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JPMorganInc&CapTst (JPI)

  Print      Mail a friend       Annual reports

Tuesday 12 October, 2010

JPMorganInc&CapTst

Half Yearly Report

RNS Number : 2852U
JPMorgan Income & Capital Trust PLC
12 October 2010
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN INCOME & CAPITAL TRUST PLC

 

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST AUGUST 2010

 

 

Chairman's Statement

 

Introduction and Performance

After the strong results of the previous financial year, the total return on the Company's net assets was a modest +0.4% for the six months to 31st August 2010. By comparison, the composite benchmark (comprising 90% FTSE 350 Index and 10% Merrill Lynch 5-10 year UK Sterling Corporate Index for bonds) recorded a rise of 1.0% during the same period.

 

This has been achieved against a backdrop of continuing and profound uncertainty in global securities markets. There is little unanimity amongst economic forecasters in relation to the prospects for growth over the next 12 months, with many expecting a double dip recession and others remaining confident of recovery. This includes confusion as to the likelihood of inflation or deflation, with bond yields falling to unprecedented levels (which might be taken to support the deflationary case) and the gold price reaching an all time high (reflecting inflationary concerns).

 

We were particularly concerned during the second half of the reporting period by the news of BP's crisis in the Gulf of Mexico. Despite reducing our shareholding, this stock was a significant detractor to performance over the period. Whilst the underlying performance of the UK equity portfolio was positive, the relative performance to our benchmark was held back through having an underweight position in corporate bonds which performed very strongly during the period.

 

The global political scene has continued to be difficult for investors, with a change of government in the UK and worries about sovereign debt in Continental Europe. The severe cuts in public expenditure which are now being proposed to address fiscal deficits throughout Europe are expected to damage nascent economic recovery and potentially result in industrial unrest and rising political tension.

 

The Investment Managers provide a detailed commentary on the markets and the portfolio in their report.

 

Share Price Performance

The prices of the Company's two classes of share and of its units comprising two Ordinary shares and one ZDP share were at a premium/(discount) to net asset value at the previous period end dates as follows:

 


31st August

28th February

31st August


2010

2010

2009

ZDP

(4.2)%

(2.2)%

(8.7)%

Ordinary

4.5%

(2.2)%

5.0%

Units

(1.8)%

(2.8)%

(8.6)%

           

Since the period end, share prices have been fairly stable. At 5th October 2010, the price of the Ordinary shares, the ZDP share price and Unit price were at discounts of 10.1%, 3.1% and 9.2% respectively.

 

Revenue and Dividends

Revenue after tax and before dividends for the period was £1.96 million and revenue return per Ordinary share was 2.9 pence.

 

During the six months the Board has declared two quarterly interim dividends, each of 1.25p per Ordinary share costing £844,000 each, payable to Ordinary shareholders and Unit holders on 30th July 2010 and 29th October 2010. Despite the suspension of dividends by BP, the Board intends to maintain the current level of quarterly dividends to Ordinary shareholders and Unit holders for the remainder of the financial year to 28th February 2011, in the absence of further unforeseen circumstances. As previously reported, the Board will, if necessary, draw upon reserves attributable to Ordinary shareholders in order to ensure payment of these dividends in the event that they are marginally uncovered by revenue received during the year.

 

The undistributed revenue reserves, after allowing for the payment of the second interim dividend, are approximately £0.9 million.

 

Hurdle Rate

The Hurdle Rate 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 2018. At 31st August 2010, the Hurdle Rate required to return the Ordinary share price of 68.0p was 4.3% per annum and the Hurdle rate to return the Final Capital Entitlement of 192.13p of the ZDP shares was -1.4%.

 

At 5th October 2010, the Hurdle Rate required to return the current Ordinary share price of 67.5p was 3.3% per annum and to return the Final Capital Entitlement of the ZDP shares of 192.13p was -2.3%.

 

Outlook

The immediate outlook is clouded by a range of concerns including sovereign debt in Europe, fiscal austerity, consumer de-leveraging and a continuing shortage of bank credit. These may cause a slowdown in economic recovery in the UK and Continental Europe. However, given the significant exposure of many of our shareholdings to developments in the fast growing regions of Asia and South America, the Board remains cautiously optimistic about the prospects for improved performance by your Company in the longer term.

