Half-yearly report

JUPITER GREEN INVESTMENT TRUST PLC The unaudited results for the six months to 30 September 2007. CHAIRMAN'S STATEMENT and Interim Management Report I am pleased to present your Company's interim financial statement for the period ended 30 September 2007. During the six months under review, the total assets, adjusted for the issue of new C shares and warrant conversions, of your Company have increased by 4.7% to £58,414,000 against the Composite Benchmark index which rose by 3% during the period, the FTSE World Smaller Companies ex US index which rose by 4.8% and the Russell 2500 Growth index which fell by 1.3%. The unaudited diluted Net Asset Value of the ordinary shares rose by 4.1% during the period under review whilst the Net Asset Value of the C shares rose by 2.3% between 27 July 2007 (date of issue) and 30 September 2007. The price of the ordinary share rose by 3.0% during the period under review and the price of the C shares fell by 1.7% between issue and 30 September 2007. The middle market price of the warrants had increased by 4.3% during the period under review. I am pleased to report that since the last annual report your Company has completed a successful C share issue with a total of 24,250,000 C shares and 4,850,000 new warrants being issued on 27 July 2007. In accordance with the terms of the C share issue the C shares converted once the funds raised were at least 80% invested at an agreed Net Asset Value for each of the ordinary and C shares. The Net Asset Value per ordinary share (undiluted) and per C share on the calculation date (24 October 2007) was 128.796535p and 103.024307p respectively, with a conversion ratio of 0.79989967 ordinary shares for every C share. Upon conversion on 2 November 2007, 19,397,566 ordinary shares and 3,503,003 warrants were issued to former C share holders giving a total issued share capital of 46,937,994 ordinary shares and 8,476,624 warrants. Upon conversion the C shares were cancelled. There have been no changes to the directors' shareholdings during the six month period under review. Market and Policy Review Global equity markets made progress during the period under review, however, problems in sub-prime loan markets, which led to liquidity problems throughout the US banking sector, have resulted in a significant change in market sentiment over recent months. Banking and other financial stocks have experienced falling values, and we have seen some indiscriminate selling of stocks as geared investors dispose of their most liquid assets (equities) in order to meet margin calls. A 50 basis point cut in the US Federal Government funds rate restored some composure to the stock market towards the end of the period. Of most significance over the period under review in terms of the climate change debate has been the considerable shift in US Federal Government attitudes. This change in attitudes has influenced central government with President George W Bush beginning to recognise the risks associated with climate change and has shown a willingness to take joint action to mitigate these risks, albeit outside of the existing inter-governmental policy frameworks. As a result, we have seen a steady increase in policy development in the US, particularly in the area of renewable energy, which should provide opportunities for environmentally focused companies both in the US and abroad. We continue to take a long-term approach to investing, selecting companies that have positive growth and which are addressing local and global environmental problems. The best performer in the Company's portfolio was a green transport holding Tanfield Group. This company experienced strong demand for its zero emission vehicles and won orders from companies including Marks and Spencer, TNT, Scottish and Southern Energy and J Sainsbury, among others. Canadian waste management company BioteQ Environmental Technologies also performed well. This company has a unique process for the treatment of contaminated mine wastewater that eliminates metal by-products and removes pollutants from the environment. In addition, core environmental services holding RPS Group made a positive contribution to returns. Companies operating within this theme have seen their order books expand due to shifts in government and corporate environmental policies. Less successful was the Company's clean energy holding Renova Energy. This company, which produces ethanol from corn suffered from a combination of rising raw material costs and falling alternative fuel prices. Biofuels company Verbio ended the period weaker for similar reasons. The poor performance of these holdings was offset by advances by other investments in the clean energy theme, notably Fuel Tech (air pollution controls) and Techem (energy meters). Investment Outlook We have very limited exposure to the financials sector which continues to face high levels of uncertainty. While stock market sentiment remains fragile, we believe the quality of our holdings and the drivers behind our green investment themes remain robust. From a green perspective, concern over environmental issues is gaining prominence on political, corporate and individual agendas. This will support the long-term earnings growth of many companies that we have invested in and we plan to exploit any buying opportunities that volatile conditions present. Related Party The Company has entered into an investment management agreement with Jupiter Asset Management Limited ("JAM"), a wholly owned subsidiary of Jupiter Investment Management Group Limited, under which JAM is responsible for the management of the Company's assets. JAM also acts as secretary to the Company. Details of JAM's services and fee arrangements are set out in the annual report and accounts of the Company which are available at www.jupiteronline.co.uk. Principal Risks and Uncertainties The principal risks and uncertainties that could affect the