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JP Morgan Flem Inc (JPI)

  Print      Mail a friend       Annual reports

Friday 28 October, 2005

JP Morgan Flem Inc

Interim Results

JP Morgan Flem Income & Capital Inv
28 October 2005


              JPMORGAN FLEMING INCOME & CAPITAL INVESTMENT TRUST PLC

                         STOCK EXCHANGE ANNOUNCEMENT OF

            UNAUDITED RESULTS FOR THE SIX MONTHS TO 31st AUGUST 2005



The Board today release the unaudited interim results of the Company for the six
months to 31st August 2005.


The following are comments from the Chairman:


Performance

After a muted start, the value of the portfolio rose by an overall 8.7% during
the six months under review. This was better than our benchmark composite index,
which rose by 7.9%, and both the equity and the bond portfolios outperformed
their own benchmark indices. After taking into account management expenses and
other costs, the Company's assets rose by 8.2% over the six months, and by 34.6%
against 25.5% for the benchmark over the three and a half years since the
Company was restructured.



Share Price Performance

Because most of the Company's shares are in firm hands, day-to-day trading in
them is low. As a result, their price movements do not necessarily reflect very
closely the movements in the market as a whole, and their discounts or premiums
to net asset value can move up and down erratically.



As it turns out, after a strong surge in the prices of both the ordinary shares
and the units last year, the period under review saw a duller performance.
Taking into account net dividends, the value of a unit rose by 3.0%, that of an
ordinary share declined by 2.6% and that of a zero dividend preference share
rose by 1.4%.



I have previously reported that the Company monitors at regular intervals an
indicator called the hurdle rate. This indicator measures the amount by which
the total assets of the Company have to grow each year in order to return the
current share price to ordinary shareholders when the Company winds up in
February 2008. At the end of August 2005, the hurdle rate required to return the
ordinary share price of 87.8p was 3.0% per annum, and to return 100p per share
was 5.5%. At 26th October 2005, the relevant hurdle rates were 3.6% and 6.3%
respectively.



Dividends

During the six months under review the Board has declared two quarterly interim
dividends, each of 1.75p per ordinary share, paid to ordinary shareholders and
unitholders on 1st July 2005 and 3rd October 2005.



It is the Board's intention, in the absence of unforeseen circumstances, at
least to maintain the total annual dividend of 7.25p per share paid last year.



Share repurchases

At the Annual General Meeting in July 2005, shareholders renewed the Board's
authority to repurchase up to 14.99% of the Company's issued share capital.
During the six months to 31st August 2005 the Company repurchased 1,300,000
ordinary shares at a discount of 15.8% and a cost of £1,074,606.





Sir Charles Nunneley

Chairman, 28th October 2005


JPMorgan Fleming Income and Capital Investment Trust plc

Unaudited figures for the six months ended 31 August 2005


Statement of Total Return (Unaudited)


                         Six months to 31 August 2005    Six months to 31 August 2004      Year to 28 February 2005
                                                                  (restated)                      (restated)
                           Revenue    Capital     Total   Revenue   Capital      Total    Revenue    Capital      Total

                             £'000      £'000     £'000     £'000     £'000      £'000      £'000      £'000      £'000
Realised gains/(losses)
on investments                   -        666       666         -   (1,133)    (1,133)          -      (526)      (526)
                                 
Unrealised gains/
(losses) on investments          -      8,619     8,619         -   (1,291)    (1,291)          -     14,058     14,058
   
Realised currency
(losses)/gains on cash and
short term deposits held       
during  the period               -      (115)     (115)         -         -          -          -         92         92

Unrealised gains/
(losses) on foreign currency     
hedge                            -         5          5         -    (46)         (46)          -         56         56

UK dividend income           3,178          -     3,178     3,329         -      3,329      4,916          -      4,916

Unfranked dividend               
income                           -          -         -       137         -        137        138          -        138

Unfranked interest             664          -       664     1,060         -      1,060      2,027          -      2,027
income

Scrip dividends                  -          -         -         -         -          -         26          -         26