 

 

Sir Laurence Magnus Bt

Chairman                                                                                                                      12th October 2010



Investment Managers' Report

 

Market Review

The UK stock market experienced renewed volatility over the six months to 31st August 2010, amid economic uncertainty, sovereign debt fears and political upheavals. Corporate profits growth was supportive however, and with equity valuations broadly attractive against government bonds, the FTSE 350 Index (excluding ITs) managed to gain 0.3% over the review period. A moderation in the recovery of economic momentum weighed on equity markets through much of the rest of the period, despite largely positive results from the majority of companies.

 

The trust's exposure to corporate debt continued to contribute to absolute returns; we remained underweight in bonds and overweight in equities throughout the period under review. The Barclays Capital Global Corporate Bond Index was up 6.3% over the six months to 31st August 2010 as corporate bonds benefited from a strengthening of corporate balance sheets and positive earnings data.

 

Economic uncertainty was the main theme of the review period, with persistently weak US labour market data and worries over a slowdown in China causing concerns that the global economy was heading for a double-dip recession. A sovereign debt crisis in the periphery of the eurozone and subsequent austerity budget announcements by several European governments added to the pressure on global growth.

 

UK second quarter GDP growth accelerated to 1.2% year on year, well above market expectations and the new government's determination to tackle Britain's burgeoning budget deficit has placated financial markets. The government's action has also arguably helped spare the UK any contagion from the eurozone sovereign debt crisis, where highly indebted countries including Greece, Portugal, Ireland and Spain have seen their borrowing costs soar amid concerns over their ability to meet their debt repayment obligations.

 

However, to bring the UK back on a more sustainable fiscal path, the coalition has been forced to administer some fairly tough medicine. At the end of June, the new Chancellor of the Exchequer, George Osborne, announced swingeing cuts to government spending and a programme of tax increases (including a rise in VAT to 20% from January 2011) in an emergency budget designed to cut drastically the public borrowing requirement.

 

With fiscal conditions tightening the Bank of England's Monetary Policy Committee kept interest rates on hold at a record low of 0.5% throughout the review period despite persistently high inflation, which remained well above the target rate of 2%.

 

Portfolio Review

During the first half of the year we have maintained an overweight position in equities relative to the Company's composite benchmark. This decision was predicated on the strength of corporate news flow with earnings mostly beating expectations and growth prospects being revised upwards. We remained invested in the JP Morgan Global Corporate Bond Fund as a diversified way of enhancing the income yield, whilst benefiting from corporate recovery.

 

We continue to focus on identifying stocks whose earnings forecasts are being revised upwards, whose valuation is attractive and whose balance sheet strength allows for dividend stability. As such, portfolio construction is determined by bottom-up stock selection and over the last six months we have been introducing stocks that are showing improving growth prospects as corporate earnings recover, alongside a consistent focus on yield opportunities. For instance, we bought speciality chemicals group Elementis, which went on to report very strong interim results as demand for its products continues to accelerate. We also bought events and news distribution provider United Business Media. The outlook for the company is improving as indicated by rising forward bookings for its top twenty shows next year. The stock also has an attractive dividend yield which is well supported by a strong balance sheet. During the early part of the year we topped up some of our existing positions in favoured stocks, such as the industrial engineer Weir Group and the aerospace group Senior, as their prospects continued to improve, whilst their valuations remained compelling.

 

On the other hand we took profits in Halfords, the eponymous high street retailer of automotive parts and bicycles, post lacklustre results in the second quarter. We also sold our position in PZ Cussons after a period of strong share price performance which made the valuation uncompelling, particularly given its low dividend yield. BP was clearly a major sale during the period as its newsflow deteriorated; we reinvested these proceeds into some existing and some new stocks with strong dividend attractions, such as Vodafone, Aviva and BT.

 

Performance Review

In the six months to 31st August 2010 the Company's overall portfolio return showed an increase of +0.4%, in comparison with the benchmark return of +1.0% over this period. The underlying stock selection of the UK equity portfolio was a positive contributor to performance, whilst being underweight in corporate bonds over this six month period was unhelpful, given the strong returns they generated.

