Half-year Results to 30th September 2018
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN JAPAN SMALLER COMPANIES TRUST PLC
(the 'Company')
UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED
30TH SEPTEMBER 2018
Legal Entity Identifier: 549300KP3CRHPQ4RF811
Information disclosed in accordance with DTR 4.2.2
CHAIRMAN'S STATEMENT
Dear Shareholders,
This is my first report to you as Chairman following the retirement of Alan Clifton after our Annual General Meeting held in July this year.
Investment Performance
The first half of the financial year proved to be a positive period for the shareholders of the Company. Despite the Japanese market experiencing significant volatility resulting from a range of US related and other global issues, the Company's portfolio was able to deliver positive returns.
In the six months to 30th September 2018, the total return on net assets per share (net of fees and expenses) in sterling terms was +2.9%. This compares with the total return from the Company's benchmark, the S&P Japan SmallCap Net Return Index in sterling terms, of +4.1%. The return to Ordinary shareholders in sterling terms was +6.4%, reflecting a narrowing of the Company's discount to net asset value per share ('NAV') at which it traded at the end of the period.
Performance was mainly a result of sector allocation positioning and gearing while stock selection detracted from performance over the six months period. A market review, summary of portfolio activity, performance appraisal and portfolio positioning, together with their outlook, can be found in the accompanying Investment Managers' report.
Dividend Policy and Discount Management
Following the announcement and shareholders' approval of a change in dividend policy earlier in the year, the Company declared two interim dividends of 4.9 pence per share each. It is important to reiterate that the Company's objective remains the same (to achieve long-term capital growth through investment in small and medium sized Japanese companies) and the investment approach has not changed.
It is pleasing to report that the Company's share price discount to NAV has continued to narrow, signalling the increased appeal of the Company's shares following the dividend policy change. Over the period, the Company's discount narrowed from 11.6% to 8.7%. The Company did not need to repurchase any shares during the six months. The Board continues to monitor the discount closely with its advisers and is prepared to repurchase shares when it feels that it is appropriate, taking into account market conditions. At the time of writing, the discount stands at 11.0%.
Borrowing
The Company has in place a two-year revolving floating rate loan facility of yen 4.0 billion with Scotiabank, which is due to expire in September 2019 when the position will be reviewed by the Board.
The credit facility with Scotiabank is flexible and provides the Investment Managers with the ability to gear tactically. The Company's investment policy permits gearing within a range of 10% net cash to 25% geared. However, the Board requires the Investment Managers, in normal market conditions, to operate in the range of 5% net cash to 15% geared. The level of gearing is reviewed by the Directors at each Board meeting. During the six months, the Company's gearing level ranged between 3.9% and 9.9%, and finished the half year at 6.9%.
Outlook
Shareholders will understandably be wary of the recent sell off in equity markets and the risks associated with this period of global uncertainty. Although the Board is aware of the impact of global macroeconomic and political challenges on businesses in Japan, it believes that the companies held in the portfolio have healthy balance sheets, good growth prospects and are well managed to deliver strong long-term returns. The Board is therefore confident that the Investment Managers' robust investment process and extensive internal research resources will continue to be able to identify attractively priced high quality companies in which to invest.
Robert White
Chairman
7th November 2018
INVESTMENT MANAGERS' REPORT
Market Review
Over the six months to September, the Company's benchmark, the Standard & Poor's Japan SmallCap Net Return Index (in sterling terms) returned 4.1%. The Company's net assets underperformed the index by 1.2 percentage points for the same period, delivering a return on net assets of 2.9% in sterling terms. The Company is ahead of the benchmark by 1.3 percentage points over three years and 2.3 percentage points over five years annualised.
In common with many global markets, the Japanese equity market had a volatile six months but ended the period with a positive return. A major source of this volatility was US-China trade friction and the prospect of US interest rates rising more rapidly than had previously been expected.
Economic indicators released during the quarter were generally positive. The core consumer price index (CPI) rose over the period, real GDP for the April-June quarter was up 0.7% quarter-on-quarter, and the labour market continued to be tight, with a job-to-applicant ratio of 1.63 for August 2018. Business results for the fiscal year 2017/18, as well as for the April-June quarter, were generally robust.
On the political front, Prime Minister Shinzo Abe was re-elected Liberal Democratic Party leader in the party leadership election held on 20th September, providing political continuity.
Performance Review
During the six months under review, our stock selection had a negative impact. This was mitigated to some extent by positive contributions from sector selection, notably software and services, and from the effects of gearing.
