Interim Results

JPMorgan Chinese Inv Tst PLC 14 June 2007 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN CHINESE INVESTMENT TRUST PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH 2007 Performance I am pleased to report that the Company's total return to shareholders for the six months ended 31st March 2007 was +22.2%. This return comprises the 21.2% rise in the Company's share price from 78.0p to 94.5p, and a net dividend of 0.7p per share that was paid to shareholders on 22nd December 2006. Over the same period, the Company's total return on net assets, which comprises the percentage change in net asset value with the net dividend reinvested, was +20.4%. This compares favourably with a total return for the Company's benchmark, the MSCI Golden Dragon Index (in sterling terms), of +12.5%. Share Issues and Share Buybacks At an Extraordinary General Meeting in August 2006, shareholders gave the Board authority to issue up to approximately 22 million new shares in the Company, representing 30% of the total shares in issue. Since then, and following the Annual General Meeting in December 2006, 1,475,000 shares have been issued at an average premium to net asset value of 3.91%. In addition, the authority to repurchase up to 14.99% of the Company's issued share capital was renewed at the Annual General Meeting. As previously stated, repurchases will only be made in the market at prices below the prevailing net asset value per share. In mid January 2007, the Company's shares moved to trading at a discount to their net asset value. At the time of writing, 2,791,000 shares have been repurchased under this authority at an average discount of 11.3% and are held in Treasury to be re-issued at a premium when market conditions suit, or subsequently cancelled if no demand is forthcoming. Outlook The Chinese government and market regulators are becoming ever more concerned about the growing risk of an asset bubble in China. In an attempt to defuse the rising mania in A Shares, China's Ministry of Finance recently decided to raise the stamp duty on A share trades from 0.1% to 0.3%. Our investment managers believe that this move appears to have been successful in cooling the domestic stock markets in China and is expected to have little impact on the real economy, given that domestic consumption measures did not respond to the boom in domestic stock markets. The Board remains comfortable about the growth prospects in China, although the outlook for Taiwan and Hong Kong is less certain at this time. Nigel Melville Chairman 14th June 2007 For further information please contact: Lucy Dina, JPMorgan Asset Management (UK) Limited ............... 020 7742 6000 JPMorgan Chinese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2007 31st March 2006 30th September 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains from investments held at fair value through profit or loss - 12,726 12,726 - 8,823 8,823 - 6,076 6,076 Net foreign currency gains/(losses) - 57 57 - 17 17 - (32) (32) Income from investments 222 - 222 273 - 273 1,538 - 1,538 Other interest receivable and similar income 11 - 11 14 - 14 24 - 24 _______ ________ _______ _______ ________ _______ _______ _______ _______ Gross return 233 12,783 13,016 287 8,840 9,127 1,562 6,044 7,606 Management fee (331) - (331) (264) - (264) (554) - (554) Performance fee - (869) (869) - (406) (406) - (59) (59) Other administrative expenses (200) - (200) (142) - (142) (298) - (298) _______ _______ _______ _______ _______ _______ _______ _______ _______ Net (loss)/return on ordinary activities before finance costs and taxation (298) 11,914 11,616 (119) 8,434 8,315 710 5,985 6,695 Finance costs (105) - (105) (1) - (1) (10) - (10) _______ _______ _______ _______ _______ _______ _______ _______ _______ Net (loss)/return on ordinary activities before taxation (403) 11,914 11,511 (120) 8,434 8,314 700 5,985 6,685 Taxation (6) - (6) (134) 132 (2) (165) 19 (146) ______ _______ _______ ______ _______ _______ _______ _______ _______ Net (loss)/return on ordinary activities after taxation (409) 11,914 11,505 (254) 8,566 8,312 535 6,004 6,539 ====== ======= ======= ====== ======= ======= ======= ======= ======= (Loss)/return per share (Note 3) (0.55)p 15.96p 15.41p (0.36)p 12.20p 11.84p 0.74p 8.34p 9.08p 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. 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. JPMorgan Chinese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Reconciliation of Movements in Shareholders' Funds (Unaudited) Six months ended 31st March 2007 Called up Exercised Capital share Share warrant redemption Other Capital Revenue capital premium reserve reserve reserve reserve reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30th September 2006 18,497 7,560 3 581 37,476 (4,537) 928 60,508 Shares issued 369 1,152 - - - - - 1,521 Total return/(loss) from ordinary activities - - - - - 11,914 (409) 11,505 Dividends appropriated in the period - - - - - - (518) (518) At 31st March 2007 18,866 8,712 3 581 37,476 7,377 1 73,016 Six months ended 31st March 2006 Called up Exercised Capital share Share warrant redemption Other Capital Revenue capital premium reserve reserve reserve reserve reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30th September 2005 17,103 4,404 3 581 37,476 (10,425) 1,013 50,155 Adjustment to opening shareholders funds at 1st October 2005 to reflect the adoption of bid prices - - - - - (116) - (116) Shares issued 1,059 2,388 - - - - - 3,447 Total return/(loss) from ordinary activities - - - - - 8,566 (254) 8,312 Dividends appropriated in the period - - - - - - (620) (620) At 31st March 2006 18,162 6,792 3 581 37,476 (1,975) 139 61,178 Year ended 30th September 2006 Called up Exercised Capital share Share warrant redemption Other Capital Revenue capital premium reserve reserve reserve reserve reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 30th September 2005 17,103 4,404 3 581 37,476 (10,425) 1,013 50,155 Adjustment to opening shareholders funds at 1st October 2005 to reflect the adoption of bid prices - - - - - (116) - (116) Shares issued 1,394 3,156 - - - - - 4,550 Total return from ordinary activities - - - - - 6,004 535 6,539 Dividends appropriated in the year - - - - - - (620) (620) At 30th September 2006 18,497 7,560 3 581 37,476 (4,537) 928 60,508 JPMorgan Chinese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Balance Sheet (Audited) (Unaudited) (Unaudited) 30th September 31st March 2007 31st March 2006 2006 Â£'000 Â£'000 Â£'000 Fixed assets Investments at fair value through profit or loss: China 33,543 19,382 24,888 Taiwan 26,684 21,569 21,310 Hong Kong 16,506 17,570 15,917 Singapore - 2,107 - ______ ______ ______ Total investments at fair value 76,733 60,628 62,115 Current assets Debtors 449 1,211 650 Cash at bank and in hand 1,046 1,708 1,216 ______ ______ ______ 1,495 2,919 1,866 Creditors: amounts falling due within one year (5,064) (2,330) (3,452) ______ ______ ______ Net current (liabilities)/assets (3,569) 589 (1,586) Total assets less current liabilities 73,164 61,217 60,529 Provisions for liabilities and charges Deferred tax (21) (39) (21) Performance fee (127) - - ______ ______ ______ Total net assets 73,016 61,178 60,508 ______ ______ ______ Capital and reserves Called up share capital 18,866 18,162 18,497 Share premium 8,712 6,792 7,560 Exercised warrant reserve 3 3 3 Capital redemption reserve 581 581 581 Other reserve 37,476 37,476 37,476 Capital reserve 7,377 (1,975) (4,537) Revenue reserve 1 139 928 ______ ______ ______ Shareholders' funds 73,016 61,178 60,508 ====== ====== ====== Net asset value per share (Note 4) 96.8p 84.2p 81.8p JPMorgan Chinese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 (Unaudited) (Unaudited) (Audited) Cash Flow Statement Six months ended Six months ended 31st Year ended 30th September 31st March 2007 March 2006 2006 Â£'000 Â£'000 Â£'000 Net cash (outflow)/inflow from operating activities (377) (299) 341 Net cash outflow from returns on investments and servicing of finance (95) (1) (10) Taxation paid (1) - (11) Net cash outflow from capital expenditure and financial investment (2,148) (2,437) (6,527) Dividend paid (518) (620) (620) Net cash inflow from financing 2,912 3,447 6,473 ______ ______ ______ (Decrease) / increase in cash for the period (227) 90 (354) ====== ====== ====== 1. 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 dated 31st December 2005. All of the Company's operations are of a continuing nature. The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended 30th September 2006. 2. Dividends paid (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2007 31st March 2006 30th September 2006 Â£'000 Â£'000 Â£'000 Final dividend in respect of the year ended 30th September 2006 of 0.70p (2005: 0.90p) 518 620 620 No interim dividend has been declared in respect of the six months ended 31st March 2007 (2006: nil). 3. (Loss)/return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2007 31st March 2006 30th September 2006 Â£'000 Â£'000 Â£'000 (Loss)/return per share is based on the following: Revenue (loss)/return (409) (254) 535 Capital return 11,914 8,566 6,004 Total return 11,505 8,312 6,539 Weighted average number of shares in issue 74,660,078 70,206,809 71,968,636 Revenue (loss)/return per share (0.55)p (0.36)p 0.74p Capital return per share 15.96p 12.20p 8.34p Total return per share 15.41p 11.84p 9.08p 4. Net asset value per share Net asset value per share is based on the net assets attributable to the ordinary shareholders of Â£73,016,000 (31st March 2006: Â£61,178,000 and 30th September 2006: Â£60,508,000) and on the 75,462,001 (31st March 2006: 72,647,001 and 30th September 2006: 73,987,001) shares in issue at the period end. 5. Status of preliminary announcement The financial information set out in this preliminary announcement does not constitute the Company's statutory accounts as defined in section 240 of the Companies Act 1985. The financial information for the six months ended 31st March 2006 and 31st March 2007 has not been audited. The figures and financial information for the year ended 30th September 2006 are an extract from the latest published accounts 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 237(2) or 237(3) of the Companies Act 1985. JPMORGAN ASSET MANAGEMENT (UK) LIMITED This information is provided by RNS The company news service from the London Stock Exchange

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