Clearly the most significant event of the six month period has been BP's crisis in the Gulf of Mexico. The trust had a significant holding in BP at the time of the explosion due to its then attractive valuation, high dividend yield and growth characteristics. We reduced the position in May and June as new information became available on the potential cost of the leak, alongside BP management's decision to cancel its dividend for the remainder of calendar 2010. Despite the active reduction in our holdings, BP was still a negative stock contributor to the returns of the trust over the first half of our financial year, alongside being underweight in the non-dividend paying Lloyds Banking Group. By contrast, our active positions in some of the industrial stocks that we have favoured, such as Weir Group, Senior and Aggreko, have all contributed positively to performance as these stocks significantly outperformed the modestly rising equity market. Our holding in the major pharmaceuticals stock, AstraZeneca, was also a good performer, as was Vodafone, alongside our position in the international oil services group, Petrofac, which performed very strongly over the period.

 

Market Outlook

The government's austerity measures may have helped save the UK from rating agency downgrades, but they have also caused concern among investors who fear such measures may stall the economic recovery. However, we do not believe the economy is heading back into recession, especially considering the recent strong economic data, and the progress achieved by many UK corporates over the last twelve months.

 

UK equities are likely to remain volatile, due to the ongoing global economic uncertainties. However, valuations are attractive, both on an historic basis and relative to bond yields. In the last six months many UK companies have strengthened their balance sheets, delivered positive earnings surprises and a good number of UK companies are now delivering dividend growth. This gives us encouragement and we will continue to track the development of the corporate earnings and dividend outlook closely.

 

 

 

John Baker

Sarah Emly

Investment Managers                                                                                                      12th October 2010

 



Interim Management Report

 

The Company is 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 and strategy; 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 28th February 2010.

 

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.

 

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 year financial report has been prepared in accordance with the Accounting Standards Board's Statement 'Half-Yearly Financial Reports'; and

 

(ii)         the interim 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

Sir Laurence Magnus Bt

Chairman                                                                                                                      12th October 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.jpmincomeandcapital.co.uk

 



Income Statement

 for the six months ended 31st August 2010

 


(Unaudited)

(Unaudited)

(Audited)

 


Six months ended

Six months ended

Year ended

 


31st August 2010

31st August 2009

28th February 2010

 


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

(Losses)/gains on investments held










   at fair value through profit










  or loss

-

(1,247)

(1,247)

-

17,665

17,665

-

25,377

25,377

Income from investments

2,184

-

2,184

2,292

-

2,292

4,003

-

4,003

Other interest receivable and










  similar income

134

-

134

57

-

57

87

-

87

Gross return/(loss)

2,318

(1,247)

1,071

2,349

17,665

20,014

4,090

25,377

29,467

Management fee

(162)

(243)

(405)

(131)

(196)

(327)

(286)

(429)

(715)

Other administrative expenses

(187)

-

(187)

(190)

-

(190)

(391)

-

(391)

Net return/(loss) on ordinary










  activities before finance costs










  and taxation

1,969

(1,490)

479

2,028

17,469

19,497

3,413

24,948

28,361

Finance costs - appropriations










  Provision for the compound










  growth entitlement of the Zero










  Dividend Preference shares

-

(1,743)

(1,743)

-

(1,633)

(1,633)

-

(3,320)

(3,320)

Finance costs - other

(5)

(7)

(12)

(12)

(19)

(31)

(9)

(14)

(23)

Net return/(loss) on ordinary










  activities before taxation

1,964

(3,240)

(1,276)

2,016

15,817

17,833

3,404

21,614

25,018

Taxation

(1)

-

(1)

-

-

-

-

-

-

Net return/(loss) on ordinary










  activities after taxation

1,963

(3,240)

(1,277)

2,016

15,817

17,833

3,404

21,614

25,018

Return/(loss) per class of share










  (note 4)










Ordinary share

2.9p

(4.8)p

(1.9)p

3.0p

23.4p

26.4p

5.0p

32.0p

37.0p

Zero Dividend Preference share

-

3.8p

3.8p

-

3.5p

3.5p

-

7.2p

7.2p

 