Stocks that contributed most positively included Grace Technology (commercial & professional services), Net One Systems (software & services) and Bengo4.com (online legal and consulting services) which was a new purchase during the period. All performed well, reflecting strong earnings growth supported by a tight labour market and the increasing use of online services to improve labour productivity in Japan.
• Grace Technology is an outsourcing company that specialises in business-to-business repair and maintenance manuals for large manufacturers, who are starting to outsource the production of such manuals that had previously been written in-house at a significant cost. Grace Technology is the market leader, with over 30 years' experience in the field.
• Net One Systems is a systems integrator whose main service includes network integration. Many Japanese enterprises have begun using cloud computing services, and Net One Systems is benefiting from increasing demand for internet infrastructure integration.
SUMCO, Taiyo Yuden and Mercari were among stocks that contributed negatively to relative performance. Semiconductor and technology hardware companies like SUMCO and Taiyo Yuden underperformed due to concerns over the US-China trade war and current levels of stock held by manufacturers. We believe demand for semiconductor and electronics parts will grow in response to innovation and the increased use of technology in the automotive industry and the emerging 'internet-of-things'. We have, therefore, kept these holdings even in the face of short-term headwinds.
Portfolio Activity
The company maintains its focus on stocks that we believe will be able to compound earnings growth over the long term, supported by strong management teams and healthy cash flow. We avoid stocks that have no clear differentiation and operate in industries plagued by excess supply. Many stocks in the financial and real estate sectors fall into this category.
Over the period, the portfolio's largest overweight positions were in the information technology and healthcare sectors. We increased our weighting in information technology, favouring companies with high earnings growth potential.
Three of our largest purchases in the sector were Mercari, Taiyo Yuden and Bengo4.com. We expect these stocks to benefit from technological innovation in the retail and automotive industries, and also from a tighter labour market, which will increase internet service usage in Japan.
• Mercari operates the top consumer-to-consumer (C2C) marketplace in Japan. It recently launched a mobile C2C flea market service, and we believe the company has significant potential as the C2C market grows, with further possible upside from overseas growth. Another source of growth comes from the company's efforts to broaden its offering to consumers through a new payment service called Merpay.
• Taiyo Yuden manufactures large-size multi-layer ceramic capacitors (MLCC). The automotive industry is in the middle of significant technological innovations related to connected cars (cars that use mobile internet technology), autonomous driving, shared services and electric vehicles, which will translate into huge potential markets for MLCC manufactures.
• Bengo4.com operates an online legal consulting service. As the top website in the legal sector, with nearly 11 million users, Bengo4.com is an attractive marketing tool for lawyers. The company also runs a website called Zeiri4.com, which offers similar services for tax accountants, and has a business called Cloudsign, a cloud service that shifts contract paperwork to digital format, reducing time, paper and postal charges.
Three of our largest divestments were Sanwa Holdings (industrials), Yamabiko (industrials), and Nippon Shinyaku (healthcare). We sold Sanwa Holdings as we now believe it will take longer than expected to improve margins in its US subsidiary ODC, which manufactures doors and openers. We sold Yamabiko in response to tougher competition in the battery outdoor power equipment products, a key area in which it operates. Nippon Shinyaku is a mid-sized pharmaceutical company, and develops drugs for 'orphan' diseases such as Duchenne Muscular Dystrophy (DMD). We sold it as we consider an experimental gene therapy for DMD, developed by a US pharmaceutical company, will be a serious threat to Nippon Shinyaku in the long term.
The company's gearing level rose from 6.3% to 6.9% over the six months to 30 September 2018.
Portfolio Strategy and Outlook
We aim to invest in companies that have strong balance sheets and healthy cash flows, with sustainable competitive advantages. While it is possible, even likely, that they will face occasional short-term setbacks caused by either wider economic issues or more company-specific challenges, we believe their strong and durable competitive positions will allow them to substantially increase their intrinsic value over the long term. Companies exhibiting these attributes combine to form a portfolio with a bias towards quality and growth. At the aggregate level, the companies in which we have invested have returns on equity substantially above the benchmark, with significantly lower leverage. Their historic earnings growth has been faster than that of the benchmark and we expect these portfolio attributes to continue.
