Final Results - Year to 30 September 1999
Fleming Chinese Inv Tst PLC
5 November 1999
THE FLEMING CHINESE INVESTMENT TRUST PLC
Unaudited results - year to 30 September 1999
The Directors have today announced the unaudited final
results for the financial year to 30 September 1999.
The net asset value per share as at 30 September 1999 was
57.3 pence. This compares with 37.8 pence as at 30
September 1998 representing an increase in net asset
value of 51.6%. The comparator index which is used by the
Company is a composite index expressed in sterling terms
and comprises 40% Hang Seng Index, 40% Taiwan Weighted
Index and 20% BNP Prime Peregrine China Index. This
composite index rose by 45.0% over the year to 30
September 1999.
Earnings per share have fallen from 0.51 pence in 1998 to
0.14 pence this year. This fall has been as a result of
changes in the Company's portfolio following the move to
investing in Taiwan where the companies tend to be lower
yielding and to a fall in income from some Hong Kong
companies. The Directors recommend that a dividend of 0.1
pence per ordinary share be paid on 15 December 1999 to
shareholders on the Register of Members at close of
business on 19 November 1999. The payment of the dividend
is subject to the approval of the Company's shareholders
at the Annual General Meeting. A dividend of 0.5 pence
per share was paid last year. Current estimates indicate
that shareholders should not expect a dividend for the
year to 30 September 2000.
Liz Hayman
Fleming Investment Trust Management Limited 0171 638 5858
THE FLEMING CHINESE INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE YEAR ENDED 30TH SEPTEMBER 1999
1999 1998
£'000 £'000
REVENUE
Income
Franked dividends 62 15
Overseas dividends 419 837
Overseas interest 13 11
Scrip dividends 208 112
Deposit interest 42 87
Stock lending fees 8 48
_____ _____
Gross Revenue 752 1,110
Less Management fee 346 518
Other administrative expenses 257 213
Interest payable 24 10
______ _____
Return before Taxation 125 369
Less Taxation 43 62
_____ _____
Return available to ordinary shareholders 82 307
==== ====
Dividend per ordinary share 0.10 p 0.50 p
CAPITAL
______ ______
Return available to ordinary 11,804 (43,756)
shareholders ===== =====
Revenue return per ordinary share 0.14 p 0.51 p
Capital return per ordinary share 19.52 p (72.37) p
Total return per ordinary share 19.66 p (71.86) p
At 30 September 1999
Total Net Assets (£'000) 34,641 22,860
Net Asset Value per Ordinary Share - 57.3 p 37.8 p
Undiluted
Net Asset Value per Ordinary Share - 57.5 p 37.8 p
Diluted
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 1998. These accounts, upon
which the auditors issued an unqualified opinion, have
been delivered to the Registrar of Companies.
FLEMING INVESTMENT TRUST MANAGEMENT LIMITED
2nd November 1999
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