Standards Board (IASB)
and International Accounting Standards Committee (IASC), as adopted by the
European Union.
Where presentational guidance set out in the Statement of Recommended Practice
(SORP) for investment trusts issued by the Association of Investment Companies
(AIC) in January 2009 is consistent with the requirements of IFRS, the directors
have sought to prepare the financial statements on a basis compliant with the
recommendations of the SORP.
The company continues to adopt the going concern basis in the preparation of the
financial statements.
All values are rounded to the nearest thousand pounds ( GBP'000) except where
indicated.
The accounts are presented in pounds sterling, as this is the functional
currency of the Group.
(b) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of
the Company and the entity controlled by the Company (its subsidiary) JSST
Securities Ltd. The Statement of Comprehensive Income is only presented in
consolidated form, as provided by Section 408 of the Companies Act 2006.
The consolidated accounts were authorised for issue in accordance with a
resolution of the Directors on 18 June 2012.
The financial Statements of the subsidiary are prepared for the same reporting
year as the parent company, using consistent accounting policies.
All intra-group transactions, balances, income and expenses are eliminated on
consolidation
(c) Revenue Recognition
Dividends receivable from equity shares are taken to the revenue return column
of the statement on an ex-dividend basis except where, in the opinion of the
Directors, the dividend is capital in nature in which case it is taken to the
capital return column. Income from fixed interest debt securities and preference
shares is recognised using the effective interest rate method. Bank interest is
accounted for on an accruals basis. All gains or losses resulting from Contracts
for Difference (CFDs) and Futures and Options are taken to capital and are shown
as part of the loss/gain on investments at fair value through profit or loss.
(d) Presentation of Consolidated Statement of Comprehensive Income
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Statement of Comprehensive Income between items of a revenue and
capital nature has been presented alongside the Consolidated Statement of
Comprehensive Income. In accordance with the Company's status as a UK investment
company under section 833 of the Companies Act 2006, net capital returns may not
be distributed by way of a dividend.
An analysis of retained earnings broken down into revenue items, which may be
distributed as dividends and capital items is given in Note 6. The Company's
Articles prevent the distribution of capital profits. In arriving at this
breakdown, expenses have been presented as revenue items except any performance
fees payable are allocated wholly to capital, reflecting the fact that, although
they are calculated on a total return basis, they are expected to be
attributable largely, if not wholly, to capital performance. The company has
adopted IAS 1 (revised).
(e) Investments
Investments are recognised and derecognised on a trade date where a purchase and
sale of an investment is under contract whose terms require delivery of the
investment within the timeframe established by the market concerned, and are
initially measured at cost, being the consideration given.
All investments are classified as held at fair value through profit or loss.
Changes in the fair value of investments held at fair value through profit or
loss and gains and losses on disposal are recognised in the consolidated
Statement of Comprehensive Income as 'Gains/(losses) on investments at fair
value through profit or loss'. The fair value of listed investments is based on
their quoted bid market price at the date of the Statement of Financial Position
without any deduction for estimated future selling costs. All purchases and
sales are accounted for on a trade date basis.
Foreign exchange gains and losses on fair value through profit or loss on
investments are included within the changes in the fair value of investment.
2. Gains on Investments
=-------------------------------------------------------------------------------
Six months to 30.04.12 Six months to 30.04.11
GBP'000 GBP'000
=-------------------------------------------------------------------------------
Net gains/(loss) realised on
sale of investments 4,594 (1,214)
=-------------------------------------------------------------------------------
Loss on contracts for
difference (279) (1,324)
=-------------------------------------------------------------------------------
Gain on Futures and Options 1,733 -
=-------------------------------------------------------------------------------
Movement in investment
holdings gains (917) (252)
=-------------------------------------------------------------------------------
Gain/(Loss) on investments 5,131 (2,790)
=-------------------------------------------------------------------------------
3. Return per Geared Ordinary Share
The earnings per Geared Ordinary share figure is based on the net profit for the
six months of GBP5,465,000 (six months to 30 April 2011: Net Loss GBP354,000) and on
216,361,793 Geared Ordinary shares (six months to 30 April 2011: 216,361,793
Geared Ordinary shares), being the weighted average number shares in issue
during the period.
The earnings per Geared Ordinary share figure detailed above can be further
analysed between revenue and capital, as below.
Six months to 30.04.12 Six months to 30.04.11
GBP'000 GBP'000
=-------------------------------------------------------------------------------
Net revenue return 1,022 191
=-------------------------------------------------------------------------------
Net capital return 4,443 (545)
=-------------------------------------------------------------------------------
Net total return 5,465 (354)
=-------------------------------------------------------------------------------
Weighted Average number of
Geared Ordinary shares in
issue during the period 216,361,793 216,361,793
=-------------------------------------------------------------------------------
=-------------------------------------------------------------------------------
pence pence
=-------------------------------------------------------------------------------
Revenue earnings per Geared
Ordinary share 0.47 0.09
=-------------------------------------------------------------------------------
Capital earnings per Geared
Ordinary share 2.05 (0.25)
=-------------------------------------------------------------------------------
Total earnings per Geared
Ordinary share 2.52 (0.16)
=-------------------------------------------------------------------------------
4. Transaction Costs
During the period expenses were incurred in acquiring or disposing of
investments classified as fair value through profit or loss. These have been
expensed through capital and are included within gains/losses on investments in
the Statement of Comprehensive Income. The total costs were as follows;
=------------------------------------------------------------------------
Six months to 30.04.12 Six months to 30.04.11
GBP'000 GBP'000
=------------------------------------------------------------------------
Purchases 27 25
=------------------------------------------------------------------------
Sales 28 64
=------------------------------------------------------------------------
55 89
=------------------------------------------------------------------------
5. Comparative Information
The financial information contained in this interim report does not constitute
statutory accounts as defined in section 434 of the Companies Act 2006. The
financial information for the six months to 30 April 2012 and 30 April 2011 have
not been audited.
The information for the year ended 31 October 2011 has been extracted from the
latest published audited financial statements. The audited financial statements
for the year ended 31 October 2011 have been filed with the Registrar of
Companies. The report of the auditors on those accounts contained no
qualification or statement under section 498(2) or (3) of the Companies Act
2006.
6. Retained Earnings
The table below shows the movement in the retained earnings of the Group
analysed between revenue and capital items.
=--------------------------------------------------------------------------
Group
Revenue Capital Total
GBP'000 GBP'000 GBP'000
=--------------------------------------------------------------------------
At beginning of the period 1,931 22,372 24,303
=--------------------------------------------------------------------------
Movement during the period:
=--------------------------------------------------------------------------
Net return for the period 1,022 4,443 5,465
=--------------------------------------------------------------------------
Dividend paid (1,947) - (1,947)
=--------------------------------------------------------------------------
At 30 April 2012 1,006 26,815 27,821
=--------------------------------------------------------------------------
7. Net Asset Value per Geared Ordinary share
The Net Asset Value per Geared Ordinary share is based on the net assets
attributable to the equity shareholders of GBP85,909,000 (31 October 2011:
GBP87,491,000) and on 216,361,793 (31 October 2011: 216,361,793) Geared Ordinary
shares, being the number of Geared Ordinary shares in issue at the period end.
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
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Jupiter Second Split Trust PLC via Thomson Reuters ONE
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