Interim Results
JPMorgan Indian Invest Trust PLC
21 June 2006
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN INDIAN INVESTMENT TRUST PLC
PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS
The Directors of JPMorgan Indian Investment Trust plc announce the Company's
results for the period ended 31st March 2006.
Performance
Over the six months to 31st March 2006 the Indian stockmarket continued to
perform strongly with the MSCI India Index rising by 33.7% in sterling terms.
The Company maintained its strong performance record by achieving a total return
on net assets of 38.7%. The share price total return was a little lower at
30.9%, reflecting the share price's movement from at 2.6% premium to a 3.5%
discount over the reporting period.
Discount Management
The Board has guidelines in place with regard to the management of any discount/
premium that may develop between the Company's share price and its net asset
value per share. In line with these guidelines, and in the light of the
Company's shares remaining at a premium to their net asset value for most of the
period, 8,546,270 new ordinary shares were issued during the six months under
review. Subsequent to the period end, as the share price moved to a discount to
net asset value, the Company has bought back 305,000 shares for cancellation.
Outlook
Despite the recent falls witnessed in India and across equity markets globally,
The Investment Managers remain optimistic about the long term prospects for the
Indian economy. Corporate India is prospering, providing high returns on equity
in an environment which encourages innovation and competition. Backed by a
Government which has recognised the need for investment in infrastructure as a
pre-requisite for continued growth, the prospects for India remain sound.
Philip Daubeney
Chairman, 21st June 2006
For further information please contact:
Andrew Norman
JPMorgan Asset Management (UK) Limited
Telephone 0207 742 6000
JPMorgan Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
Consolidated Income Statement
Six months to 31st March 2005 Year to 30th September 2005
(restated) (restated)
Six months to 31st March 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return Return Return Return
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income from investments held
at fair value through profit
or loss 636 - 636 434 - 434 2,163 - 2,163
Other income 84 - 84 38 - 38 77 - 77
_______ ________ _______ ______ _______ ________ _______ _______ _______
Total Revenue 720 - 720 472 - 472 2,240 - 2,240
Gains on investments held at
fair value through profit or
loss - 84,797 84,797 - 24,583 24,583 - 76,954 76,954
Foreign exchange (losses)/ - (174) (174) - (4,156) (4,156) - 3,178 3,178
gains
_______ ________ _______ ______ _______ ________ _______ _______ _______
Gross revenue and capital 720 84,623 85,343 472 20,427 20,899 2,240 80,132 82,372
return
Expenses
Management fee (1,417) - (1,417) (793) - (793) (1,862) - (1,862)
Other administration (402) - (402) (260) - (260) (718) - (718)
expenses
_______ ________ _______ ______ _______ ________ _______ _______ _______
Net (loss)/profit before (1,099) 84,623 83,524 (581) 20,427 19,846 (340) 80,132 79,792
finance costs and taxation
Finance costs (39) - (39) (15) - (15) (29) - (29)
_______ ________ _______ ______ _______ ________ _______ _______ _______
Net (loss)/profit before (1,138) 84,623 83,485 (596) 20,427 19,831 (369) 80,132 79,763
taxation
Taxation (20) - (20) (15) - (15) (26) - (26)
_______ _______ _______ ______ _______ _______ _______ _______ _______
Net (loss)/profit (1,158) 84,623 83,465 (611) 20,427 19,816 (395) 80,132 79,737
(Loss)/return per ordinary (1.16)p 84.92p 83.76p (0.71)p 23.62p 22.91p (0.45)p 89.19p 88.74p
share
The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The supplementary revenue return and capital
return columns are both prepared under guidance published by the Association of
Investment Trust Companies. All items in the above statement derive from
continuing operations.
All income is attributable to the equity shareholders of the parent company.
There are no minority interests.
