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JPMorgan Chin IT (JMC)

  Print      Mail a friend       Annual reports

Thursday 31 May, 2012

JPMorgan Chin IT

Half Yearly Results

RNS Number : 5108E
JPMorgan Chinese Inv Tst PLC
31 May 2012
 



LONDON STOCK EXCHANGE ANNOUNCEMENT

 

JPMORGAN CHINESE INVESTMENT TRUST PLC

 

UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED

31ST MARCH 2012

 

Chairman's Statement

 

Performance

During the six months to 31st March 2012, the Company's return on net assets with net dividends reinvested increased by 13.5%. This was behind the return of the Company's benchmark, the MSCI Golden Dragon Index, which increased by 14.7% (in sterling terms). Over the same period, the Company's return to Ordinary shareholders, which included a final dividend of 1.3p, increased by 10.4%. This lower return reflects a widening of the share price discount to net asset value ('NAV') per Ordinary share from 7.6% to 10.2%.

 

It was a difficult time to be investing in the Greater China region over the review period. Slower domestic growth in mainland China, resulting from the marked slow down in global growth, notably in Europe, and the prospect of elections in Taiwan, led to a more uncertain investment climate. However, lower inflationary trends and a cut in the Reserve Ratio Requirement in China, in order to loosen monetary policy, resulted in a rebound not only in the price of the shares of offshore-listed companies but also in domestic A-Shares. In Taiwan, the re-election of President Ma, the establishment of a National Stabilization Fund and generally improved corporate earnings growth enhanced stock market performance. Hong Kong too benefited from an increasing belief that the Chinese economy would remain stable buoyed by the actions taken, and this led to a market rebound.

 

Gearing

The Company has a £20 million credit facility with Scotiabank which gives the Investment Managers the ability to gear tactically. The Board has given the Investment Managers the flexibility to gear the portfolio up to 115% invested. During the period the level of gearing has ranged between 105% and 110%, ending the half year at 110% invested.

 

Share Issues and Repurchases in the Period

During the period, there were no share repurchases by the Company. However, the Company issued 2,405 Ordinary shares as a result of the exercise of Subscription Share Rights. Since 31st March 2012, an additional 895 Ordinary shares were issued as a result of a further Subscription share conversion. At the time of writing, the Company's issued share capital consists of 77,867,921 Ordinary shares and 12,730,487 Subscription shares.

 

Subscription Shares

Since the bonus issue of Subscription shares in April 2008 up to the date of this report, a total of 1,405,920 Subscription shares have been exercised into Ordinary shares raising proceeds of approximately £2,018,000. Further details on the Subscription shares, including the apportionments for capital gains tax purposes and how they may be exercised, can be found in the Half Year Report and on the Company's website at www.jpmchinese.co.uk

 

Board of Directors

As explained in last year's Annual Report, Nigel Melville retired from the Board as both Chairman and Director of the Company following the Annual General Meeting in 2011. The Board would like to wish Nigel well and thank him for his contribution. Subsequently I assumed the role of Chairman of the Company and Kathryn Matthews took over from me as Chairman of the Audit Committee.

 

On 9th February 2012, Madame Yujiang Zhao tendered her resignation from the Board due to her growing ill health. With regret, the Board accepted her resignation and thanked Madame Zhao for her service to the Company since 2005 and wished her a speedy recovery.

 

Given these recent changes to the Board, the Nomination Committee met to discuss succession planning and it was decided that an additional Director should be invited to join the Board as soon as possible. The Board is therefore in the process of seeking a suitable candidate.

 

In line with best practice and the UK Corporate Governance Code, the Board has appointed Sir Andrew Burns as Senior Independent Director. He will lead the evaluation of the performance of the Chairman and is available to shareholders if they have concerns that cannot be resolved through discussion with the Chairman.

 

Outlook

The prudent stock picking approach of your Investment Managers' will continue. At a macro level, a further loosening of monetary policy, we believe, should be positive for equities and the structural shift to an economy fuelled by investment and internal consumption should counter-balance the economic slowdown in Europe. Hong Kong's growth will continue to be driven as China's principal 'offshore' financial services centre and Taiwan, where manufacturing costs are now in some cases less than in the coastal provinces of mainland China, will remain a market where interesting companies may selectively be found.