Deposit interest                95          -        95        50         -         50        134          -        134

Option income premiums         179          -       179       223         -        223        520          -        520
                           _______   ________   _______   _______  ________    _______    _______    _______    _______

Gross return/(loss)          4,116      9,175    13,291     4,799   (2,470)      2,329      7,761     13,680     21,441

Management fee               (288)      (431)     (719)     (280)     (420)      (700)      (550)      (825)    (1,375)

Other administrative         (174)          -     (174)     (150)         -      (150)      (310)          -      (310)
expenses

Transaction costs                -       (81)      (81)         -     (161)      (161)          -      (287)      (287)

Return attributable to
zero dividend preference
shares                           -    (3,187)   (3,187)         -   (2,945)    (2,945)          -    (6,009)    (6,009)

Interest payable               (1)        (2)       (3)     (149)     (347)      (496)      (151)      (352)      (503)

Breakage cost on
interest rate swap               -          -         -         -     (120)      (120)          -      (120)      (120)

Return/(loss) before         3,653      5,474     9,127     4,220   (6,463)    (2,243)      6,750      6,087   12,837
taxation

Taxation                     (143)        130      (13)     (201)       177       (24)      (619)        411      (208)

                            ______    _______   _______    ______   _______    _______    _______    _______    _______

Return/(loss) after          3,510      5,604     9,114     4,019   (6,286)    (2,267)      6,131      6,498     12,629
taxation

Return/(loss) per
ordinary share
                                                 12.29p                        (3.04)p                           16.91p

JPMorgan Fleming Income and Capital Investment Trust plc

Unaudited figures for the six months ended 31 August 2005


BALANCE SHEET                                                          31 August       31 August     28 February
                                                                            2005            2004            2005
                                                                                      (restated)      (restated)
                                                                           £'000           £'000           £'000

Investments at valuation                                                 163,352         133,062         150,143

Debtors                                                                    4,552           9,241           3,450

Cash and short term deposits                                                 810           3,481           4,525

Total assets                                                             168,714         145,784         158,118


Liabilities (amounts falling due within one year)                        (6,656)         (7,493)         (4,481)

                                                                         _______         _______         _______

Net assets attributable to shareholders                                  162,058         138,291         153,637

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

Net asset value per ordinary share                                        108.6p           81.5p           99.7p

Net asset value per zero dividend preference share                        126.5p          116.9p          121.6p


CASHFLOW STATEMENT                                                     31 August       31 August     28 February
                                                                            2005            2004            2005
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  3,167           3,418           6,205

Net cash outflow from servicing of finance                                   (2)           (980)           (987)

Net cash inflow for taxation                                                   -              34             155

Net cash (outflow)/inflow from capital expenditure and
   financial investment                                                  (2,941)          28,826          29,493

Total equity dividends paid                                              (2,800)         (2,800)         (5,414)

Net cash outflow from financing                                          (1,080)        (26,400)        (26,400)
                                                                         _______         _______         _______
Decrease/increase in cash for the period                                 (3,656)           2,098           3,052
                                                                           =====           =====           =====


The results for the year ended 28th February 2005 and the six months ended 31st
August 2004 have been restated in accordance with Financial Standards 21, 22, 25
and 26.

Following the introduction of Financial Reporting Standard 21 'Events after the
balance sheet date', dividends declared and approved by the Company after the
balance sheet date should not be recognised as a liability of the Company at the
balance sheet date. Prior results have accordingly been restated and this has
led to an increase in net assets attributable to shareholders of £1,493,000 for
the year ended 28th February 2005 and £1,307,000 for the six months ended 31st
August 2004. Also, Financial Reporting Standard 25 states that dividends can no
longer be presented on the Statement of Total Return. In respect of the year
ended 28th February 2005, the Company declared dividends of 7.25p per share
(£5,414,000). For the six months ended 31st August 2004 and 2005, dividends
totalling 3.50p per share (£2,614,000 and £2,591,000 respectively) were
declared.


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 28th February 2005 have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED




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