Interim Results

JPMorgan Indian Invest Trust PLC 21 June 2007 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN INDIAN INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS The Directors of JPMorgan Indian Investment Trust plc announce the Company's results for the period ended 31st March 2007. Performance The six months under review has been a volatile period for global emerging markets and India has been no exception. The MSCI India Index eventually finished the period up by 7.0% in sterling terms. The Company marginally underperformed the Index, producing a total return on net assets of 6.2%. The share price total return was slightly higher at 6.3% reflecting a modest narrowing of the Company's discount to 3.5%. Discount Management The Board has guidelines in place with regard to the management of any discount/ premium that may develop between the Company's share price and its net asset value per share. In line with these guidelines, 100,000 new ordinary shares were issued during the six months under review. No shares were repurchased in the period. Outlook Whilst corporate India continues to flourish, there are challenges that need to be addressed. Inflation has been creeping up and the rupee has appreciated sharply. The Company's investment managers remain confident, however, and their strategy, to prefer domestic consumption plays and the beneficiaries of infrastructure spending, remains broadly unchanged. Philip Daubeney Chairman, 21st June 2007 For further information please contact: Andrew Norman JPMorgan Asset Management (UK) Limited Telephone 0207 742 6000 JPMorgan Indian Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Consolidated Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 31st March Six months ended 31st March Year ended 30th September 2007 2006 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Investment income 1,149 - 1,149 636 - 636 2,790 - 2,790 Other income 142 - 142 84 - 84 132 - 132 _______ ________ _______ _______ ________ _______ _______ _______ _______ 1,291 - 1,291 720 - 720 2,922 - 2,922 Gains from investments held at fair value through profit or loss - 19,875 19,875 - 84,797 84,797 - 69,172 69,172 Foreign exchange losses - (39) (39) - (174) (174) - (404) (404) _______ ________ _______ _______ ________ _______ _______ _______ _______ Total income 1,291 19,836 21,127 720 84,623 85,343 2,922 68,768 71,690 Expenses Management fee (1,984) - (1,984) (1,417) - (1,417) (3,165) - (3,165) Other administrative (631) - (631) (402) - (402) (967) - (967) expenses _______ ________ _______ _______ ________ _______ _______ _______ _______ (Loss)/profit before finance costs and taxation (1,324) 19,836 18,512 (1,099) 84,623 83,524 (1,210) 68,768 67,558 Finance costs (272) - (272) (39) - (39) (107) - (107) _______ ________ _______ _______ ________ _______ _______ _______ _______ (Loss)/profit before (1,596) 19,836 18,240 (1,138) 84,623 83,485 (1,317) 68,768 67,451 taxation Taxation - - - (20) - (20) (19) - (19) _______ _______ _______ _______ _______ _______ _______ _______ _______ Net (loss)/profit (1,596) 19,836 18,240 (1,158) 84,623 83,465 (1,336) 68,768 67,432 ===== ===== ===== ===== ===== ===== ===== ===== ===== (Loss)/earnings per share (1.52)p 18.93p 17.41p (1.16)p 84.92p 83.76p (1.31)p 67.29p 65.98p (note 2) ===== ===== ===== ===== ===== ===== ===== ===== ===== The 'Total' column of this statement represents the Group's Income Statement, prepared in accordance with IFRS. The supplementary 'Revenue' and 'Capital' columns are prepared under guidance published by the Association of Investment Companies. All items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. All income is attributable to the equity shareholders of JPMorgan Indian Investment Trust plc. There are no minority interests. JPMorgan Indian Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Consolidated Statement of Changes in Equity (Unaudited) Six months ended 31st March 2007 Exercised Capital Share Share Other warrant Capital redemption Revenue capital premium reserve reserve reserves reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net assets at 30th September 2006 26,177 50,636 41,929 5,886 168,670 6,348 (5,443) 294,203 Shares issued 25 278 - - - - - 303 Net profit/(loss) for the period - - - - 19,836 - (1,596) 18,240 _______ _______ _______ _______ _______ _______ _______ _______ Balance at 31st March 2007 26,202 50,914 41,929 5,886 188,506 6,348 (7,039) 312,746 ===== ===== ===== ===== ===== ===== ===== ===== (Unaudited) Six months ended 31st March 2006 Exercised Capital Share Share Other warrant Capital redemption Revenue capital premium reserve reserve reserves reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net assets at 30th September 2005 24,091 30,450 41,929 5,886 100,566 6,272 (4,107) 205,087 Shares issued 2,124 19,844 - - - - - 21,968 Net profit/(loss) for the period - - - - 84,623 - (1,158) 83,465 _______ _______ _______ _______ _______ _______ _______ _______ Balance at 31st March 2006 26,215 50,294 41,929 5,886 185,189 6,272 (5,265) 310,520 ===== ===== ===== ===== ===== ===== ===== ===== (Audited) Year ended 30th September 2006 Exercised Capital Share Share Other warrant Capital redemption Revenue capital premium reserve reserve reserves reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Net assets at 30th September 2005 24,091 30,450 41,929 5,886 100,566 6,272 (4,107) 205,087 Shares issued 2,162 20,186 - - - - - 22,348 Shares bought back and cancelled (76) - - - (664) 76 - (664) Net profit/(loss) for the year - - - - 68,768 - (1,336) 67,432 _______ _______ _______ _______ _______ _______ _______ _______ Balance at 30th September 2006 26,177 50,636 41,929 5,886 168,670 6,348 (5,443) 294,203 ===== ===== ===== ===== ===== ===== ===== ===== JPMorgan Indian Investment Trust plc Unaudited figures for the six months ended 31st March 2007 CONSOLIDATED BALANCE SHEET (Unaudited) (Unaudited) (Audited) 31st March 2007 31st March 2006 30th September 2006 £'000 £'000 £'000 Non current assets Investments held at fair value through profit or loss 312,903 305,037 293,498 Current assets Other receivables 657 1,011 1,198 Cash and cash equivalents 10,371 6,723 4,253 _______ _______ _______ 11,028 7,734 5,451 Current liabilities Amounts falling due within one year (11,185) (2,251) (4,746) _______ _______ _______ Net current (liabilities) / assets (157) 5,483 705 _______ _______ _______ Net assets 312,746 310,520 294,203 ===== ===== ===== Equity attributable to equity holders Called up share capital 26,202 26,215 26,177 Share premium 50,914 50,294 50,636 Other reserve 41,929 41,929 41,929 Exercised warrant reserve 5,886 5,886 5,886 Capital reserves 188,506 185,189 168,670 Capital redemption reserve 6,348 6,272 6,348 Revenue reserve (7,039) (5,265) (5,443) _______ _______ _______ Total equity 312,746 310,520 294,203 ===== ===== ===== Net asset value per share (note 3) 298.4p 296.1p 281.0p JPMorgan Indian Investment Trust plc Unaudited figures for the six months ended 31st March 2007 CONSOLIDATED CASH FLOW STATEMENT (Unaudited) (Unaudited) Six months ended Six months ended (Audited) 31st March 2007 31st March 2006 Year ended 30th September 2006 £'000 £'000 £'000 Operating activities Profit before taxation 18,240 83,485 67,451 Add back interest paid 272 39 107 Gains on investments held at fair value through profit or loss (19,875) (84,797) (69,172) Net gains/(losses) on foreign exchange (29) 3 (37) Net sales/(purchases) of investments held at fair value through profit or loss 731 (17,205) (16,736) Decrease in other receivables 825 1 1,017 Decrease/(increase) in amounts due from brokers 2,222 674 (95) Decrease in other payables (2,707) (28) (778) (Decrease)/increase in amounts due to brokers (858) 2,307 (3,013) _______ _______ _______ Net cash outflow from operating activities before (1,179) (15,521) (21,256) interest payable and taxation Interest paid (232) (39) (107) Tax paid - - (29) _______ _______ _______ Net cash outflow from operating activities (1,411) (15,560) (21,392) ===== ===== ===== Financing activities Net proceeds from the issue of shares 303 21,968 22,348 Repurchase of shares for cancellation - - (664) Net drawdown/(repayment) of short term loans 7,226 (110) 3,536 _______ _______ _______ Net cash inflow from financing activities 7,529 21,858 25,220 Increase in cash and cash equivalents 6,118 6,298 3,828 Cash and cash equivalents at start of period 4,253 425 425 _______ _______ _______ Cash and cash equivalents at end of period 10,371 6,723 4,253 ===== ===== ===== Notes 1. Accounting policies The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB) and interpretations issued by the International Reporting Interpretations Committee of the IASB. Where presentational guidance set out in the Statement of Recommended Practice ('the SORP') for investment trusts issued by the Association of Investment Companies in December 2005 is consistent with the requirements of IFRS, the financial statements have been prepared on a basis compliant with the recommendations of the SORP. The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 30th September 2006. 2.(Loss)/earnings per share (Unaudited) (Unaudited) Six months ended Six months ended (Audited) 31st March 2007 31st March 2006 Year ended 30th September 2006 £'000 £'000 £'000 Net revenue loss attributable to shareholders (1,596) (1,158) (1,336) Net capital gain attributable to shareholders 19,836 84,623 68,768 _______ _______ _______ Total gain attributable to shareholders 18,240 83,465 67,432 ===== ===== ===== Weighted average number of shares in issue during each period 104,764,354 99,653,136 102,202,688 Revenue loss per share (1.52p) (1.16p) (1.31p) Capital earnings per share 18.93p 84.92p 67.29p _______ _______ _______ Total earnings per share 17.41p 83.76p 65.98p ===== ===== ===== 3. Net asset value per share (Unaudited) (Unaudited) Six months ended Six months ended (Audited) 31st March 2007 31st March 2006 Year ended 30th September 2006 Shareholders funds £'000 312,746 310,520 294,203 Number of shares in issue at each period end 104,806,662 104,861,662 104,706,662 _______ _______ _______ Net asset value per share 298.4p 296.1p 281.0p ===== ===== ===== 4. Publication of non-statutory accounts The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. The financial information for the six months ended 31st March 2007 and 2006 has not been audited. 5. Comparative information The information for the year ended 30th September 2006 has been extracted from the latest published audited financial statements.Those accounts have been delivered to the Registrar of Companies and included the Report of the Auditors which was unqualified and did not contain a statement under either section 237 (2) or 237 (3) of the Companies Act 1985. JPMORGAN ASSET MANAGEMENT (UK) LIMITED 21st June 2007 This information is provided by RNS The company news service from the London Stock Exchange

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