Company's business include the nature of the Company's investments, economic conditions, market risk, exchange risk, exchange controls, interest rates and taxation risk. A detailed explanation of these principal risks and uncertainties can be found on pages 8 to 15 of the prospectus published by the Company on 4 July 2007, which is also available from www.jupiteronline.co.uk. Your Company will continue to seek opportunities to grow further following the successful block listing and C share issue undertaken during the period under review. The Company continues to provide opportunities for investors to contribute to and benefit from the increasing interest in this sector. Perry K O Crosthwaite Chairman 29 November 2007 RESPONSIBILITY STATEMENT We the directors of Jupiter Green Investment Trust PLC confirm to the best of our knowledge: a) the condensed set of financial statements have been prepared in accordance with the Accounting Standards Board's statement `Half-Yearly Financial Reports'; b) the Chairman's Statement and Interim Management Report includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.7 (indication of important events, and descriptions of significant risks, during the six months to 30 September 2007, and uncertainties for the remaining six months of the year); and c) the Chairman's Statement and Interim Management Report also includes a fair review of the information required by the Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein). By order of the Board Perry K O Crosthwaite Chairman 29 November 2007 INCOME STATEMENT for the six months to 30 September 2007 (Unaudited) Six months to 12 April to 30 September 2007 7 December 2006 Revenue Capital Total Revenue Capital Total Note £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments at fair value 2 - 2,817 2,817 - 2,669 2,669 Foreign exchange (loss)/gain (1) (504) (505) - 41 41 Income 411 - 411 214 - 214 ______ ______ ______ ______ ______ ______ Total Income 410 2,313 2,723 214 2,710 2,924 ______ ______ ______ ______ ______ ______ Investment management fee (232) - (232) (129) - (129) Investment performance fee - (224) (224) - (14) (14) Other expenses (165) - (165) (145) - (145) ______ ______ ______ ______ ______ ______ Total expenses (397) (224) (621) (274) (14) (288) ______ ______ ______ ______ ______ ______ Return on ordinary activities before taxation 13 2,089 2,102 (60) 2,696 2,636 Taxation (9) - (9) (3) - (3) ______ ______ ______ ______ ______ ______ Net Return after taxation 4 2,089 2,093 (63) 2,696 2,633 ______ ______ ______ ______ ______ ______ Return per ordinary share 3 (0.32)p 5.95p 5.63p (0.25)p 10.55p 10.30p Return per C share 3 0.38p 1.86p 2.24p - - - The total column of this statement is the income statement of the Company, prepared in accordance with IFRS. The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies. All items in the above statement derive from continuing operations. The financial information does not constitute `accounts' as defined in section 434 of the Companies Act 2006. The Company was incorporated on 12 April 2006 and its shares were listed on the London Stock Exchange on 8 June 2006, on which date it commenced business. Consequently, the comparative figures in the Income Statement above reflect returns for the six months from 8 June 2006 to 7 December 2006. BALANCE SHEET As at 30 September 2007 30 September 2007 31 March 2007 (unaudited) (audited) Note £'000 £'000 Non current assets Investments held at fair value through profit or loss 55,170 30,374 _______ _______ Current assets Prepayments and accrued income 178 35 Cash and cash equivalents 3,404 2,009 _______ _______ 3,582 2,044 _______ _______ Total assets 58,752 32,418 _______ _______ Current liabilities Accruals (312) (301) Purchases awaiting settlement (26) (438) _______ _______ (338) (739) _______ _______ Total assets less current liabilities 58,414 31,679 _______ _______ Capital and reserves Called up share capital 270 27 Share premium 26,079 1,680 Special reserve 24,292 24,292 Retained earnings 6 7,773 5,680 _______ _______ Total equity shareholders' funds 58,414 31,679 _______ _______ Net Asset Value per ordinary share 7 124.26p 118.70p Diluted Net Asset Value per ordinary share 7 120.55p 115.75p Net Asset Value per C share 7 99.77p - STATEMENT OF CHANGES IN NET EQUITY for the six months to 30 September 2007 (Unaudited) Share Share Special Retained Capital Premium Reserve Earnings Total £'000 £'000 £'000 £'000 £'000 Balance at 31 March 2007 27 1,680 24,292 5,680 31,679 Net profit for the period - - - 2,093 2,093 Ordinary shares issued 1 1,002 - - 1,003 Cost of ordinary shares issued - (10) - - (10) C share issue 242 24,008 - - 24,250 Cost of C share issue - (601) - - (601) ______ ______ ______ ______ ______ Balance at 30 September 2007 270 26,079 24,292 7,773 58,414 ______ ______ ______ ______ ______ STATEMENT OF CHANGES IN NET EQUITY for the period from 12 April to 7 December 2006 (Unaudited) Share Share Retained Capital Premium Earnings Total £'000 £'000 £'000 £'000 Net profit for the period - - 2,633 2,633 Ordinary shares issued 27 26,700 - 26,727 Cost of ordinary shares issued - (723) - (723) ______ _______ ______ _______ Balance at 7 December 2006 27 25,977 2,633 28,637 ______ _______ ______ _______ CASH FLOW STATEMENT for the six months to 30 September 2007 (Unaudited) Six months to 12 April to 30 September 2007 7 December 2006 £'000 £'000 Cash flow from operating activities Investment income received 108 147 Deposit interest received 172 36 Investment management fee paid (210) (100) Realised (loss)/gain on foreign currency (273) 41 Investment performance fee paid (207) - Other cash expenses (206) (116) ______ _____ Cash generated from operations (616) 8 Taxation (9) (3) ______ _____ Net cash (outflow)/inflow from operating activities (625) 5 ______ _____ Cash flows form investing activities Purchase of investments (27,833) (30,664) Sale of investments 5,211 7,230 _______ _______ Net cash outflow from investing activities (22,622) (23,434) _______ _______ Cash flows from financing activities Shares issued 25,253 26,727 Share issue expenses paid (611) (723) _______ _______ Net cash inflow from financing activities 24,642 26,004 _______ _______ Increase in cash 1,395 2,575 Cash and cash equivalents at start of period 2,009 - _______ _______ Cash and cash equivalents at end of period 3,404 2,575 _______ _______ NOTES 1 Accounting Policies The accounts comprise the unaudited financial results of the Company for the six month period from 1 April 2007 to 30 September 2007. The accounts are presented in pounds sterling, as this is the functional currency of the Company. The accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted by the International Accounting Standards Board (IASB), and interpretations issued by the International Financial Reporting Interpretations Committee of the IASB (IFRIC). A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below: Revenue, Expenses and Interest Payable Revenue includes dividends from investments quoted ex-dividend on or before the balance sheet date. Income on fixed income securities is recognised on a time apportionment basis according to the period for which these investments are held. Deposit and other interest receivable, expenses and interest payable are accounted for on an accruals basis. An analysis of retained earnings broken down into revenue (distributable) items and capital (non-distributable) items is given in note 5. In arriving at this breakdown, expenses have been presented as revenue items except as follows: · expenses which are incidental to the purchase or sale of an investment are included in the cost or deducted from the proceeds of the investment (see Note 4). · any performance fees payable are allocated wholly to capital, reflecting the fact that, although they are calculated on a total return basis, they are expected to be attributable largely, if not wholly, to capital performance. Investments All investments are classified as held at fair value through profit or loss. All investments are measured at fair value with changes in their fair value recognised in the income statement. The fair value of listed investments is based on their quoted bid market price at the balance sheet date without any deduction for estimated future selling costs. 2 Gains on Investments Six months to 12 April to 30 September 2007 7 December 2006 £'000 £'000 Net gain / (loss) realised on sale of investments 996 (69) Movement in unrealised gains 1,821 2,738 ________ ________ Gains on investments 2,817 2,669 ======== ======== 3 Earnings per Ordinary Share The earnings per ordinary share figure is based on the net gain for the six months of £1,549,000 (six months to 7 December 2006 : £2,633,000) and on 27,504,146 (six months to 7 December 2006 : 25,556,542) ordinary shares, being the weighted average number of ordinary shares in issue throughout the period. The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below. Six months to 12 April to 30 September 2007 7 December 2006 £'000 £'000 Net revenue loss (89) (63) Net capital profit 1,638 2,696 ________ ________ Net total profit 1,549 2,633 ======== ======== Weighted average number of ordinary shares in issue during the period 27,504,146 25,556,542 pence pence Revenue earnings per ordinary share (0.32) (0.25) Capital earnings per ordinary share 5.95 10.55 ________ ________ Total earnings per ordinary share 5.63 10.30 ======== ======== 4 Earnings per C share The earnings per C share figure is based on the net gain for the period from their issue to 30 September 2007 of £544,000 and on 24,250,000 C shares, being the weighted average number of C shares in issue throughout the period. The earnings per C share figure detailed above can be further analysed between revenue and capital, as below. 27 July 2007 to 30 September 2007 £'000 Net revenue gain 93 Net capital profit 451 ________ Net total profit 544 ======== Weighted average number of C shares in issue during the period 24,250,000 pence Revenue earnings per C share 0.38 Capital earnings per C share 1.86 ________ Total earnings per C share 2.24 ======== 5. Transaction Costs The following transaction costs were incurred during the period: Six months to 12 April to 30 September 2007 7 December 2006 £'000 £'000 Purchases 63 16 Sales 8 16 ________ ________ 71 32 ======== ======== 6 Retained earnings The table below shows the movement in the retained earnings analysed between revenue and capital items. Revenue Capital Total £'000 £'000 £'000 At 31 March 2007 (179) 5,859 5,680 Movement during the period: Net income for the period 4 2,089 2,093 ________ ________ ________ At 30 September 2007 (175) 7,948 7,773 ======== ======== ======== 7 Net asset value per share The net asset value per ordinary share is based on the net assets attributable to the ordinary shareholders of £34,220,000 (7 December 2006: £28,637,000) and on 27,540,428 (7 December 2006: 26,688,920) ordinary shares, being the number of ordinary shares in issue at the period end. The diluted net asset value per ordinary share is based on the assumption that all of the 4,973,621 warrants in issue at the period end are exercised. The net asset value per C share is based on the net assets attributable to the C shareholders of £24,194,000 and on 24,250,000 C shares, being the number of C shares in issue at the period end. The interim report will be sent to all registered shareholders and copies may be obtained from the registered office of the Company at 1 Grosvenor Place, London, SW1X 7JJ. The interim report for the 6 months ended 30 September 2007 has not been reviewed by the Company's auditors. By order of the Board Jupiter Asset Management Limited Secretaries Enquiries: Richard Pavry Jupiter Asset Management Limited 020 7412 0703

Companies

Jupiter Green Inv Trust (JGC)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today