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Fleming Overseas Inv (JMO)

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Wednesday 31 January, 2001

Fleming Overseas Inv

Interim Results

Fleming Overseas Inv Trust PLC
31 January 2001



                  THE FLEMING OVERSEAS INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT

                   HALF YEARLY RESULTS TO 31 DECEMBER 2000

31 January 2001


The Company today announced its results for the six months ended 31 December
2000.


Performance


During the period under review, the net asset value total return of the
ordinary shares was -10.1%.  The Company's benchmark, the FT/S&P Actuaries
World (ex UK) Index in sterling terms provided a total return of -8.8% over
the same period.


Revenue


In line with the Company's current dividend policy no interim dividend has
been declared.


For further information, please contact:

Linda Field

The Fleming Overseas Investment Trust plc........................ 020 7742 3426

JP Morgan Fleming Asset Management Limited




                   THE FLEMING OVERSEAS INVESTMENT TRUST PLC

              UNAUDITED FOR THE HALF YEAR ENDED 31 DECEMBER 2000


                                                      Half     Half     Full
                                                      year     year     year
                                                      31       31       30 June
                                                      December December
                                                      2000     1999     2000
                                                      £'000    £'000    £'000
REVENUE

Income

        Franked dividends                             21       390      795
        Unfranked dividends                           4,924    3,059    8,099
        Interest from investments                     670      599      1,259
        Other investment income                       -        -        1,899
        Deposit interest                              575      319      719
        Stock lending fees                            26       34       72

Gross Revenue                                         6,216    4,401    12,843


Less    Management fee                                865      776      1,615
        Other administrative expenses                 372      608      887
        Interest payable                              1,470    1,616    3,216

Return before Taxation                                3,509    1,401    7,125


Less    Taxation                                      1,087    951      2,342

Return after Taxation                                 2,422    450      4,783

                                                      ====     ====     ====


                                                      Half     Half     Full
                                                      year     year     year
                                                      31       31       30 June
                                                      December December
                                                      2000     1999     2000
                                                      £'000    £'000    £'000
CAPITAL


        Movements on investments                      (73,167) 121,299  158,866
        Less: Management fee charged to capital       865      775      1,615
        Less: Finance costs charged to capital        1,470    1,616    3,215
        Performance fee charged to capital            2,347    (6,800)  (11,370)
        Add: Tax relief to capital                    680      373      1,503

Return attributable to ordinary shareholders          (72,475) 112,481  144,169

                                                      ====     ====     ====


Dividends per ordinary share                          Nil      Nil      Nil


Revenue return per ordinary share                     2.6 p    0.4 p    4.5 p
Capital return per ordinary share                     (76.2) p 100.7 p  135.7 p
Total return per ordinary                             (73.6) p 101.1 p  140.2 p
At 31 December 2000


Total Net Assets (£'000)                              620,215  738,731  690,268

Net Asset Value per Ordinary Share                    652.1 P  676.4 p  725.8 p




                   THE FLEMING OVERSEAS INVESTMENT TRUST PLC

              UNAUDITED FOR THE HALF YEAR ENDED 31 DECEMBER 2000


CASH FLOW STATEMENT
                                                      Half     Half     Full
                                                      year     year     year
                                                      31       31       30 June
                                                      December December
                                                      2000     1999     2000
                                                      £'000    £'000    £'000


Net cash inflow from operating activities             102      1,490    7,318


Net cash outflow from returns on investment and       (2,915)  (3,211)  (6,384)
servicing of finance


Total tax recovered                                   1,275    1,691    1,587


Net cash inflow/(outflow) from capital expenditure    8,772    (8,770)  75,094
and financial investment


Total equity dividends paid                           (3,428)  (2,742)  (2,742)


Net ach outflow from financing                        -       (19,634) (100,719)



Increase/(decrease) in cash in the period             3,806    (31,176) (25,846)
                                                      ====     ====     ====



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 30 June 2000 have been delivered to the Registrar of Companies.



JP MORGAN FLEMING ASSET MANAGEMENT LIMITED


31 January 2001