 

Overall, strong corporate earnings, more competitive valuations enhanced by an experienced stock picking-oriented management team operating out of Hong Kong, Shanghai and Taipei, make the Greater China region an encouraging investment destination.

 

William Knight

Chairman                                                                                                                      31st May 2012  

 

 

 

Investment Managers' Report

 

Over the six month period ended 31st March 2012, the Company achieved a total return of +13.5% (in sterling terms), underperforming the benchmark return of +14.7% by 1.2%. The average gearing level during the period was 7.2%. Stock selection in Hong Kong (especially the Macau gaming names) yielded strong results but the Company's exposure to China A-Shares detracted value.

 

While global economic growth expectations are being continuously moderated, Greater China stock market valuations remain attractive. China's policy environment also appears to have reached a turning point. Consequently, we continue to be positive on these markets and have focused on bottom-up stock selections. While the recovery in China will be gradual and the consumption slowdown likely to be greater than expected, we have found reasonable value in some secular growth areas. Accordingly we have recently increased our exposure to China consumer stocks and continue to be optimistic about the prospects for Chinese property names. We have also increased the portfolio's weighting in Taiwan technology companies. That aside, the core strategies of the portfolio remain unchanged.

 

China Review

In the last quarter of 2011, Chinese equities witnessed a divergence in performance as offshore-listed Chinese equities (MSCI China) rose by 8.1%, while domestic A-Shares (CSI 300) posted a decline of 7.9% (both in US$). With growth slowing down, we saw some initial signs of policy easing, evidenced by a Reserve Requirement Ratio ('RRR') cut of 0.5% on 30th November 2011, which in turn led to a strong market rebound in December. After almost two years of tightening monetary policy, this was a significant change and was seen as a reaction to falling inflation as well as increasing fears that the restrictive monetary policy might add to the risk of a hard landing.

 

In the first quarter of 2012 both offshore-listed Chinese equities and domestic A‑Shares rose by 9.9% and 4.7% respectively, underpinned by further policy easing. The market was volatile, rising in the first two months on another RRR cut in late February and then fading on the lack of demand pick-up post the Chinese New Year as well as the generally disappointing fourth quarter 2011 results reported in March. On the macro front, inflation reached a new cycle low of 3.2% in February compared to the cycle high of 6.5% in July 2011. Capital spending growth of 21.5% for the January to February period was slightly higher than the market expectation of 20%. Real demand recovery however has been slow and below expectations.

 

China Outlook

We continue to believe in a soft landing scenario for China's economy despite the slower than expected pace of policy easing. Some effect of earlier policy easing did surface in March, including sharply rising cement sales, rebounding steel production and banks offering preferential mortgage rates for first time home buyers. Additionally, the equity market valuation is attractive. We believe we have seen the worst of the government-induced tightening cycle and passed the tightest liquidity period. The current weak demand and abating domestic inflation should enable the government to introduce further and stronger policy easing in the second quarter of 2012.

 

Hong Kong Review

Towards the end of 2011, Hong Kong equities staged a partial rebound on the back of improving global economic sentiments as well as decreasing fears of a hard landing for China's economy. Specifically, with inflation abating in China, the market anticipated further policy easing. In the Hong Kong property sector, secondary market volumes remained low while land auction results were disappointing.

 

MSCI Hong Kong rose 18% during the first two months of 2012. However, this rally was halted following the election of CY Leung as the SAR's next Chief Executive on account of his ostensibly more populist inclinations. Moreover, the arrest of the two co-chairmen of blue chip property developer Sun Hung Kai Properties on potential corruption charges exacerbated market concerns. However, while the market is growing more uneasy about the potential for property sector reform, property transaction volume has increased on pent-up demand and falling mortgage rates. On another front, retail sales growth disappointed, signalling a slowdown in consumption, despite continued strong growth in mainland tourist arrivals. In contrast, Macau gaming revenue growth continued to exceed expectations, although the base effect will become more challenging going forward.

