Interim Results - Replacement

JUPITER INTERNATIONAL GREEN INVESTMENT TRUST PLC 11 August 1999 The issuer has made the following alteration to the JUPITER INTERNATIONAL GREEN INVESTMENT TRUST PLC - INTERIM RESULTS announcement released today. Under the Consolidated Statement of Total Return, the Gains on investments for 'Capital' and 'Total' for the year '1999' should read '6,892' and '6,892' and not '1,941' and '1,941' as earlier stated. All other details remain unchanged. Preliminary announcement of results for the half year to 30th June 1999 (unaudited). CHAIRMAN'S STATEMENT The total assets of the Company increased by 16.9% to £47.7 million, after adjusting for the exercise of Warrants, during the six months to 30th June 1999. This compares to a 10.2% increase in the FTSE All-Share Index and an increase of 14.7% in the FT/S&P Actuaries World Index over the same period. Revenue before taxation for the six months was £472,000 against £641,000 for the same period last year. Your directors are declaring an unchanged interim dividend of 1.7p net per ordinary share and anticipate, in the absence of unforeseen circumstances, being able to at least maintain the final dividend of 2.5p net. During the first six months of 1999 confidence returned to most world equity markets as the gradual easing of global monetary policy lifted the financial gloom that prevailed at the end of last year. Encouraged by Wall Street achieving record highs, equity markets around the world showed double digit or near double digit gains. The UK market was stimulated by falling financing costs and growing money supply. One of the most positive aspects of this period has been the return to favour of UK medium and smaller companies, which have also benefited from a relatively positive results season and an increase in corporate activity. Your Company has a high exposure to UK equities with over 75% of the portfolio invested in this area, the greater proportion being invested in smaller companies. Over the six months the Mid 250 Index rose by 20.7% and the Small Cap Index (ex IT) by 29.2%. The same period, however, proved more subdued for the FTSE 100 Index which rose by 7.4%. Advantage was taken of these differing performances to increase your Company's holdings in larger companies. The exposure to smaller companies was reduced as prices rose and the weightings in FTSE 100 and 250 stocks were increased. The first half of 1999 saw the UK government introduce various measures aimed at reducing the harmful impacts that businesses have upon the environment. Arguably the most important of these was the Climate Change Levy unveiled in the Budget. Its aim is to raise revenues from business energy users whilst giving back similar sums in the form of reduced National Insurance contributions. This is an important example of the Government putting into practice the principle of raising taxation on environmentally damaging processes and reducing it on beneficial ones. The wider adoption of this principle should be of particular assistance to companies that operate effective environmental policies. In view of this, your Company's emphasis upon identifying and investing in companies that demonstrate 'best in class' environmental performance is being increased. To date the Jupiter Environmental Research Unit has identified leading companies in over twenty areas of business, ranging from life assurance to property development. Looking to the future world markets are becoming increasingly dependent on the US equity market just as world economies are increasingly dependent on the US economy. At some stage it seems likely that interest rates will have to be raised in the US to slow economic growth. It is the management of these rises that will be crucial. If shocks and surprises are avoided equity markets should continue to thrive. Michael Heathcoat Amory 11th August 1999 Consolidated Statement of Total Return (Incorporating the Revenue Account) for the six months to 30th June 1999 (Unaudited) 1999 1998 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 6,892 6,892 - 5,306 5,306 Revaluation of currencies - 1 1 - 7 7 Income from fixed asset investments 579 - 579 749 - 749 Other income 46 - 46 16 - 16 Profit on dealings by subsidiary 7 - 7 20 - 20 ______ ______ ______ ______ ______ ______ GROSS REVENUE AND CAPITAL GAINS 632 6,893 7,525 785 5,313 6,098 Management fees (120) (119) (239) (91) (91) (182) Other administrative expenses (40) (41) (81) (44) (45) (89) ______ ______ _____ ______ ______ _______ NET RETURN ON ORDINARY ACTIVITIES 472 6,733 7,205 650 5,177 5,827 BEFORE FINANCE COSTS AND TAXATION Interest payable - - - (9) - (9) ______ _____ _____ ______ ______ ______ RETURN ON ORDINARY ACTIVITIES 472 6,733 7,205 641 5,177 5,818 BEFORE TAXATION Tax on ordinary activities (74) 18 (56) (145) 9 (136) _______ ______ ______ _______ ______ _______ RETURN ON ORDINARY ACTIVITIES 398 6,751 7,149 496 5,186 5,682 AFTER TAXATION _______ ______ ______ _______ ______ _______ Return attributable to equity 398 5,045 5,443 496 3,219 3,715 shares Return attributable to non-equity - 1,706 1,706 - 1,967 1,967 shares _______ ______ ______ _______ ______ _______ 398 6,751 7,149 496 5,186 5,682 Dividends payable to equity (486) - (486) (467) - (467) shareholders _______ ______ ______ _______ ______ _______ TRANSFER (FROM)/TO RESERVES (88) 6,751 6,663 29 5,186 5,215 ======= ====== ====== ======= ====== ======= BASIC RETURN PER ORDINARY SHARE 1.43p 18.14p 19.57p 1.91p 12.39p 14.30p DILUTED RETURN PER ORDINARY SHARE 1.41p 17.53p 18.94p 1.84p 11.50p 13.34p INTERIM DIVIDEND The Directors have declared an interim dividend in respect of the year ending 31st December 1999 of 1.7p net per Ordinary share (1998: 1.7p). This dividend will be payable on 30th September 1999 to shareholders on the register on 27th August 1999. CONSOLIDATED BALANCE SHEET 30th June 31st December 1999 1998 £'000 £'000 (Unaudited) (Audited) TOTAL ASSETS LESS CURRENT LIABILITIES 47,645 39,835 Net asset value per Ordinary share 68.4p 52.0p Net asset value per Zero Dividend Preference share 98.2p 93.1p Net asset value per Unit of One Ordinary and One Zero Dividend Preference share 166.6p 145.1p Net asset value per Ordinary share (fully diluted) 64.9p 47.9p By Order of the Board Jupiter Asset Management Limited Secretaries The Interim Report will be sent to all registered shareholders and copies may be obtained from the registered office of the Company at 1, Grosvenor Place, London SW1X 7JJ.
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