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JPMorgan Overseas (JMO)

  Print      Mail a friend       Annual reports

Tuesday 23 February, 2010

JPMorgan Overseas

Half Yearly Report

RNS Number : 5746H
JPMorgan Overseas IT PLC
23 February 2010
 



 

LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN OVERSEAS INVESTMENT TRUST PLC

 

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS

ENDED 31ST DECEMBER 2009

 

 

Chairman's Statement

 

During the second half of 2009, global equity prices continued to recover very strongly after falling to a low point in mid-March 2009. The rebound was particularly steep in the first half of the reporting period when the effects of the significant fiscal and monetary stimulae began to stabilise the economic situation.

 

The Company produced an excellent return of 38.8% for shareholders in the six months period. The total return on net assets was positive 36.8% significantly outperforming the MSCI All Country World Index (in sterling terms) return of positive 25.8%. The Company's portfolio outperformed across a wide range of sectors and performance across regions was well balanced with five out of six regions contributing positively to performance. The Investment Manager's report gives a more detailed commentary about the markets and conditions experienced during this period and the outlook for the remainder of the financial year.

 

The Board continues to monitor the Company's discount at which the Company's shares trade to their net asset value ('NAV') and exercises its powers to buy back shares when it considers this to be in the best interests of shareholders. As a result, 421,966 shares were repurchased at a total cost of £2,597,000 and held in Treasury during the period. The closing discount at 31st December 2009 had narrowed to 3.7%.

 

Gearing levels fell during the period from 7.8% at the start of the period to 6.3% at 31st December 2009 as the markets rose strongly. The £10 million borrowing facility with Lloyds TSB remained fully utilised throughout the reporting period.

 

Following the appointment of Jonathan Carey to the Board on 17th September 2009, the process of refreshing the Company's Board will continue in 2010. I plan to retire from the Board following the AGM next October and the Nomination Committee has decided that Simon Davies will succeed me. As Dick Barfield will also be retiring after the next AGM a new non-executive director will be appointed during the course of this year.

 

The Board remains optimistic about the outlook for the second half of this year, however, gains are likely to be more modest in comparison with the first half. The Board supports the Investment Manager's approach of remaining focused on investing in stocks in which he has a high degree of conviction to strive towards achieving optimum returns for shareholders.

 

for and on behalf of the Board

George Paul

Chairman                                                                                                                                      

23rd February 2010

 

 

Investment Manager's Report

 

The second half of 2009, in particular the third quarter, witnessed the continuation of a powerful recovery in global equities which started in March of that year. Following the massive economic turmoil of 2007-2008, which had created the largest constriction and disarray that most major economies had experienced since the 1930s, fiscal and monetary stimulus of enormous magnitude provided a foundation for economic stabilisation and subsequent re-rating of risk assets.

 

In sterling terms, the MSCI All Country World Index rose by 25.8%. Regionally, only Japan acted as a major laggard. On a sector basis, advances were led by traditionally cyclical areas such as Basic Industries, Semi Conductors and Media, whereas less economically sensitive sectors such as Utilities and Telecoms lagged the markets.

 

The portfolio outperformed across a wide range of sectors as the valuation process upon which we base our stock selection enjoyed some particularly propitious conditions. Within cyclicals, stocks such as Rhodia, Lanxess and Dow Chemical were strong on a combination of demand recovery, industry restocking, corporate cost reduction and exceptionally positive cashflow. In commodities, holdings in companies such as Petropavlosk (gold in Russia) and Interoil (energy in Papua New Guinea) rose significantly as an increased sense of economic stability and company specific developments facilitated a new and more positive assessment of normalised worth.

 

Although it is our objective to provide superior long term capital growth through stock selection across sectors globally, irrespective of domicile, it is reassuring to note that performance was well balanced across regions, with stock selection in 5 out of 6 regions contributing positively to performance. In North America, Google and Walt Disney led strong returns. In Japan, Nissan - a new holding - and Nidec performed well. UK performance was driven by significant advances in stocks such as InterContinental Hotels and Cookson Group.