While our decisions are based on company-specific dynamics, there are also structural and long-term trends, or themes, that underlie much of our stock selection. These trends include changing demographics, technological innovations and international trade, including tourism. Japan faces slower economic growth due to changing demographics, but some Japanese companies are working to improve the quality of life for an ageing population. Technological innovation is now happening everywhere in Japan. Although Japanese companies are often by nature very conservative, due to the tight labour market caused by a shrinking workforce, many old-fashioned Japanese companies are having to pursue innovation. Moreover, Japan is in a good position to capture the benefits of high economic growth across Asia, as this creates new customers for Japanese goods, services and brands.
Another important change that has taken place in Japan over the past five years has been the improvement in corporate governance, which began with the adoption of a stewardship code and was followed by a corporate governance code.
This has resulted in steady increases in both dividends and share buybacks, a rise in the number of outside directors sitting on company boards, and more companies specifying returns on equity and/or asset targets. Although the pace of change is moderate, we believe this trend will endure. We will continue to engage with companies in order to establish constructive dialogue.
The outlook for Japanese equities remains positive. We believe that global economic growth will continue at a healthy rate, though this may slow due to the US-China trade war. The lack of inflationary pressure suggests that the risk of aggressive tightening in monetary policies around the world is low. Although the Japanese equity market has performed well in the last three to five years, this is largely attributable to earnings growth rather than increasing valuation measures and so the market remains attractively priced.
Eiji Saito
Shoichi Mizusawa
Naohiro Ozawa
Michiko Sakai
Investment Managers
7th November 2018
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 and strategy; discount; operational; loss of investment team; and political and economic. Information on each of these areas is given in the Business Review within the Annual Report and Financial Statements for the year ended 31st March 2018.
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 and, more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operation existence for at least twelve months from the date of the approval of this half yearly financial report. For these reasons, they consider that there is reasonable evidence to continue to adopt the going concern basis in preparing the financial statements.
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 FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of the affairs of the Company and of the assets, liabilities, financial position and net return of the Company as at 30th September 2018, as required by the UK Listing Authority Disclosure and Transparency Rule 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by DTRs 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting estimates that are reasonable and prudent;
• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Robert White
Chairman
7th November 2018
STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 30th September 2018
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
||||||
|
|
Six months ended |
Six months ended |
Year ended |
||||||
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
||||||
|
|
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
Revenue |
Capital |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Gains on investments held |
|
|
|
|
|
|
|
|
|
|
at fair value through |
|
|
|
|
|
|
|
|
|
|
profit or loss |
- |
7,585 |
7,585 |
- |
23,824 |
23,824 |
- |
55,519 |
55,519 |
|
Net foreign currency |
|
|
|
|
|
|
|
|
|
|
(losses)/gains |
- |
(72) |
(72) |
- |
1,385 |
1,385 |
- |
1,224 |
1,224 |
|
Income from investments |
1,673 |
- |
1,673 |
1,484 |
- |
1,484 |
3,735 |
- |
3,735 |
|
Gross return |
1,673 |
7,513 |
9,186 |
1,484 |
25,209 |
26,693 |
3,735 |
56,743 |
60,478 |
|
Management fee |
(1,213) |
- |
(1,213) |
(1,025) |
- |
(1,025) |
(2,199) |
- |
(2,199) |
|
Other administrative expenses |
(215) |
- |
(215) |
(202) |
- |
(202) |
(415) |
- |
(415) |
|
Net return on ordinary |
|
|
|
|
|
|
|
|
|
|
activities before finance |
|
|
|
|
|
|
|
|
|
|
costs and taxation |
245 |
7,513 |
7,758 |
257 |
25,209 |
25,466 |
1,121 |
56,743 |
57,864 |
|
Finance costs |
(109) |
- |
(109) |
(78) |
- |
(78) |
(170) |
- |
(170) |
|
Net return on ordinary |
|
|
|
|
|
|
|
|
|
|
activities before taxation |
136 |
7,513 |
7,649 |
179 |
25,209 |
25,388 |
951 |
56,743 |
57,694 |
|
Taxation |
(167) |
- |
(167) |
(148) |
- |
(148) |
(373) |
- |
(373) |
|
Net (loss)/return on ordinary |
|
|
|
|
|
|
|
|
|
|
activities after taxation |
(31) |
7,513 |
7,482 |
31 |
25,209 |
25,240 |
578 |
56,743 |
57,321 |
|
(Loss)/return |
|