 

Hong Kong Outlook

A slowing Chinese economy presents a near-term overhang, especially in light of increased policy uncertainty both in Hong Kong and mainland China. Given the more populist stance of the incoming administration, there might yet be more measures to rein in residential property prices. However, liquidity conditions remain supportive while the sector is trading on attractive valuations. Given global economic weakness, especially in Europe, exports are likely to disappoint. Macau gaming will see slower growth given upcoming comparisons against the higher base from last year while the pace of wealth generation in China has slowed down, although the cash generation ability of the sector remains very healthy.

 

Taiwan Review

The MSCI Taiwan fell by 0.4% over the last three months of 2011. Most investors took a wait-and-see approach as the race for the January 14th Presidential election remained very close, with the KMT's Ma only slightly ahead of the DPP's Tsai in various polls. The slide of the market in mid November 2011 and falling volume were arrested by the government's announcement of measures to boost the stock market in the face of the worsening economic outlook. One such measures was the launch of the NT$500 billion (US$17 billion) National Stabilization Fund ('NSF') that was activated on 20th December 2011.

 

Taiwanese stocks rallied along with other Greater China markets and gained 14.5% (in US$) in the first quarter of 2012. The market's response to President Ma's re-election was initially disappointing as investors were reluctant to participate ahead of a long, post-election Chinese New Year break. However, the Taiwan market played catch-up after the New Year break, driven by the KMT victories in the presidential and legislative elections, which should result in steady progress in cross-strait relations. The market was also supported by strong results from Apple and better global economic data.

 

Taiwan Outlook

Recently announced proposals on the introduction of a capital gains tax are likely to dampen sentiment although early opinions seem to indicate that the tax will not be too punitive and will likely target mainly high net worth investors and local corporations. On the economic front, the global economy looks to be on a mild growth track despite weak demand from Europe. With strong liquidity and corporate earnings revisions likely to turn positive, the stock market should continue its upward trend after finding a base.

Howard Wang

Emerson Yip

William Tong-

Shumin Huang-

Investment Managers                                                                                                      31st May 2012

 



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 have not changed and fall into the following broad categories: investment underperformance; loss of investment team; discount; market; political and economic; 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 September 2011.

 

Related Party 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 sufficient 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 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.

 

For and on behalf of the Board

 

William Knight

Chairman                                                                                                                      31st May 2012

 

For further information, please contact:

Lucy Dina

For and on behalf of

JPMorgan Asset Management (UK) Limited, Secretary

020 7742 4000

 

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.jpmchinese.co.uk

                                   


Income Statement

 

for the six months ended 31st March 2012

 


(Unaudited)

Six months ended

31st March 2012

(Unaudited)

Six months ended

31st March 2011

(Audited)

Year ended

30th September 2011




Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Gains/(losses) on investments held at fair value through profit or loss

-

14,095

14,095

-

8,648

8,648

-

(23,762)

(23,762)

Net foreign currency gains/(losses)

-

104

104

-

186

186

-

(171)

(171)

Income from investments

171

-

171

84

-

84

3,546

-

3,546

Other interest receivable and similar income

-

-

-

-

-

-

1

-

1

Gross return/(loss)

171

14,199

14,370

84

8,834

8,918

3,547

(23,933)

(20,386)

Management fee

(539)

-

(539)

(635)

-

(635)

(1,285)

-

(1,285)

Performance fee (charge)/writeback

-

-

-

-

(394)

(394)

-

346

346

Other administrative expenses

(232)

-

(232)

(264)

-

(264)

(487)

-

(487)

Net (loss)/return on ordinary activities before finance costs and taxation

(600)

14,199

13,599

(815)

8,440

7,625

1,775

(23,587)

(21,812)

Finance costs

(123)

-

(123)

(145)

-

(145)

(269)

-

(269)

Net (loss)/return on ordinary activities before taxation

(723)

14,199

13,476

(960)

8,440

7,480

1,506

(23,587)

(22,081)

Taxation

(1)

-

(1)

(8)

-

(8)

(433)

-

(433)

Net (loss)/return on ordinary activities after taxation

(724)

14,199

13,475

(968)

8,440

7,472

1,073

(23,587)

(22,514)

