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

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