|
|
|
|
|
|
|
|
|
per share (note 3) |
(0.06)p |
13.78p |
13.72p |
0.06p |
46.01p |
46.07p |
1.06p |
103.70p |
104.76p |
STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2018
|
|
Called up |
|
Capital |
|
|
|
|
|
|
share |
Share |
redemption |
Other |
Capital |
Revenue |
|
|
|
capital |
premium |
reserve |
reserve1 |
reserves1 |
reserve1 |
Total |
|
|
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
£'000 |
|
Six months ended 30th September 2018 (Unaudited) |
|
|
|
|
|
|
|
|
At 31st March 2018 |
5,595 |
33,978 |
1,836 |
311,237 |
(77,039) |
(12,257) |
263,350 |
|
Repurchase of shares into Treasury |
- |
- |
- |
(3) |
- |
- |
(3) |
|
Net return/(loss) on ordinary activities |
- |
- |
- |
- |
7,513 |
(31) |
7,482 |
|
Dividends paid in the period (note 4) |
- |
- |
- |
(2,671) |
- |
- |
(2,671) |
|
At 30th September 2018 |
5,595 |
33,978 |
1,836 |
308,563 |
(69,526) |
(12,288) |
268,158 |
|
Six months ended 30th September 2017 (Unaudited) |
|
|
|
|
|
|
|
|
At 31st March 2017 |
5,595 |
33,978 |
1,836 |
313,004 |
(133,782) |
(12,835) |
207,796 |
|
Repurchase of shares into Treasury |
- |
- |
- |
(1,130) |
- |
- |
(1,130) |
|
Net return on ordinary activities |
- |
- |
- |
- |
25,209 |
31 |
25,240 |
|
At 30th September 2017 |
5,595 |
33,978 |
1,836 |
311,874 |
(108,573) |
(12,804) |
231,906 |
|
Year ended 31st March 2018 (Audited) |
|
|
|
|
|
|
|
|
At 31st March 2017 |
5,595 |
33,978 |
1,836 |
313,004 |
(133,782) |
(12,835) |
207,796 |
|
Repurchase of shares into Treasury |
- |
- |
- |
(1,767) |
- |
- |
(1,767) |
|
Net return on ordinary activities |
- |
- |
- |
- |
56,743 |
578 |
57,321 |
|
At 31st March 2018 |
5,595 |
33,978 |
1,836 |
311,237 |
(77,039) |
(12,257) |
263,350 |
1 These reserves form the distributable reserves of the Company and may be used to fund distributions to investors via dividend payments.
STATEMENT OF FINANCIAL POSITION
AT 30TH SEPTEMBER 2018
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
|
|
£'000 |
£'000 |
£'000 |
|
Fixed assets |
|
|
|
|
Investments held at fair value through profit or loss |
286,700 |
248,743 |
279,946 |
|
Current assets |
|
|
|
|
Debtors |
1,101 |
1,022 |
1,898 |
|
Cash and cash equivalents |
7,444 |
2,271 |
9,117 |
|
|
8,545 |
3,293 |
11,015 |
|
Creditors: amounts falling due within one year |
(82) |
(20,130) |
(799) |
|
Net current assets/(liabilities) |
8,463 |
(16,837) |
10,216 |
|
Total assets less current liabilities |
295,163 |
231,906 |
290,162 |
|
Creditors: amounts falling due after more than one year |
(27,005) |
- |
(26,812) |
|
Net assets |
268,158 |
231,906 |
263,350 |
|
Capital and reserves |
|
|
|
|
Called up share capital |
5,595 |
5,595 |
5,595 |
|
Share premium |
33,978 |
33,978 |
33,978 |
|
Capital redemption reserve |
1,836 |
1,836 |
1,836 |
|
Other reserve |
308,563 |
311,874 |
311,237 |
|
Capital reserves |
(69,526) |
(108,573) |
(77,039) |
|
Revenue reserve |
(12,288) |
(12,804) |
(12,257) |
|
Total shareholders' funds |
268,158 |
231,906 |
263,350 |
|
Net asset value per share (note 5) |
491.9p |
424.3p |
483.1p |
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2018
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
|
|
£'000 |
£'000 |
£'000 |
|
Net cash outflow from operations before |
|
|
|
|
dividends and interest (note 6) |
(1,413) |
(1,345) |
(2,206) |
|
Dividends received |
2,072 |
1,757 |
3,200 |
|
Interest paid |
(108) |
(76) |
(154) |
|
Net cash inflow from operating activities |
551 |
336 |
840 |
|
Purchases of investments |
(48,853) |
(22,188) |
(55,664) |
|
Sales of investments |
49,897 |
16,949 |
49,966 |
|
Settlement of forward currency contracts |
(11) |
22 |
27 |
|
Net cash inflow/(outflow) from investing activities |
1,033 |
(5,217) |
(5,671) |
|
Dividends paid |
(2,671) |
- |
- |
|
Repurchase of shares into Treasury |
(469) |
(972) |
(1,301) |
|
Drawdown of bank loans |
- |
3,243 |
10,385 |
|
Net cash (outflow)/inflow from financing activities |
(3,140) |
2,271 |
9,084 |
|
(Decrease)/increase in cash and cash equivalents |
(1,556) |
(2,610) |
4,253 |
|
Cash and cash equivalents at start of the period |
9,117 |
4,895 |
4,895 |
|
Exchange movements |
(117) |
(14) |
(31) |
|
Cash and cash equivalents at end of the period |
7,444 |
2,271 |
9,117 |
|
(Decrease)/increase in cash and cash equivalents |
(1,556) |
(2,610) |
4,253 |
|
Cash and cash equivalents consist of: |
|
|
|
|
Cash and short term deposits |
7,444 |
2,271 |
9,117 |
|
Total |
7,444 |
2,271 |
9,117 |
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2018
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 31st March 2018 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies, including 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 financial statements have been prepared in accordance with the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' of the 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' (the revised 'SORP') issued by the Association of Investment Companies in November 2014 and updated in February 2018.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st March 2018.