(Loss)/return per Ordinary share (note 4)

(0.93)p

18.24p

17.31p

(1.25)p

10.86p

9.61p

1.38p

(30.33)p

(28.95)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


Called up


Exercised

Capital





Six months ended

share

Share

warrant

redemption

Other

Capital

Revenue


31st March 2012

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2011

19,594

13,123

3

581

37,392

28,867

1,510

101,070

Issue of Ordinary shares on exercise of Subscription shares

-

4

-

-

-

-

-

4

Net return/(loss) on ordinary activities

-

-

-

-

-

14,199

(724)

13,475

Dividends appropriated in the period

-

-

-

-

-

-

(1,012)

(1,012)

At 31st March 2012

19,594

13,127

3

581

37,392

43,066

(226)

113,537

 


Called up


Exercised

Capital





Six months ended

share

Share

warrant

redemption

Other

Capital

Revenue


31st March 2011

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Unaudited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2010

19,455

12,281

3

581

37,392

52,454

1,603

123,769

Shares issued

125

761

-

-

-

-

-

886

Issue of Ordinary shares on exercise of Subscription shares

10

58

-

-

-

-

-

68

Net return/(loss) on ordinary activities

-

-

-

-

-

8,440

(968)

7,472

Dividends appropriated in the period

-

-

-

-

-

-

(1,166)

(1,166)

At 31st March 2011

19,590

13,100

3

581

37,392

60,894

(531)

131,029

 


Called up


Exercised

Capital





Year ended

share

Share

warrant

redemption

Other

Capital

Revenue


30th September 2011

capital

premium

reserve

reserve

reserve

reserves

reserve

Total

(Audited)

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

At 30th September 2010

19,455

12,281

3

581

37,392

52,454

1,603

123,769

Shares issued

125

760

-

-

-

-

-

885

Exercise of Subscription shares into Ordinary shares

(1)

1

-

-

-

-

-

-

Issue of Ordinary shares on exercise of Subscription shares

15

81

-

-

-

-

-

96

Net (loss)/return on ordinary activities

-

-

-

-

-

(23,587)

1,073

(22,514)

Dividends appropriated in the year

-

-

-

-

-

-

(1,166)

(1,166)

At 30th September 2011

19,594

13,123

3

581

37,392

28,867

1,510

101,070

 


Balance Sheet

 

at 31st March 2012


(Unaudited)

(Unaudited)

(Audited)


31st March 2012

31st March 2011

30th September 2011


£'000

£'000

£'000

Fixed assets




Investments held at fair value through profit or loss:




China

69,251

78,649

54,042

Taiwan

32,347

35,533

29,885

Hong Kong

22,756

23,693

20,487

Total investments

124,354

137,875

104,414

Current assets




Debtors

633

529

3,372

Cash and short term deposits

522

189

2,813


1,155

718

6,185

Creditors: amounts falling due within one year

(11,972)

(7,563)

(9,529)

Financial liabilities: derivative financial instruments

-

(1)

-

Net current liabilities

(10,817)

(6,846)

(3,344)

Total assets less current liabilities

113,537

131,029

101,070

Net assets

113,537

131,029

101,070

Capital and reserves




Called up share capital

19,594

19,590

19,594

Share premium

13,127

13,100

13,123

Exercised warrant reserve

3

3

3

Capital redemption reserve

581

581

581

Other reserve

37,392

37,392

37,392

Capital reserves

43,066

60,894

28,867

Revenue reserve

(226)

(531)

1,510

Equity shareholders' funds

113,537

131,029

101,070

Net asset value per Ordinary share (note 5)

145.8p

168.3p

129.8p

 

 

Company registration number: 02853893.


