Interim Results
December 18 2003 - 12:09PM
UK Regulatory
RNS Number:4547T
JPMorgan Fleming Japanese Smllr Cos
18 December 2003
JPMORGAN FLEMING JAPANESE SMALLER COMPANIES INVESTMENT TRUST PLC
STOCK EXCHANGE ANNOUNCEMENT OF
UNAUDITED RESULTS FOR THE SIX MONTHS TO 30TH SEPTEMBER 2003
The Board today release the unaudited interim results of the Company for the six
months to 30th September 2003.
The following are comments from the Chairman:
Chairman's Interim Statement
Performance
This is my first opportunity as Chairman to write to shareholders, and I am
pleased to report that in our opening half year there has been a marked
improvement in the Japanese equity market and, with it, in the performance of
our Company. Net assets per share rose by 51.5% in the six months to 30th
September 2003, compared with a gain of 31.6% achieved by our benchmark, the
Citigroup Equity Index Japan Extended Market (in sterling terms). The Company's
share price has advanced from 119p to 206p, an increase of over 70%, over the
same period, whilst the discount to net asset value has narrowed from 25% to
14%.
The investment objective of the Company is to provide capital growth through
investment in small and medium sized Japanese enterprises, and our investment
manager has been successful of late in identifying individual companies whose
current trading and prospects have been rewarded with strong share price
performances. His review of the market over the past six months, together with
his approach to stock selection and his strategy for the period ahead, is
presented in the report which follows.
Board of Directors
Our previous Chairman, Nicholas Sibley, as foreshadowed in the Annual Report and
Accounts to 31st March 2003, retired on 20th June 2003 on the occasion of his
65th Birthday. On behalf of the Board, I would like to thank Nicholas for his
outstanding service to the Company over many years as a Board member. I would
also like to take this opportunity to welcome Bernard Grigsby to the Board,
which he joined on 31st August 2003.
Alan Clifton
Chairman
18th December 2003
For further information, please contact:
Hilary Lowe
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3274
Secretary to the Company
JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months to 30 September 2003
Statement of Total Return (Unaudited)
Six months to 30 September 2003 Six months to 30 September 2002 Year to 31 March 2003
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Realised gains/(losses) on
investments - 10,337 10,337 - 2,004 2,004 - (6,837) (6,837)
Net change in unrealised
depreciation - 22,164 22,164 - (10,434) (10,434) - (16,033) (16,033)
Currency (losses)/gains on
cash and short-term
deposits held during the
period - (128) (128) - (55) (55) - 156 156
Unrealised losses on Yen
loans - (124) (124) - - - - - -
Realised losses on
repayment of Yen loan - - - - (326) (326) - (326) (326)
Other capital charges - (17) (17) - (27) (27) - (35) (35)
Overseas dividends 296 - 296 255 - 255 707 - 707
Stock lending fees 3 - 3 - - - - - -
Deposit interest 1 - 1 1 - 1 1 - 1
_______ ________ _______ ______ _______ ________ _______ _______ _______
Gross return/(loss) 300 32,232 32,532 256 (8,838) (8,582) 708 (23,075) (22,367)
Management fee (472) - (472) (605) - (605) (1,079) - (1,079)
Other administrative
expenses (99) - (99) (96) - (96) (214) - (214)
Interest payable (326) - (326) (177) - (177) (832) - (832)
_______ _______ _______ ______ _______ _______ _______ _______ _______
Loss/return before (597) 32,232 31,635 (622) (8,838) (9,460) (1,417) (23,075) (24,492)
taxation
Taxation (12) - (12) (38) - (38) (106) - (106)
______ _______ _______ ______ _______ ______ _______ _______ _______
Total (loss)/return
attributable to ordinary
shareholders (609) 32,232 31,623 (660) (8,838) (9,498) (1,523) (23,075) (24,598)
(Loss)/return per ordinary (1.54)p 81.38p 79.84p (1.50)p (20.07)p (21.57)p (3.51)p (53.10)p (56.61)p
share
JPMorgan Fleming Japanese Smaller Investment Trust plc
Unaudited figures for the six months to 30 September 2003
BALANCE SHEET 30 September 30 September 31 March
2003 2002 2003
#'000 #'000 #'000
Investments at valuation 106,646 77,978 62,365
Net current assets 828 7,212 4,566
Creditors (amounts falling due after more than one year) (13,611) (3,121) (3,190)
_______ _______ _______
Total net assets 93,863 82,069 63,741
===== ===== =====
Net asset value per ordinary share 238.2p 189.7p 157.2p
CASH FLOW STATEMENT
2003 2002 2003
#'000 #'000 #'000
Net cash outflow from operating activities (64) (465) (816)
Net cash outflow from returns on investments and servicing
of finance (669) (645) (1,227)
Net cash (outflow)/inflow from capital expenditure and
financial investment (17,537) 13,659 18,710
Net cash inflow/(outflow) from financing 8,558 (7,587) (10,775)
_______ _______ ______
(Decrease)/increase in cash for the period (9,712) 4,962 5,892
===== ===== ====
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31st March 2003 have been delivered to the Registrar of Companies.
J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
This information is provided by RNS
The company news service from the London Stock Exchange
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