JPMorgan Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
Consolidated Statement of Changes in Equity
Six months ended 31st March 2006
Exercised Capital
Share Share Other warrant Capital redemption Revenue
capital premium reserve reserve reserves reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net assets at 30th September 2005 24,091 30,450 41,929 5,886 100,566 6,272 (4,107) 205,087
(restated)
Ordinary shares issued 2,124 19,844 - - - - - 21,968
Net profit/(loss) from ordinary - - - - 84,623 - (1,158) 83,465
activities
_______ _______ _______ _______ _______ _______ _______ _______
Net assets at 31st March 2006 26,215 50,294 41,929 5,886 185,189 6,272 (5,265) 310,520
_______ _______ _______ _______ _______ _______ _______ _______
Six months ended 31st March 2005
Exercised Capital
Share Share Other warrant Capital redemption Revenue
capital premium reserve reserve reserves reserve reserve Total
(restated) (restated) (restated) (restated) (restated) (restated) (restated) restated)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net assets at 30th September 20,985 12,600 41,929 5,886 20,477 6,272 (3,755) 104,394
2004 (restated)
Foreign exchange translation - - - - (1,415) - (80) (1,495)
difference
Ordinary shares issued 1,709 8,741 - - - - - 10,450
Net profit/(loss) from ordinary - - - - 21,920 - (611) 21,309
activities
_______ _______ _______ _______ _______ _______ _______ _______
Net assets at 31st March 2005 22,694 21,341 41,929 5,886 40,982 6,272 (4,446) 134,658
_______ _______ _______ _______ _______ _______ _______ _______
Year ended 30th September 2005
Exercised Capital
Share Share Other warrant Capital redemption Revenue
capital premium reserve reserve reserves reserve reserve Total
(restated) (restated) (restated) (restated) (restated) (restated) (restated) restated)
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Net assets at 30th September 20,985 12,600 41,929 5,886 20,477 6,272 (3,755) 104,394
2004 (restated)
Foreign exchange translation - - - - 3,225 - 43 3,268
difference
Ordinary shares issued 3,106 17,850 - - - - - 20,956
Net profit/(loss) from ordinary - - - - 76,864 - (395) 76,469
activities
_______ _______ _______ _______ _______ _______ _______ _______
Net assets at 30th September 24,091 30,450 41,929 5,886 100,566 6,272 (4,107) 205,087
2005 _______ _______ _______ _______ _______ _______ _______ _______
JPMorgan Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
CONSOLIDATED BALANCE SHEET 31st March 2006 31st March 2005 30th September 2005
(restated) (restated)
£'000 £'000 £'000
Non current assets
Investments held at fair value through profit or loss 305,037 134,894 207,592
Current assets
Other receivables 1,011 253 2,120
Cash and cash equivalents 6,723 18 425
_______ _______ _______
7,734 271 2,545
Currents liabilities
Amounts falling due within one year (2,251) (507) (5,050)
_______ _______ _______
Net current assets/(liabilities) 5,483 (236) (2505)
_______ _______ _______
Net assets 310,520 134,658 205,087
===== ===== =====
Equity attributable to equity holders
Called up share capital 26,215 22,694 24,091
Share premium 50,294 21,341 30,450
Other reserve 41,929 41,929 41,929
Exercised warrant reserve 5,886 5,886 5,886
Capital reserves 185,189 40,982 100,566
Capital redemption reserve 6,272 6,272 6,272
Revenue reserve (5,265) (4,446) (4,107)
_______ _______ _______
Total equity 310,520 134,658 205,087
===== ===== =====
Net asset value per ordinary share 296.1p 148.3p 212.8p
JPMorgan Indian Investment Trust plc
Unaudited figures for the six months ended 31st March 2006
CONSOLIDATED CASH FLOW STATEMENT 31st March 2006 31st March 2005 30th September 2005
(restated) (restated)
£'000 £'000 £'000
Operating activities
Profit before taxation 83,485 19,831 79,763
Add back interest paid 39 15 29
Gains on investments held at fair value through profit
or loss (84,797) (24,583) (76,954)
Net losses/(gains) on foreign exchange 174 4,156 (3,178)
Currency transalation difference - - 1
Net sales of investments held at fair value through
profit or loss (17,205) (11,275) (24,320)
Decrease/(increase) in other receivables 1 158 (36)
Decrease in amounts due from brokers 674 1,275 235
Decrease in other payables (28) (78) (68)
Increase/(decrease) in amounts due to brokers 2,307 (1,382) 2,443
_______ _______ _______
Net cash outflow from operating activities before (15,350) (11,883) (22,085)
interest payable and taxation
Interest paid (39) (15) (29)
Tax paid - - (17)
_______ _______ _______
Net cash outflow from operating activities (15,389) (11,898) (22,131)
===== ===== =====
Financing activities
Net proceeds from the issue of ordinary shares 21,968 10,260 20,956
Decrease in short term loans (110) (1,284) (1,256)
_______ _______ _______
Net cash inflow from financing activities 21,858 8,976 19,700
Increase/(decrease) in cash and cash equivalents 6,469 (2,922) (2,431)
Cash and cash equivalents at start of period 425 2,901 2,901
Effect of foreign exchange rate changes on cash and (171) 39 (45)
cash equivalents
_______ _______ _______
Cash and cash equivalents at end of period 6,723 18 425
===== ===== =====
Notes
1. Accounting policies
The financial statements have been prepared in accordance with International
Financial Reporting standards (IFRS) adopted by the International Accounting
Standards Board.
These are the first financial statements prepared in accordance with IFRS.
Previously the financial statements were prepared in accordance with UK
Generally Accepted Accounting Principles (UK GAAP) including the Statement of
Recommended Practice 'Financial Statements of Investment Trust Companies' (the
SORP).
Where presentational guidance set out in the SORP, as revised in December 2005,
is consistent with the requirements of IFRS, the financial statements have been
prepared on a basis compliant with the recommendations of the SORP.
2. Investments
All investments are designated upon initial recognition as held at fair value
and are measured at subsequent reporting dates at fair value, which is taken to
be bid price. This is a change in accounting policy and comparative figures have
been restated. In prior periods investments were valued using last traded price.
The effect of this change is to reduce the reported value of investments at 30th
September 2005 and 31st March 2005 by £1083,000 and £639,000 respectively.
Purchase transaction costs for the six months ended 31st March 2006 amounted to
£198,000 (30th September 2005: £221,000 and 31st March 2005 £72,000). Sales
transactions costs for the six months ended 31st March 2006 amounted to £146,000
(30th September 2005: £140,000 and 31st March 2005: £39,000).
3. Publication of non-statutory accounts
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The information for the year
ended 30th September 2005 has been extracted from the latest published audited
financial statements, as restated to comply with IFRS. 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
21st June 2006
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