Cash Flow Statement

for the six months ended 31st March 2012


(Unaudited)

(Unaudited)

(Audited)


Six months ended

Six months ended

Year ended


31st March 2012

31st March 2011

30th September 2011


£'000

£'000

£'000

Net cash outflow from operating activities (note 6)

(730)

(2,095)

(312)

Net cash outflow from returns on investments and servicing of finance

(123)

(145)

(268)

Net cash (outflow)/inflow from capital expenditure and financial investment

(3,439)

1,836

382

Dividend paid

(1,012)

(1,166)

(1,166)

Net cash inflow from financing

3,162

280

2,709

(Decrease)/increase in cash for the period

(2,142)

(1,290)

1,345

Reconciliation of net cash flow to movement in net debt




Net cash movement

(2,142)

(1,290)

1,345

Loans (drawn down)/repaid in the period

(3,158)

674

(1,728)

Exchange rate movements

105

187

(171)

Movement in net debt in the period

(5,195)

(429)

(554)

Net debt at the beginning of the period

(6,174)

(5,620)

(5,620)

Net debt at the end of the period

(11,369)

(6,049)

(6,174)

Represented by:




Cash and short term deposits

522

189

2,813

Debt falling due within one year

(11,891)

(6,238)

(8,987)

Net debt at the end of the period

(11,369)

(6,049)

(6,174)

 

 


Notes to the Accounts

 

for the six months ended 31st March 2012

 

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 30th September 2011 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 and Venture Capital Trusts' 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 September 2011.

 

3.  Dividend



(Unaudited)

(Unaudited)

(Audited)



Six months ended

Six months ended

Year ended



31st March 2012

31st March 2011

30th September 2011



£'000

£'000

£'000


Final dividend paid in respect of the year ended 30th September 2011 of 1.3p (2010: 1.5p)

1,012

1,166

1,166

 

     No interim dividend has been declared in respect of the six months ended 31st March 2012 (2011: nil).

4.  (Loss)/return per Ordinary share



(Unaudited)

(Unaudited)

(Audited)



Six months ended

Six months ended

Year ended



31st March 2012

31st March 2011

30th September 2011



£'000

£'000

£'000


(Loss)/return per Ordinary share is based on the following:





Revenue (loss)/return

(724)

(968)

1,073


Capital return/(loss)

14,199

8,440

(23,587)


Total return/(loss)

13,475

7,472

(22,514)


Weighted average number of Ordinary shares in issue during the period

77,865,142

77,688,909

77,769,707


Revenue (loss)/return per Ordinary share

(0.93)p

(1.25)p

1.38p


Capital return/(loss) per Ordinary share

18.24p

10.86p

(30.33)p


Total return/(loss) per Ordinary share

17.31p

9.61p

(28.95)p

 

     The Subscription shares in issue have no dilutive effect on the above losses/returns per Ordinary share, as calculated in accordance with the requirements of Financial Reporting Standard 22: 'Earnings per share'.

 

 

 

5. Net asset value per Ordinary share



(Unaudited)

(Unaudited)

(Audited)



Six months ended

Six months ended

Year ended



31st March 2012

31st March 2011

30th September 2011


Ordinary shareholders funds (£'000)

113,537

131,029

101,070


Number of Ordinary shares in issue

77,867,026

77,848,498

77,864,621


Net asset value per Ordinary share (pence)

145.8

168.3

129.8

 

     There is no dilution to the net asset value per Ordinary share arising from the Subscription shares in issue (six months ended 31st March 2011 and year ended 30th September 2011: no dilution).

 

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



(Unaudited)

(Unaudited)

(Audited)



Six months ended

Six months ended

Year ended



31st March 2012

31st March 2011

30th September 2011



£'000

£'000

£'000


Net return/(loss) on ordinary activities before finance costs and taxation

13,599

7,625

(21,812)


Less capital (return)/loss before finance costs and taxation

(14,199)

(8,440)

23,587


Scrip dividends received as income

-

-

(364)


Decrease/(increase) in accrued income

97

51

(43)


Increase in other debtors

(16)

(7)

(2)


Decrease in accrued expenses

(56)

(136)

(78)


Overseas taxation

(14)

(30)

(442)


Performance fee paid

(141)

(1,158)

(1,158)


Net cash outflow from operating activities

(730)

(2,095)

(312)

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement

 

JPMORGAN ASSET MANAGEMENT (UK) LIMITED

 

ENDS

 

A copy of the half yearly report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.hemscott.com/nsm.do

 

The half yearly report will also be available on the Company's website at www.jpmchinese.co.uk where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

 

 


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