Interim Results

JPMorgan Japanese Inv. Trust PLC 21 June 2007 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN JAPANESE INVESTMENT TRUST PLC UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST MARCH 2007 Performance Following the underperformance recorded by the Company in the year to 30th September 2006, it is a disappointing result both for the Board and the Managers to report a decline in net assets of 1.4% in the six months to 31st March 2007 when the Company's benchmark, the Tokyo Stock Exchange Index, rose by 3.4%. The Board has expressed concern to the Manager with this continuing underperformance and is working closely with them to improve investment performance going forward. Revenue and Dividends The Company's revenue position has been transformed in recent years and a revenue reserve of £2.5m has been established. In the absence of unforeseen circumstances, it appears likely that the Company will be in a position to pay a final dividend of around 2.0p per share in respect of the current financial year. Any dividend payable would be paid at around the time of the Company's Annual General Meeting in December 2007. I should stress at this stage that dividend streams from Japan are not entirely predictable and that the level of any payment made this year should not be taken as an indication of future dividend payments. Gearing The Company's level of gearing was maintained in the region of 110-115% for much of the period, apart from a tactical reduction to 106% made in late February to counter the effects of a period of severe market volatility. The level of gearing was then taken back to 115% as opportunities for reinvestment were identified. Change of Name Following shareholder approval at the 2006 Annual General Meeting, the Company changed its name from JPMorgan Fleming Japanese Investment Trust plc to JPMorgan Japanese Investment Trust plc. Outlook Despite the ongoing growth of the economy, Japanese investors have maintained a defensive outlook for much of the last year. Whilst the larger more defensive stocks have benefited from this phenomenon, many of the smaller and mid-cap stocks to whom the Company has significant exposure have suffered as a result. The weakness of the yen and the attractiveness of sectors such as autos, construction machinery and technology promise better for the portfolio going forwards, but until consumers and investors throw off their caution, overall returns may remain muted. Jeremy Paulson-Ellis Chairman 21st June 2007 For further information please contact: Andrew Norman, JPMorgan Asset Management (UK) Limited ..........020 7742 6000 JPMorgan Japanese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 31st March Six months ended 31st March Year ended 30th September 2007 2006 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 (Losses)/gains from investments held at fair value through profit or loss - (8,998) (8,998) - 145,405 145,405 - 5,897 5,897 Income from investments 3,739 - 3,739 3,887 - 3,887 7,245 - 7,245 Other interest receivable and similar income 317 - 317 611 - 611 1,205 - 1,205 _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross return/(loss) 4,056 (8,998) (4,942) 4,498 145,405 149,903 8,450 5,897 14,347 Management fee (321) (1,284) (1,605) (355) (1,419) (1,774) (702) (2,808) (3,510) Other administrative expenses (200) - (200) (259) - (259) (460) - (460) _______ ________ _______ ______ _______ ________ _______ _______ _______ Net return/(loss) on ordinary activities before finance costs and taxation 3,535 (10,282) (6,747) 3,884 143,986 147,870 7,288 3,089 10,377 Finance costs (59) (237) (296) (47) (189) (236) (89) (358) (447) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return/(loss) on ordinary activities before taxation 3,476 (10,519) (7,043) 3,837 143,797 147,634 7,199 2,731 9,930 Taxation (865) 603 (262) (272) - (272) (507) - (507) _______ ________ _______ ______ _______ ________ _______ _______ _______ Net return/(loss) on ordinary activities after taxation 2,611 (9,916) (7,305) 3,565 143,797 147,362 6,692 2,731 9,423 ______ _______ _______ ______ _______ _______ ______ _______ ______ Return/(loss) per share 1.41p (5.35)p (3.94)p 1.92p 77.39p 79.31p 3.60p 1.47p 5.07p (note 2) 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 Japanese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 Reconciliation of Movements in Shareholders' Funds (Unaudited) Called up Capital share Other redemption Capital Revenue capital reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 At 30th September 2005 46,450 166,791 2,512 295,299 (6,763) 504,289 Adjustment to opening shareholders funds at 1st October 2005 to reflect the adoption of bid prices - - - (1,209) - (1,209) Shares bought back and cancelled (70) - 70 (762) - (762) Total return from ordinary activities - - - 2,731 6,692 9,423 Unclaimed dividends returned in the year - - - - 7 7 At 30th September 2006 46,380 166,791 2,582 296,059 (64) 511,748 Shares bought back and cancelled (8) - 8 (78) - (78) Total (loss)/return from ordinary - - - (9,916) 2,611 (7,305) activities At 31st March 2007 46,372 166,791 2,590 286,065 2,547 504,365 JPMorgan Japanese Investment Trust plc Unaudited figures for the six months ended 31st March 2007 BALANCE SHEET (Unaudited) (Unaudited) (Audited) 31st March 31st March 30th September 2007 2006 2006 £'000 £'000 £'000 Fixed assets Investments at fair value through profit or loss 578,580 744,866 575,721 Current assets Debtors 8,083 27,273 2,224 Cash at bank and in hand 2,111 726 879 10,194 27,999 3,103 Creditors : amounts falling due within one year (84,409) (122,423) (67,076) Net current liabilities (74,215) (94,424) (63,973) Total assets less current liabilities 504,365 650,442 511,748 Total net assets 504,365 650,442 511,748 Capital and reserves Called up share capital 46,372 46,450 46,380 Other reserve 166,791 166,791 166,791 Capital redemption reserve 2,590 2,512 2,582 Capital reserve 286,065 437,887 296,059 Revenue reserve 2,547 (3,198) (64) Shareholders' funds 504,365 650,442 511,748 Net asset value per share (note 3) 271.9p 350.1p 275.8p (Unaudited) (Unaudited) (Audited) CASH FLOW STATEMENT 31st March 31st March 30th September Unaudited figures for the six months ended 31st March 2007 2007 2006 2006 £'000 £'000 £'000 Net cash inflow from operating activities 965 874 3,667 Net cash outflow from returns on investments and servicing of finance (272) (236) (478) Net cash (outflow)/inflow from capital expenditure and financial investment (14,963) (10,821) 4,573 Net cash inflow /(outflow) from financing 11,445 11,251 (6,703) (Decrease)/increase in cash for the period (2,825) 1,068 1,059 Notes to the Accounts 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. Return/(loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 31st March 2007 31st March 2006 30th September 2006 Return / (loss) per share is based on the £'000 £'000 £'000 following Revenue return Capital (loss) / return 2,611 3,565 6,692 (9,916) 143,797 2,731 _______ ______ ______ Total (loss) / return (7,305) 147,362 9,423 ====== ====== ===== Weighted average number of shares in issue 185,503,457 185,801,919 185,699,611 Revenue return per share 1.41p 1.92p 3.60p Capital (loss) / return per share (5.35)p 77.39p 1.47p _______ ______ ______ Total (loss) / return per share (3.94)p 79.31p 5.07p ====== ====== ===== 3. Net asset value per share Net asset value per share is based on the net assets attributable to the ordinary shareholders' of £504,365,000 (31st March 2006: £650,442,000 and 30th September 2006: £511,748,000) and on the 185,489,919 (31st March 2006: 185,801,919 and 30th September 2006: 185,521,919) shares in issue at the period end. 4. Accounts for the year ended 30th September 2006 The figures and financial information for the year ended 30th September 2006 are extracted from the latest published accounts of the Company 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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