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JP Morgan Fleming (JMO)

  Print      Mail a friend       Annual reports

Friday 10 October, 2003

JP Morgan Fleming

Final Results

JPMorgan Fleming Overseas IT PLC
10 October 2003


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                     UNAUDITED ANNUAL RESULTS FOR THE YEAR



The Directors of JPMorgan Fleming Overseas Investment Trust plc  announce the
Company's unaudited results for the year ended 30th June 2003.



Performance

Over the year under review, the world's stock markets again delivered a
disappointing overall result for investors. The Company's benchmark produced a
negative total return of 9.8% in sterling terms while, over the same period, the
Company delivered a negative total return of 11.6%. Despite this negative
overall result, global stock markets produced solid gains in the period
following the conclusion of formal hostilities in Iraq and this trend has
continued, albeit more slowly in the ensuing months.



The Company's gearing was the main contributory factor behind the Company's
underperformance versus benchmark. The existence of the performance fee
arrangement, together with the positive influence of stock selection served to
offset this to a modest degree. In order to provide greater flexibility to the
investment managers, the Board decided to replace the remaining £40 million
Floating Rate Notes ('FRN') with a £40 million loan facility (of which £12
million is currently drawn) that is capable of regular short-notice review in
either direction. The new facility should enable the investment managers to
position the Company's gearing levels in a way that matches and reflects their
views of market conditions as closely as possible.



The Board regularly reviews investment strategy and investors' expectations with
regard to the level of risk in the portfolio. A recent such review was
undertaken and your Board is satisfied with the level of risk being taken by the
Company and believes that the portfolio is in a good position to take advantage
of further stock market gains. Whilst the relatively large proportion of the
Company's assets in the US has not helped performance in recent years, it is
likely that US interest rates will remain at very low levels and, with a
presidential election due in 2004, various expansionary fiscal measures can be
expected. This combination is likely to boost the US economy.



The Board is acutely aware of movements in the Company's share price performance
relative to its Net Asset Value ('NAV'). While share buybacks can have a
beneficial effect on NAV for continuing shareholders, the resultant shrinkage of
the Company's overall asset base must be considered undesirable in the long run.
In this respect, the Company is fortunate that it is not unduly burdened with an
overhang of reluctant shareholders. There were no share buybacks during the year
under review. At the end of the year the discount of the share price to NAV was
relatively high at 18.4% but since that time it has tended to be lower and is
currently 15.4%.



Earnings and Dividends

Earnings per share rose to 5.42p per share mainly as a result of the savings in
the interest charge following the repayment of the FRN. The Board is proposing,
subject to shareholders' approval at the Annual General Meeting, to pay a final
dividend of 5.0p per share. This is an increase of 19% over the 4.2p paid in
each of the last two years. This dividend is to be paid on 1st December 2003 to
shareholders on the register of members at close of business on 31st October
2003.



Directors

There were no changes to the composition of the Board during the year but,
following the year-end, Raymond Mould decided to step down as a Director with
effect from 14th August 2003. Raymond became a Director of the Company in 1999
and the Board has greatly appreciated his knowledge and enquiring mind which
have been of much assistance to the Board in its deliberations.



Investment Managers

Peter Harrison leads the JPMorgan Fleming investment management team and was
supported throughout the year under review by Peter Warnes in Hong Kong. In
August 2003, the role occupied by Peter Warnes was transferred to Ed Walker who,
with Peter Harrison, operates out of London. Ed joined JPMorgan Fleming in 1997
from university and is the global sector specialist for information technology
in the Global Portfolios Group, based in London. He holds a BA (Hons) in
Economics from Cambridge University, is a holder of the CFA designation and is
IIMR qualified. The investment managers are part of the 32 strong team within
JPMorgan Fleming Asset Management responsible for the management of global
portfolios.



Annual General Meeting

The Company's Annual General Meeting will be held at 10 Aldermanbury, London
EC2V 7RF on Thursday 27th November 2003 at 12 noon.



George Paul

Chairman            9th October 2003




JPMorgan Fleming Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2003



Statement of Total Return (Unaudited)


                                                      Year ended 30 June 2003          Year ended 30 June 2002

                                                    Revenue    Capital      Total   Revenue     Capital       Total
                                                      £'000      £'000      £'000     £'000       £'000       £'000

Realised gains/(losses) on investments                    -        185        185         -    (26,742)    (26,742)
Change in unrealised depreciation                         -   (44,595)   (44,595)         -    (90,101)    (90,101)
Net (losses)/gains on currency transactions               -      (173)      (173)         -         196         196
Unrealised gains on currency hedge                        -          -          -         -         682         682
Realised gains on currency hedge                          -        769        769         -           -           -
Other capital charges                                     -       (66)       (66)         -       (111)       (111)
Franked investment income                             1,219          -      1,219     1,290           -       1,290
UK unfranked investment income                          298          -        298       705           -         705
Overseas dividends                                    6,099          -      6,099     6,843           -       6,843
Deposit interest                                        619          -        619       523           -         523
Stock lending fees                                       16          -         16         -           -           -
                                                    _______   ________    _______   _______    ________     _______

Gross return                                          8,251   (43,880)   (35,629)     9,361   (116,076)   (106,715)
Management fee                                        (716)      (716)    (1,432)   (1,095)     (1,095)     (2,190)
Other administrative expenses                         (529)          -      (529)     (540)           -       (540)
Performance fee                                           -        980        980         -       2,178       2,178
Interest payable                                    (1,363)    (1,363)    (2,726)   (2,858)     (2,858)     (5,716)
                                                    _______    _______    _______   _______     _______     _______

Return/(loss) on ordinary activities before           5,643   (44,979)   (39,336)     4,868   (117,851)   (112,983)
taxation
Taxation                                            (1,796)        886      (910)   (1,564)         799       (765)
                                                    _______    _______    _______   _______     _______     _______

Total return/(loss) attributable to ordinary          3,847   (44,093)   (40,246)     3,304   (117,052)   (113,748)
shareholders

Dividend on ordinary shares                         (3,547)          -    (3,547)   (2,863)           -     (2,863)
                                                     ______    _______    _______    ______     _______     _______

Transfer to/(from) reserves                             300   (44,093)  (43,793)        441   (117,052)  (116,611)
Return/(loss) per ordinary share                      5.42p   (62.16)p   (56.74)p     4.50p   (159.26)p   (154.76)p

Dividend per ordinary share                           5.00p          -      5.00p     4.20p           -       4.20p


JPMorgan Fleming Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2003


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          326,986          409,472

Net current assets                                                                  2,369           26,861

Long term loan                                                                   (20,200)         (79,958)

Provision for liabilities and charges                                             (3,206)          (6,633)
                                                                                  _______          _______
Total net assets                                                                  305,949          349,742
                                                                                    =====            =====
Net asset value per ordinary share                                                 431.3p           493.1p



CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           4,197            3,356

Net cash outflow from returns on investments and servicing of                     (2,639)          (5,673)
finance                                                                           

Total taxation (paid)/recovered                                                       358              526

Net cash inflow from capital expenditure and financial investments                 39,909           60,957

Total equity dividends paid on ordinary shares                                    (2,979)          (3,150)

Net cash outflow from financing                                                  (59,758)         (35,393)
                                                                                  _______          _______
(Decrease)/Increase in cash for the year                                         (20,912)           20,623
                                                                                    =====            =====






The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
9th October 2003


                      This information is provided by RNS
            The company news service from the London Stock Exchange