 

The relative underperformance of Japan provided us with an excellent opportunity to add to our holdings in this market. While the combination of a strong yen, a new government and cautious central bank filled the minds of many investors with fear, companies such as Mitsubishi Electric and Kubota in addition to existing holdings like Japan Tobacco - all of which have strong, global franchises - became increasingly cheap. Adherence to this valuation discipline has resulted in a weighting to Japan which is well in excess of the benchmark. In order to fund these moves we have taken profits across a variety of areas, particularly in Emerging Market stocks, which have, in our view, become relatively expensive.

 

As the markets advanced from their lows in March 2009 some very conspicuous and unprecedented valuation anomalies narrowed but were not eliminated. Markets will inevitably become less unconditional in comparison with 2009. Areas of concern for investors will include; the potential emergence of central bank exit strategies, the sustainability of China's growth rate, the strength and cohesiveness of European financial union, the scale of government debt and, more generally, the perception of increased government intervention in the developed economies. While absolute gains could therefore be more modest than those of last year, the portfolio will continue to focus on companies which are cheap, which contain considerable potential earnings upside to normalised and are capable of demonstrating such potential within an acceptable time frame.

 

Jeroen Huysinga

Investment Manager                                                                                                                     

23rd February 2010

 

 

Interim Management Report

 

The Company is now required to make the following disclosures in its half year report:

 

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Company fall into the following broad categories: investment

underperformance; political and economic; loss of investment team or investment manager; discount; change of corporate

control of the manager; accounting, legal and regulatory; corporate governance and shareholder relations; operational

and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for

the year ended 30th June 2009.

 

Related Parties Transactions

During the first six months of the current financial year, no transactions with related parties have taken place which have

materially affected the financial position or the performance of the Company during the period.

 

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital

management policies and procedures, nature of the portfolio and expenditure projections; that the Company has adequate

resources, an appropriate financial structure and suitable management arrangements in place to continue in operational

existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the

going concern basis in preparing the accounts.

 

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in

accordance with the Accounting Standards Board's Statement 'Half Yearly Financial Reports'; and

(ii) the half year management report includes a fair review of the information required by DTR 4.2.7R and 4.2.8R of the

UK Listing Authority Disclosure and Transparency Rules.

 

For and on behalf of the Board

George Paul

Chairman

23rd February 2010

 

For further information, please contact:

Divya Amin

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 6000

 

Please note that up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can be found at www.jpmoverseas.co.uk.



Income Statement

for the six months ended 31st December 2009

 


(Unaudited)

Six months ended

31st December 2009

(Unaudited)

Six months ended

31st December 2008

(Audited)

Year ended

30th June 2009

 

 

 Revenue

 £'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Revenue

£'000

Capital

£'000

Total

£'000

Gains/(losses) on

 investments held at fair

 value through profit or loss

-

49,383

49,383

-

(26,564)

(26,564)

-

(14,936)

(14,936)

Net foreign currency

 gains/(losses)

-

576

576

-

(816)

(816)

-

(257)

(257)

Income from investments

1,833

-

1,833

1,542

-

1,542

4,153

-

4,153

Other interest receivable

 and similar income

8

-

8

682

-

682

687

-

687

Gross return/(loss)

1,841

49,959

51,800

2,224

(27,380)

(25,156)

4,840

(15,193)

(10,353)

Management fee

(165)

(165)

(330)

(142)

(142)

(284)

(271)

(271)

(542)

Performance fee

(provision)/writeback

-

(2,603)

(2,603)

-

817

817

-

(1,668)

(1,668)

VAT recoverable

-

-

-

126

141

267

126

141

267

Other administrative

 expenses

(209)

-

(209)

(206)

-

(206)

(439)

-

(439)

Net return/(loss) on

 ordinary activities before finance costs and taxation

1,467

47,191

48,658

2,002

(26,564)

(24,562)

4,256

(16,991)

(12,735)

Finance costs

(32)

(32)

(64)

(116)

(116)

(232)