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

 


Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the six months ended

capital

premium

reserve

reserve

reserves

reserve

Total

31st August 2010 (unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2010

675

3,640

60,378

8

(19,234)

1,466

46,933

Amortisation of expenses of the placing and








  offer for subscription

-

-

12

-

-

-

12

Net (loss)/return on ordinary activities

-

-

-

-

(3,240)

1,963

(1,277)

Dividends appropriated in the period

-

-

-

-

-

(1,688)

(1,688)

At 31st August 2010

675

3,640

60,390

8

(22,474)

1,741

43,980

 

 


Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the six months ended

capital

premium

reserve

reserve

reserves

reserve

Total

31st August 2009 (unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2009

675

3,640

60,355

8

(40,848)

2,282

26,112

Amortisation of expenses of the placing and








  offer for subscription

-

-

31

-

-

-

31

Net return on ordinary activities

-

-

-

-

15,817

2,016

17,833

Dividends appropriated in the period

-

-

-

-

-

(2,532)

(2,532)

At 31st August 2009

675

3,640

60,386

8

(25,031)

1,766

41,444

 

 


Called up



Capital





share

Share

Other

redemption

Capital

Revenue


For the year ended

capital

premium

reserve

reserve

reserves

reserve

Total

28th February 2010 (audited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 28th February 2009

675

3,640

60,355

8

(40,848)

2,282

26,112

Amortisation of expenses of the placing and








  offer for subscription

-

-

23

-

-

-

23

Net return on ordinary activities

-

-

-

-

21,614

3,404

25,018

Dividends appropriated in the year

-

-

-

-

-

(4,220)

(4,220)

At 28th February 2010

675

3,640

60,378

8

(19,234)

1,466

46,933

 



Balance Sheet

at 31st August 2010

 



(Unaudited)




31st August 2009



(Unaudited)

Restated -

(Audited)


31st August 2010

see note 2

28th February 2010


£'000

£'000

£'000

Fixed assets




Investments held at fair value through profit or loss

96,563

91,067

97,885

Investments in liquidity funds held at fair value




  through profit or loss

690

413

770


97,253

91,480

98,655

Current assets




Debtors

1,228

584

585

Cash and short term deposits

234

558

390


1,462

1,142

975

Creditors: amounts falling due within one year

(453)

(275)

(154)

Derivative financial instruments held at fair value




  through profit or loss

(22)

(73)

(26)

Net current assets

987

794

795

Total assets less current liabilities

98,240

92,274

99,450

Creditors: amounts falling due after more than




  one year




Capital entitlement of the Zero Dividend Preference




  shareholders

(54,260)

(50,830)

(52,517)

Net assets

43,980

41,444

46,933

Capital and reserves




Called up share capital

675

675

675

Share premium

3,640

3,640

3,640

Other reserve

60,390

60,386

60,378

Capital redemption reserve

8

8

8

Capital reserves

(22,474)

(25,031)

(19,234)

Revenue reserve

1,741

1,766

1,466

Equity shareholders' funds

43,980

41,444

46,933

Net asset values per share (note 5)




Zero Dividend Preference share

117.7p

110.3p

114.0p

Ordinary share

65.1p

61.4p

69.5p

 



Cash Flow Statement

for the six months ended 31st August 2010

 


Six months ended

Six months ended

Year ended


31st August 2010

31st August 2009

28th February 2010


£'000

£'000

£'000

Net cash inflow from operating




  activities (note 6)

1,719

1,853

2,945

Taxation paid

-

-

(33)

Net cash (outflow)/inflow from capital expenditure




  and financial investment

(187)

1,032

1,493

Dividends paid

(1,688)

(2,532)

(4,220)

(Decrease)/increase in cash for the period

(156)

353

185

Reconciliation of net cash flow to movement in




  net debt




Net cash movement

(156)

353

185

Net funds at the beginning of the period

390

205

205

Net funds at the end of the period

234

558

390

Represented by:




Cash and short term deposits

234

558

390

 



Notes to the Accounts

for the six months ended 31st August 2010

 

1.             Financial statements

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

 

 The figures and financial information for the year ended 28th February 2010 are extracted from the latest published accounts of the Company and do not constitute the 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 and Venture Capital Trusts' issued in January 2009.