3. Return per share
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
|
|
£'000 |
£'000 |
£'000 |
|
Return per share is based on the following: |
|
|
|
|
Revenue (loss)/return |
(31) |
31 |
578 |
|
Capital return |
7,513 |
25,209 |
56,743 |
|
Total return |
7,482 |
25,240 |
57,321 |
|
Weighted average number of shares in issue |
54,510,339 |
54,787,042 |
54,717,778 |
|
Revenue (loss)/return per share |
(0.06)p |
0.06p |
1.06p |
|
Capital return per share |
13.78p |
46.01p |
103.70p |
|
Total return per share |
13.72p |
46.07p |
104.76p |
4. Dividend paid
|
|
(Unaudited) Six months ended |
(Unaudited) Six months ended |
(Audited) Year ended |
|
|
30th September 2018 £'000 |
30th September 2017 £'000 |
31st March 2018 £'000 |
|
First quarterly dividend of 4.9p (2017: n/a) |
2,671 |
n/a |
n/a |
|
Total dividend paid in the period |
2,671 |
n/a |
n/a |
The dividend paid in the period has been funded from the other reserve.
A second quarterly dividend of 4.9p (2017: n/a) per share, amounting to £2,671,000 (2017: nil) has been declared payable in respect of the year ending 31st March 2019. It will be paid on 7th November 2018 to shareholders on the register at the close of business on 12th October 2018.
5. Net asset value per share
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
|
Net assets (£'000) |
268,158 |
231,906 |
263,350 |
|
Number of shares in issue |
54,510,339 |
54,660,239 |
54,510,339 |
|
Net asset value per share |
491.9p |
424.3p |
483.1p |
6. Reconciliation of net return on ordinary activities before finance costs and taxation to net cash outflow from operations before dividends and interest
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
Six months ended |
Six months ended |
Year ended |
|
|
30th September 2018 |
30th September 2017 |
31st March 2018 |
|
|
£'000 |
£'000 |
£'000 |
|
Net return on ordinary activities before finance |
|
|
|
|
costs and taxation |
7,758 |
25,466 |
57,864 |
|
Less capital return on ordinary activities before |
|
|
|
|
finance costs and taxation |
(7,513) |
(25,209) |
(56,743) |
|
Decrease/(increase) in accrued income and other debtors |
583 |
439 |
(172) |
|
(Decrease)/increase in accrued expenses |
(251) |
(20) |
216 |
|
Overseas withholding tax |
(167) |
(148) |
(373) |
|
Dividends received |
(2,072) |
(1,757) |
(3,200) |
|
Realised gains/(losses) on foreign exchange transactions |
249 |
(116) |
202 |
|
Net cash outflow from operations before |
|
|
|
|
dividends and interest |
(1,413) |
(1,345) |
(2,206) |
JPMORGAN FUNDS LIMITED
7th November 2018
For further information, please contact:
Divya Amin
For and on behalf of
JPMorgan Funds Limited
020 7742 4000
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.
ENDS
A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
The half year will also shortly be available on the Company's website at www.jpmjapansmallercompanies.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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
Latest directors dealings
- 13 hours ago Luceco
- 13 hours ago Helios Towers
- 14 hours ago Wise Class A
- 14 hours ago EDX Medical Group Plc
- 14 hours ago Naked Wines