(155)

(155)

(310)

Net return/(loss) on

 ordinary activities before taxation

1,435

47,159

48,594

1,886

(26,680)

(24,794)

4,101

(17,146)

(13,045)

Taxation (note 3)

(90)

-

(90)

(418)

315

(103)

(860)

520

(340)

Net return/(loss) on

 ordinary activities after taxation

1,345

47,159

48,504

1,468

(26,365)

(24,897)

3,241

(16,626)

(13,385)

Return/(loss) per share

 (note 4)

5.18p

181.70p

186.88p

5.51p

(98.95)p

(93.44)p

12.26p

(62.88)p

(50.62)p

 

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL'). For this reason a STRGL has not been presented.

 

 

 

 

 

 

Reconciliation of Movements in Shareholders' Funds

 

Six months ended 31st December 2009 (unaudited)

Called up

share

capital

£'000

Capital

redemption

reserve

£'000

Capital

reserves

£'000

Revenue

reserve

£'000

Total

£'000

At 30th June 2009

6,544

27,401

93,721

17,804

145,470

Repurchase of shares into Treasury

-

-

(2,597)

-

(2,597)

Net return on ordinary activities

-

-

47,159

1,345

48,504

Dividends appropriated in the period

-

-

-

(2,979)

(2,979)

At 31st December 2009

6,544

27,401

138,283

16,170

188,398









Called up

share

capital

£'000

Capital

redemption

reserve

£'000

Capital

reserves

£'000

Revenue

reserve

£'000

Total

£'000

Six months ended 31st December 2008 (unaudited)

 

At 30th June 2008

6,735

27,210

114,251

17,610

165,806

Repurchase and cancellation of the Company's own shares

(133)

133

(2,699)

-

(2,699)

 

Net (loss)/return on ordinary activities

-

-

(26,365)

1,468

(24,897)

Dividends appropriated in the period

-

-

-

(3,047)

(3,047)

At 31st December 2008

6,602

27,343

85,187

16,031

135,163









Called up

share

capital

£'000

Capital

redemption

reserve

£'000

Capital

reserves

£'000

Revenue

reserve

£'000

Total

£'000

Year ended 30th June 2009 (audited)

 

At 30th June 2008

6,735

27,210

114,251

17,610

165,806

Repurchase and cancellation of the Company's own shares

(191)

191

(3,772)

-

(3,772)

 

Repurchase of shares into Treasury

-

-

(132)

-

(132)

Net (loss)/return on ordinary activities

-

-

(16,626)

3,241

(13,385)

Dividends appropriated in the year

-

-

-

(3,047)

(3,047)

At 30th June 2009

6,544

27,401

93,721

17,804

145,470

 

 

 

 

 

 

Balance Sheet

at 31st December 2009

 

 


(Unaudited)

31st December

2009

£'000

(Unaudited)

31st December

2008

£'000

(Audited)

30th June

2009

£'000

Fixed assets




Equity investments held at fair value through profit or loss

200,289

144,000

156,739

Investments in liquidity funds held at fair value through profit or loss

-

2,180

1,027

Total investments

200,289

146,180

157,766





Current assets




Debtors

1,825

430

1,375

Cash and short term deposits

679

160

708


2,504

590

2,083

Creditors: amounts falling due within one year

(11,301)

(11,407)

(12,712)

Net current liabilities

(8,797)

(10,817)

(10,629)

Total assets less current liabilities

191,492

135,363

147,137





Creditors: amounts falling due after more than one year

(200)

(200)

(200)

Provision for liabilities and charges

(2,894)

-

(1,467)

Total net assets

188,398

135,163

145,470





Capital and reserves




Called up share capital

6,544

6,602

6,544

Capital redemption reserve

27,401

27,343

27,401

Capital reserves

138,283

85,187

93,721

Revenue reserve

16,170

16,031

17,804

Shareholders' funds

188,398

135,163

145,470





Net asset value per share (note 5)

732.3p

511.8p

556.3p

 

 

 

 

 

 

 

 