 

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

 

The accounting policies applied in these half year accounts are consistent with those applied in the accounts for the year ended 28th February 2010.

 

The Company changed its accounting policy in the accounts for the year ended 28th February 2010 to account for the Ordinary shares as equity. In prior years, both classes of the Company's shares had been classified in the accounts as liabilities due to the Company's limited life and the rights and obligations attached to those share classes. The amendment required presentational changes to the Balance Sheet and the inclusion of a Reconciliation of Movements in Shareholders' Funds.

 

                The Comparative balance sheet for the six months ended 31st August 2009 presented in these accounts has been restated in accordance with the above change and a Reconciliation of Movements in Shareholders' Funds has been included in respect of the Ordinary shares for that period.

 

3.             Dividends on Ordinary shares


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2010

31st August 2009

28th February 2010


£'000

£'000

£'000

Fourth quarterly dividend of 1.25p (2009: 1.25p) paid in April

844

844

844

Special dividend of 1.25p paid in April

-

844

844

First quarterly dividend of 1.25p (2009: 1.25p)




  paid in July

844

844

844

Second quarterly dividend of 1.25p paid in October

N/a

N/a

844

Third quarterly dividend of 1.25p paid in January

N/a

N/a

844

Total dividends paid in the period

1,688

2,532

4,220

               

A second quarterly dividend of 1.25p (2009: 1.25p) per Ordinary share amounting to £844,000 (2009: £844,000) has been declared payable in respect of the six months ended 31st August 2010.



 

4.             Return/(loss) per class of share

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

 


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2010

31st August 2009

28th February 2010


£'000

£'000

£'000

Revenue return

1,963

2,016

3,404

Capital (loss)/return

(3,240)

15,817

21,614

Total (loss)/return

(1,277)

17,833

25,018

Weighted average number of Ordinary shares in issue

67,506,782

67,506,782

67,506,782

Revenue return per share

2.9p

3.0p

5.0p

Capital (loss)/return per share

(4.8)p

23.4p

32.0p

Total (loss)/return per share

(1.9)p

26.4p

37.0p

               

 

                Return per Zero Dividend Preference share is based on the following:

 


(Unaudited)

Six months ended

31st August 2010

(Unaudited)

Six months ended

31st August 2009

(Audited)

              Year ended

 28th February 2010


£'000

£'000

£'000

Capital return - compound growth entitlement

1,743

1,633

3,320

Weighted average number of Zero Dividend Preference




  shares in issue

46,087,200

46,087,200

46,087,200

Return per share

3.8p

3.5p

7.2p

               

 

5.             Net asset values per share

                Net asset values per share calculated in accordance with the Articles of Association are as follows:

 


(Unaudited)

(Unaudited)

(Audited)


31st August 2010

31st August 2009

28th February 2010

Zero Dividend Preference shares




Net assets attributable (£'000)

54,260

50,830

52,517

Shares in issue at the period end

46,087,200

46,087,200

46,087,200

Net asset value per share

117.7p

110.3p

114.0p

Ordinary shares




Net assets attributable (£'000)

43,980

41,444

46,933

Shares in issue at the period end

67,506,782

67,506,782

67,506,782

Net asset value per share

65.1p

61.4p

69.5

 

               



6.             Reconciliation of net return on ordinary activities before finance costs and taxation to net cash inflow from operating activities


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st August 2010

31st August 2009

28th February 2010


£'000

£'000

£'000

Net return on ordinary activities before finance costs




  and taxation

479

19,497

28,361

Capital loss/(return) before finance costs and taxation

1,490

(17,469)

(24,948)

Scrip dividends included in income

(12)

-

(75)

Decrease in net debtors and accrued income

5

21

36

Management fee charged to  capital

(243)

(196)

(429)

Net cash inflow from operating activities

1,719

1,853

2,945

 

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

www.jpmincomeandcapital.co.uk

 

 


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