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JP Morgan Fleming (JMO)

  Print      Mail a friend       Annual reports

Friday 08 October, 2004

JP Morgan Fleming

Final Results

JPMorgan Fleming Overseas IT PLC
08 October 2004



                         LONDON STOCK EXCHANGE ANNOUNCMENT

                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF FINAL RESULTS


The Directors of JPMorgan Fleming Overseas Investment Trust plc announce the
Company's results for the year ended 30th June 2004.



 Performance

I am pleased to be able to report that the performance of the Trust during the
year under review was far better than in the previous three years. The Company
delivered a positive return of 13.4% to its shareholders and its return on net
assets of 12.8% matched the benchmark index, which is the MSCI World Index in
sterling terms. Currency gains and asset allocation largely countered negative
stock selection within the portfolio. Last year's introduction of a flexible £40
million multi-currency revolving credit facility enabled the investment managers
to regulate the level of borrowings. As a result, the gearing effect was
neutral. More recently, it also enabled the investment managers to mitigate
exchange rate risk by drawing down part of the borrowing in US Dollars against a
proportion of the US portfolio. The US economy has performed well over the past
12 months but the weakness of the US dollar against sterling meant that, in
sterling terms, returns from our US investments were lower than the other
geographical sectors. This justified our underweight stance in the US but a
higher weighting in Japan would have been beneficial.



The Board keeps a close watch on the level of the share price relative to net
asset value ('NAV') and, where an enhancement to NAV could be achieved, has been
prepared to repurchase the Company's shares to a modest degree. At the end of
the year, the discount of the share price to NAV was 18.2% and, at time of
writing, it remains at around that level.



Earnings and Dividends

Earnings per share rose to 7.24p as a result of reduced interest payments on
borrowings as well as a lower tax charge. The Board is proposing, subject to
shareholders' approval at the Annual General Meeting, to pay a final dividend of
7.0p. This is an increase of 40% over the 5.0p paid last year (itself a 19%
increase over the two previous years). The principal investment aim of the
Company is to maximise shareholder return through capital growth, and fulfilling
this aim can lead to fluctuations in dividend income. This dividend is to be
paid on 1st December 2004 to shareholders on the register at close of business
on 29th October 2004.



Directors

There were no changes to the composition of the Board during the year. The Board
fully supports the recommendations of the Combined Code and the AITC Code of
Corporate Governance. We now have Nomination and Remuneration Committees as well
as an Audit Committee. We have also appointed Richard Barfield as our Senior
Independent Director. We have carried out a formal evaluation of the
effectiveness of the Board, the Directors, and the Managers as well as my
position as Chairman.



Investment Managers

Peter Harrison who led the investment management team throughout the year under
review, ably supported by Ed Walker, left JPMorgan Fleming in July 2004. The
Board has agreed that Ed Walker should take over as the main investment manager
and we look forward to working with him in the future.



Annual General Meeting

The Company's Annual General Meeting will be held at JPMorgan Fleming's offices
at 10 Aldermanbury, London EC2V 7RF on Thursday 25th November 2004 at 12 noon.



George Paul
Chairman            7th October 2004


For further information, please contact:


Philip Jones
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
0207 742 6000


JPMorgan Fleming Overseas Investment Trust plc
Unaudited figures for the year ended 30th June 2004



Statement of Total Return (Audited)


                                                      Year ended 30 June 2004             Year ended 30 June 2003
                                                  Revenue         Capital      Total   Revenue     Capital       Total
                                                    £'000           £'000      £'000     £'000       £'000       £'000


Realised gains on investments                           -           7,597      7,597         -         185         185
Net unrealised gains/(losses) on investments            -          28,377     28,377         -    (44,595)    (44,595)
Net losses on foreign currency transactions             -            (89)       (89)         -       (173)       (173)  
Unrealised loss on foreign currency loan                -            (24)       (24)         -          -           -
Realised gains on currency hedge                        -               -          -         -         769         769
Other capital charges                                   -           (135)      (135)         -        (66)        (66)
UK dividend income                                  1,417               -      1,417     1,219           -       1,219
UK  unfranked investment income                         -               -          -       298           -         298
Overseas dividends                                  5,680               -      5,680     6,099           -       6,099
Deposit interest                                      317               -        317       619           -         619
Stock lending fees                                     16               -         16        16           -          16
                                                  _______        ________    _______   _______    ________     _______
Gross return/(loss)                                 7,430          35,726     43,156     8,251    (43,880)    (35,629)
Management fee                                      (713)           (713)    (1,426)     (716)       (716)     (1,432)
Other administrative expenses                       (552)               -      (552)     (529)           -       (529)
Performance fee                                         -              53         53         -         980         980
Interest payable                                    (458)           (457)      (915)   (1,363)     (1,363)     (2,726)
                                                  _______         _______    _______   _______     _______     _______
Return/(loss) on ordinary activities before         5,707          34,609     40,316     5,643    (44,979)    (39,336)
taxation
Taxation                                            (585)               -      (585)   (1,796)         886       (910)
                                                  _______         _______    _______   _______     _______     _______
Total return/(loss) attributable to ordinary        5,122          34,609     39,731     3,847    (44,093)    (40,246)
shareholders

Dividend on ordinary shares                       (4,911)               -    (4,911)   (3,547)           -     (3,547)
                                                   ______         _______    _______    ______     _______     _______
Transfer to/(from) reserves                           211          34,609     34,820       300    (44,093)  (43,793)
Return/(loss) per ordinary share                    7.24p          48.90p     56.14p     5.42p    (62.16)p    (56.74)p

Dividend per ordinary share                         7.00p               -      7.00p     5.00p           -       5.00p

JPMorgan Fleming Overseas Investment Trust plc
Audited figures for the year ended 30th June 2004


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          364,174          326,986


Net current assets                                                                  4,276            2,369

Long term loan                                                                   (30,228)         (20,200)

Provision for liabilities and charges                                               (451)          (3,206)
                                                                                  _______          _______
Total net assets                                                                  337,771          305,949
                                                                                    =====            =====
Net asset value per ordinary share                                                 481.4p           431.3p



CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           2,357            4,197

Net cash outflow from returns on investments and servicing of
finance                                                                             (874)          (2,639)
                                                                                    

Total taxation recovered                                                                -              358

Net cash (outflow)/inflow from capital expenditure and financial                  (1,320)           39,909
investments

Total equity dividends paid on ordinary shares                                    (3,547)          (2,979)

Net cash inflow/(outflow) from financing                                            7,006         (59,758)
                                                                                  _______          _______
Increase/(decrease) in cash for the year                                            3,622         (20,912)
                                                                                    =====            =====






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
2003. 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
7th October 2004







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