Interim Results
Fleming Overseas Inv Trust PLC
31 January 2001
THE FLEMING OVERSEAS INVESTMENT TRUST PLC
STOCK EXCHANGE ANNOUNCEMENT
HALF YEARLY RESULTS TO 31 DECEMBER 2000
31 January 2001
The Company today announced its results for the six months ended 31 December
2000.
Performance
During the period under review, the net asset value total return of the
ordinary shares was -10.1%. The Company's benchmark, the FT/S&P Actuaries
World (ex UK) Index in sterling terms provided a total return of -8.8% over
the same period.
Revenue
In line with the Company's current dividend policy no interim dividend has
been declared.
For further information, please contact:
Linda Field
The Fleming Overseas Investment Trust plc........................ 020 7742 3426
JP Morgan Fleming Asset Management Limited
THE FLEMING OVERSEAS INVESTMENT TRUST PLC
UNAUDITED FOR THE HALF YEAR ENDED 31 DECEMBER 2000
Half Half Full
year year year
31 31 30 June
December December
2000 1999 2000
£'000 £'000 £'000
REVENUE
Income
Franked dividends 21 390 795
Unfranked dividends 4,924 3,059 8,099
Interest from investments 670 599 1,259
Other investment income - - 1,899
Deposit interest 575 319 719
Stock lending fees 26 34 72
Gross Revenue 6,216 4,401 12,843
Less Management fee 865 776 1,615
Other administrative expenses 372 608 887
Interest payable 1,470 1,616 3,216
Return before Taxation 3,509 1,401 7,125
Less Taxation 1,087 951 2,342
Return after Taxation 2,422 450 4,783
==== ==== ====
Half Half Full
year year year
31 31 30 June
December December
2000 1999 2000
£'000 £'000 £'000
CAPITAL
Movements on investments (73,167) 121,299 158,866
Less: Management fee charged to capital 865 775 1,615
Less: Finance costs charged to capital 1,470 1,616 3,215
Performance fee charged to capital 2,347 (6,800) (11,370)
Add: Tax relief to capital 680 373 1,503
Return attributable to ordinary shareholders (72,475) 112,481 144,169
==== ==== ====
Dividends per ordinary share Nil Nil Nil
Revenue return per ordinary share 2.6 p 0.4 p 4.5 p
Capital return per ordinary share (76.2) p 100.7 p 135.7 p
Total return per ordinary (73.6) p 101.1 p 140.2 p
At 31 December 2000
Total Net Assets (£'000) 620,215 738,731 690,268
Net Asset Value per Ordinary Share 652.1 P 676.4 p 725.8 p
THE FLEMING OVERSEAS INVESTMENT TRUST PLC
UNAUDITED FOR THE HALF YEAR ENDED 31 DECEMBER 2000
CASH FLOW STATEMENT
Half Half Full
year year year
31 31 30 June
December December
2000 1999 2000
£'000 £'000 £'000
Net cash inflow from operating activities 102 1,490 7,318
Net cash outflow from returns on investment and (2,915) (3,211) (6,384)
servicing of finance
Total tax recovered 1,275 1,691 1,587
Net cash inflow/(outflow) from capital expenditure 8,772 (8,770) 75,094
and financial investment
Total equity dividends paid (3,428) (2,742) (2,742)
Net ach outflow from financing - (19,634) (100,719)
Increase/(decrease) in cash in the period 3,806 (31,176) (25,846)
==== ==== ====
The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30 June 2000 have been delivered to the Registrar of Companies.
JP MORGAN FLEMING ASSET MANAGEMENT LIMITED
31 January 2001