Interim Results

JPMorgan Eur Fldglng Inv Trust PLC 23 November 2007 LONDON STOCK EXCHANGE ANNOUNCEMENT JPMORGAN EUROPEAN FLEDGELING INVESTMENT TRUST PLC UNAUDITED HALF YEAR RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2007 The following are comments from the Chairman: Performance Equity markets proved to be challenging in the first six months of the Company's financial year, with a marked increase in volatility as a result of the credit crisis triggered by the problems in the US housing market. For the six months to 30th September 2007, the Company produced a return on net assets of -0.8%. This compares with the return of +0.2% from the benchmark index, the HSBC Smaller European Companies (ex UK) Index. The return to shareholders over the period was -5.4% as the discount on the Company's shares widened from 8.2% as at 31st March 2007 to 12.5% as at 30th September 2007. Revenue and Dividend Revenue return after tax for the six months to 30th September 2007 was Â£450,000, significantly lower than the revenue generated in the corresponding period in 2006 (Â£2.699 million). The Company has a deficit on the revenue reserve, Â£6.954 million at the end of the period, reflecting the Company's objective to achieve long term capital growth, rather than producing revenue. Accordingly, as in previous periods, no dividend will be payable. Share Capital In the six months to 30th September 2007 the Company has continued to actively use the authority given by shareholders to buy and sell its shares through treasury. During the period 494,500 shares were repurchased into treasury at a total cost of Â£3,937,000. No shares have been bought in and cancelled over the period. Since the end of September, the Company has repurchased a further 586,385 shares into treasury at a total cost of Â£5,274,000. Regulations The UKLA Listing Rules now require companies to disclose in their half year reports information on Principal Risks and Uncertainties and on Related Party Transactions and include a Statement on Directors' Responsibilities. Outlook The Board anticipates that the uncertain market conditions of the recent past will continue in the second half of the Company's financial year. In light of this it is likely that our Investment Managers will retain their cautious stance. As at 30th September 2007, approximately 2% of the Company's assets were held in cash. Whilst the Company retains borrowing capacity to benefit from being geared into rising markets, in the short term it is likely that the Investment Managers will maintain a position of modest cash or minimal gearing. Elisabeth Airey Chairman 23rd November 2007 For further information please contact: Jonathan Latter JPMorgan Asset Management (UK) Limited Telephone 0207 742 6000 JPMorgan European Fledgling Investment Trust plc Unaudited figures for the six months ended 30th September 2007 Income Statement (Unaudited) (Unaudited) (Audited) Six months ended 30th September Six months ended 30th September Year ended 31st March 2007 2007 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 (Losses)/gains from investments held at fair value through profit or loss - (4,680) (4,680) - (11,281) (11,281) - 82,133 82,133 Net foreign currency - 376 376 - 692 692 - 234 234 gains Income from investments 4,326 - 4,326 5,944 - 5,944 7,660 - 7,660 Other interest receivable and similar income 118 - 118 70 - 70 107 - 107 _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross revenue and 4,444 (4,304) 140 6,014 (10,589) (4,575) 7,767 82,367 90,134 capital gains/(losses) Management fee (2,795) - (2,795) (2,041) - (2,041) (4,372) - (4,372) Other administrative (327) - (327) (310) - (310) (613) - (613) expenses _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return/(loss) before finance costs and taxation 1,322 (4,304) (2,982) 3,663 (10,589) (6,926) 2,782 82,367 85,149 Finance costs (374) - (374) (487) - (487) (924) - (924) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return/(loss) 948 (4,304) (3,356) 3,176 (10,589) (7,413) 1,858 82,367 84,225 before taxation Taxation (498) - (498) (477) - (477) (579) - (579) ______ _______ _______ ______ _______ ______ _______ _______ _______ Net return/(loss) after 450 (4,304) (3,854) 2,699 (10,589) (7,890) 1,279 82,367 83,646 taxation ===== ===== ===== ===== ===== ===== ===== ===== ===== Return/(loss) per share 0.88p (8.42)p (7.54)p 5.23p (20.52)p (15.29)p 2.49p 160.58p 163.07p (note 3) 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 European Fledgling Investment Trust plc Unaudited figures for the six months ended 30th September 2007 Reconciliation of Movements in Shareholders' Funds (Unaudited) Called up Capital Other redemption Share Share reserve Capital Revenue capital premium reserve reserve reserve Total Six months ended 30th September 2007 (unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 31st March 2007 13,195 1,312 2,441 19,258 421,442 (7,404) 450,244 Repurchase of shares into treasury - - - (3,937) - - (3,937) Total (loss)/return from ordinary - - - - (4,304) 450 (3,854) activities _______ _______ ________ ________ _______ _______ ________ At 30th September 2007 13,195 1,312 2,441 15,321 417,138 (6,954) 442,453 Called up Capital Other redemption Share Share reserve Capital Revenue capital premium reserve reserve reserve Six months ended 30th September Total 2006 (unaudited) Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 At 31st March 2006 13,195 91 2,441 26,851 339,075 (8,683) 372,970 Repurchase of shares into treasury - - - (11,191) - - (11,191) Sale of shares from treasury - 216 - 945 - - 1,161 Total (loss)/return from ordinary - - - - (10,589) 2,699 (7,890) activities _______ _______ ________ ________ _______ _______ ________ At 30th September 2006 13,195 307 2,441 16,605 328,486 (5,984) 355,050 Called up Capital Other redemption Share Share reserve Capital Revenue capital premium reserve reserve reserve Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Year ended 31st March 2007 (audited) At 31st March 2006 13,195 91 2,441 26,851 339,075 (8,683) 372,970 Repurchase of shares into treasury - - - (11,195) - - (11,195) Sale of shares from treasury - 1,221 - 3,602 - - 4,823 Total return from ordinary - - - - 82,367 1,279 83,646 activities _______ _______ ________ ________ _______ _______ ________ At 31st March 2007 13,195 1,312 2,441 19,258 421,442 (7,404) 450,244 JPMorgan European Fledgling Investment Trust plc Unaudited figures for the six months ended 30th September 2007 BALANCE SHEET (Audited) (Unaudited) (Unaudited) 31st March 2007 30th September 2007 30th September 2006 Â£'000 Â£'000 Â£'000 Fixed assets Investments at fair value through profit or loss 465,948 354,904 445,955 Current assets Debtors 1,938 11,065 11,123 Cash and short term deposits 192 215 305 _______ _______ _______ 2,130 11,280 11,428 Creditors : amounts falling due within one year (25,625) (11,134) (7,139) _______ _______ _______ Net current (liabilities)/assets (23,495) 146 4,289 _______ _______ _______ Total assets less current liabilities 442,453 355,050 450,244 _______ _______ _______ Total net assets 442,453 355,050 450,244 ===== ===== ===== Capital and reserves Called up share capital 13,195 13,195 13,195 Share premium 1,312 307 1,312 Capital redemption reserve 2,441 2,441 2,441 Other reserve 15,321 16,605 19,258 Capital reserve 417,138 328,486 421,442 Revenue reserve (6,954) (5,984) (7,404) _______ _______ _______ Shareholders' funds 442,453 355,050 450,244 ==== ===== ===== = Net asset value per share (note 4) 870.0p 697.5p 876.8p CASH FLOW STATEMENT (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th September 30th September 31st March 2007 2006 2007 Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 186 3,005 1,848 Net cash outflow from returns on investments and servicing of finance (355) (488) (925) Tax recovered 130 25 124 Net cash (outflow)/inflow from capital expenditure and financial investment (5,071) 15,041 14,650 Net cash inflow/(outflow) from financing 4,435 (20,465) (17,813) _______ ______ ______ Decrease in cash for the period (675) (2,882) (2,116) ===== ==== ==== Notes to the Accounts 1. Financial Statements The information contained within the financial statements in this preliminary announcement report has not been audited or reviewed by the Company's auditors. The figures and financial information for the year ended the 31st March 2007 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. 2. 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 31st March 2007. 3. Return/(Loss) per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th September 2007 30th September 2006 31st March 2007 Â£'000 Â£'000 Â£'000 Return/(loss) per share is based on the following: Revenue return 450 2,699 1,279 Capital (loss)/return (4,304) (10,589) 82,367 _______ ______ ______ Total (loss)/return (3,854) (7,890) 83,646 ====== ====== ===== Weighted average number of shares in issue 51,132,996 51,605,377 51,293,172 Revenue return per share 0.88p 5.23p 2.49p Capital (loss)/return per share (8.42)p (20.52)p 160.58p _______ ______ ______ Total (loss)/return per share (7.54)p (15.29)p 163.07p ====== ====== ===== 4. Net asset value per share Net asset value per share is calculated by dividing shareholders' funds by the number of shares in issue at 30th September 2007 of 50,855,698 (30th September 2006: 50,900,198 and 31st March 2006: 51,350,198) excluding shares held in treasury. JPMORGAN ASSET MANAGEMENT (UK) LIMITED 23RD NOVEMBER 2007 This information is provided by RNS The company news service from the London Stock Exchange

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