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JPMorgan Flem Jap IT (JFJ)

  Print      Mail a friend       Annual reports

Friday 11 November, 2005

JPMorgan Flem Jap IT

Final Results

JPMorgan Fleming Japanese IT PLC
11 November 2005


                          Stock Exchange Announcement

The Board of JPMorgan Fleming Japanese Investment Trust plc is pleased to
announce the Company's results for the year ended 30th September 2005.
Commenting on the results the Chairman has made the following statement:

Investment Performance

I am pleased to be able to report that the Japanese markets have had a much
improved year and that the Company's results largely reflect that improvement.
In fact the Japanese markets posted their best returns since 1999. Over the year
to 30th September 2005 the Company produced a total return on net assets of
28.3%, marginally underperforming the total return of our benchmark, the TOPIX
Index, of 28.9%. The return to shareholders was somewhat better at 39.5% as the
discount narrowed from 10.9% to 3.1%.

Board of Directors

During the year, the Board has carried out an evaluation of the Directors, the
Chairman, the Board itself and its Committees. In accordance with the Company's
Articles of Association, the Directors retiring by rotation at this year's
Annual General Meeting are Blaise Hardman and myself. Whilst both Blaise and
myself have now served for nine years, the Board does not believe that length of
service in itself should disqualify a Director from seeking re-election and, in
proposing our re-elections, it has taken into account the ongoing requirements
of the Combined Code, including the need to refresh the Board and its

Investment Manager

The Company's objective is to provide shareholders with capital growth from a
portfolio of investments in Japanese companies. The Board has thoroughly
reviewed the capabilities of JPMorgan Asset Management (UK) Limited and has
concluded that its ongoing appointment is in the best interests of shareholders.

Management Fees

As part of the ongoing process designed to ensure that it meets best practice,
the Board has reviewed the terms of the management agreement and has decided
that with effect from 1st July 2005 the management fee should be based on net
assets rather than gross assets.

This change has resulted in a reduction in fees of £19,000 for the year ended
30th September 2005. If it had been in place for the entire year, it would have
resulted in a reduction of £137,000. The Board believe that the revised
arrangements will not result in a material change in fee payments over the
investment cycle but that it will better reward the Manager for good management
of the Company's gearing level.

Authority to Repurchase the Company's Shares

At last year's AGM, shareholders granted the Directors authority to repurchase
up to 14.99% of the Company's shares for cancellation. Whilst the Company did
not repurchase any shares for cancellation during the year, the Directors
believe that circumstances could arise when the mechanism would be of benefit to
shareholders. It is therefore proposed that the authority be renewed for a
further period.

Annual General Meeting

This year's Annual General Meeting will be held on 16th December 2005 at 2.00 pm
at JPMorgan's offices at 60 Victoria Embankment, London EC4Y 0JP .


There are signs that the prolonged stagnation of the Japanese economy and the
consequent poor returns derived from its stockmarkets may be coming to an end.
Certainly, international investor perceptions of Japan have improved
dramatically, resulting in substantial inflows of funds. Our Managers are
confident that they have identified a significant number of attractive
investment opportunities, predominantly amongst domestic service oriented
companies with the ability to grow their earnings consistently over a number of
years. Whilst Japan is still sensitive to continued global growth, the
opportunities it offers domestically are improving.

Jeremy Paulson-Ellis
Chairman        11th November 2005

For further information, please contact:

Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000

JPMorgan Fleming Japanese Investment Trust plc
Audited figures for the year ended 30th September 2005

Statement of Total Return

                                                    Year ended 30 September 2005     Year ended 30 September 2004
                                                    Revenue     Capital      Total   Revenue     Capital       Total
                                                      £'000       £'000      £'000     £'000       £'000       £'000
Realised gains/(losses) on investments                    -      31,008     31,008         -    (19,442)    (19,442)
Unrealised gains/(losses) on investments                  -      77,306     77,306         -       (663)       (663)
Realised currency gains/(losses) on cash and
short-term deposits held during the year                  -         356        356         -     (1,045)     (1,045)
Realised loss on currency hedge                           -           -          -         -        (94)        (94)
Realised currency losses on repayment of  Yen             -       (178)      (178)         -           -           -
Unrealised gains on currency hedge                        -           1          1         -           -           -
Unrealised currency gains on Yen loans                    -         161        161         -       4,486       4,486
Other capital items                                       -         (9)        (9)         -          28          28
Overseas dividends                                    4,983           -      4,983     4,509           -       4,509
Other income                                          1,554           -      1,554       763           -         763
                                                    _______    ________    _______   _______    ________     _______

Gross return/(loss)                                   6,537     108,645    115,182     5,272    (16,730)    (11,458)
Management fee                                        (571)     (2,285)    (2,856)     (570)     (2,279)     (2,849)
Other administrative expenses                         (439)           -      (439)     (469)           -       (469)
Interest payable                                       (66)       (265)      (331)      (81)       (322)       (403)
                                                    _______     _______    _______   _______     _______     _______

Return/(loss) on ordinary activities before           5,461     106,095    111,556     4,152    (19,331)    (15,179)

Taxation on ordinary activities                       (349)           -      (349)     (318)           -       (318)
                                                    _______     _______    _______   _______     _______     _______

Return/(loss) on ordinary activities after            5,112     106,095    111,207     3,834    (19,331)    (15,497)

Return/(loss) per ordinary share                      2.75p      57.10p     59.85p     2.06p    (10.40)p     (8.34)p

JPMorgan Fleming Japanese Investment Trust plc

Audited figures for the year ended 30th September 2005

BALANCE SHEET                                                                     30 Sept          30 Sept
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments in listed securities                                                  574,903          419,710
Investment in topix future                                                          (879)                -
Net current liabilities                                                          (69,735)         (26,628)
                                                                                  _______          _______
Total net assets                                                                  504,289          393,082
                                                                                    =====            =====
Net asset value per share                                                          271.4p           211.6p

                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           2,763            1,517

Net cash (outflow)/inflow from returns on investments and servicing
of finance                                                                           (284)             956

Net cash outflow from capital expenditure and financial investment                (20,939)          (1,988)

Net cash inflow from financing                                                     17,929                -
                                                                                  _______          _______
(Decrease)/increase in cash for the year                                            (531)              485
                                                                                    =====             ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


11 November 2005

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

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