Cash Flow Statement

for the six months ended 31st December 2009

 


(Unaudited)

31st December

2009

£'000

(Unaudited)

31st December

2008

£'000

(Audited)

30th June

2009

£'000

Net cash inflow from operating activities (note 6)

369

3,544

5,190

Net cash outflow from returns on investments and




 servicing of finance

(64)

(248)

(328)

Taxation recovered

30

120

147

Net cash inflow/(outflow) from capital expenditure and




 financial investment

6,941

(2,030)

(2,038)

Dividends paid

(2,979)

(3,047)

(3,047)

Net cash (outflow)/inflow from financing

(2,537)

1,312

(164)

Increase/(decrease) in cash for the period

1,760

(349)

(240)





Reconcilliation of net cash flow to movement in net debt




Net cash movement

1,760

(349)

(240)

Loans drawn down in the period

-

(4,000)

(4,000)

Exchange movements

(1,789)

205

644





Movement in net debt in the period

(29)

(4,144)

(3,596)

Net debt at the beginning of the period

(9,492)

(5,896)

(5,896)

Net debt at the end of the period

(9,521)

(10,040)

(9,492)





Represented by:




Cash and short term deposits

679

160

708

Debt falling due within one year

(10,000)

(10,000)

(10,000)

Debt falling due after more than 5 years

(200)

(200)

(200)

Total

(9,521)

(10,040)

(9,492)

 

 

 

 

 

 

 

Notes to the Accounts

for the six months ended 31st December 2009

 

1. Financial statements

The information contained within the Financial Statements in this preliminary announcement has not been audited or reviewed by the Company's auditors.

 

The figures and financial information for the year ended 30th June 2009 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

 

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice ('UK GAAP') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' issued in January 2009.

 

All of the Company's operations are of a continuing nature.

 

The accounting policies applied to these half year accounts are consistent with those applied in the accounts for the year ended 30th June 2009.

 

3. Taxation

The taxation charge of £90,000 (31st December 2008: £103,000 and 30th June 2009: £340,000) relates to irrecoverable overseas taxation.

 

 

4. Return/(loss) per share

 


(Unaudited)

Six months ended

31st December 2009

£'000

(Unaudited)

Six months ended

31st December 2008

£'000

(Audited)

Year ended

30th June 2009

£'000

Return/(loss) per share is based on the following:




Revenue return

1,345

1,468

3,241

Capital return/(loss)

47,159

(26,365)

(16,626)

Total return/(loss)

48,504

(24,897)

(13,385)

Weighted average number of shares in issue:

25,954,521

26,644,266

26,441,114

Revenue return per share

5.18p

5.51p

12.26p

Capital return/(loss) per share

181.70p

(98.95)p

(62.88)p

Total return/(loss) per share

186.88p

(93.44)p

(50.62)p

 

 

5. Net asset value per share

Net asset value per share is calculated by dividing the funds attributable to ordinary shareholders by the number of ordinary shares in issue at 31st December 2009 of 25,726,732 (31st December 2008: 26,408,348 and 30th June 2009: 26,148,698), excluding shares held in Treasury.

 

 

 

 

6. Reconciliation of total return/(loss) on ordinary activities before finance costs and taxation to net cash inflow from operating activities

 


(Unaudited)

Six months ended

31st December 2009

£'000

(Unaudited)

Six months ended

31st December 2008

£'000

(Audited)

Year ended

30th June 2009

£'000

Total return/(loss) on ordinary activities before

 finance costs and taxation

48,658

(24,562)

(12,735)

Add back capital (return)/loss before finance costs and taxation

(47,191)

26,564

16,991

Scrip dividends received as income

(2)

-

(34)

Net movement in debtors and accruals

186

178

41

Decrease in VAT recoverable

-

1,507

1,507

Tax on unfranked investment income

(99)

(142)

(450)

Expenses charged to capital

(165)

(1)

(130)

Performance fee paid

(1,018)

-

-

Net cash inflow from operating activities

369

3,544

5,190

 

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED


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