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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Lvmh Moet Hennessy Louis Vuitton SE | AQEU:MCP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10.20 | 1.56% | 663.10 | 662.30 | 662.50 | 666.20 | 651.10 | 651.10 | 64,520 | 16:50:00 |
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To: Stock Exchange For immediate release:
14 October 2003
Martin Currie Pacific Trust plc
Interim results for the period to 31 August 2003
Over the six-month period to 31 August 2003, total assets rose from
£56.4m to £71.1m, an increase of 26.1%. Over the same period, net asset
value per share increased by 32.5%. This compares with a rise of 24.2%
in the MSCI All Countries Asia Pacific Free index (Japan fixed at 40%
index). The company's share price rose by 40.3% to 122.75p per share
over the period, resulting in a narrowing of the discount from 16.7% to
11.9%.
Stock selection in the Japanese and Asia ex-Japan portfolios accounted
for most of the outperfomance, with good returns from the markets in
Hong Kong, Indonesia and Singapore. Gearing has also made a positive
contribution, as markets have risen.
The portfolio's exposure to Japan has increased by 6.9% over the period,
as the demand/supply balance for the equity market has improved. The
market in Japan rose by 24.4% (in sterling terms) over the period, as
overseas investors, in particular, bought the market.
The portfolio is overweight in the consumer discretionary, industrials
and materials sectors, and is underweight financial and information
technology stocks.
Underlying the improved performance from equities there has been a major
shift in market leadership. Confidence in the outlook for global growth
has increased and global bond yields have risen. This has led to a
switch by investors into more cyclical companies and, more generally,
increasing confidence in Asia. This largely explains the buying of
Asian equities by foreign investors, which we expect to continue.
END
For further information, please contact:
John Millar or Michael Woodward
Martin Currie Investment Management Ltd 0131 229 5252
jmillar@martincurrie.com/mwoodward@martincurrie.com
MARTIN CURRIE PACIFIC TRUST plc
Statement of total return (incorporating the revenue account) for the
six months ended 31 August 2003
Unaudited
2003
Revenue Capital Total
£'000 £'000 £'000
(Losses) / gains on investments - realised - (1,420) (1,420)
- unrealised - 15,799 15,799
Currency losses - (149) (149)
Income 1,042 - 1,042
Investment management fee (89) (177) (266)
Other expenses (191) - (191)
________ ________ ________
Net return before finance costs and taxation 762 14,053 14,815
Interest payable and similar charges (37) (75) (112)
________ ________ ________
Return on ordinary activities before taxation 725 13,978 14,703
Taxation on ordinary activities (137) 48 (89)
________ ________ ________
Return on ordinary activities after taxation 588 14,026 14,614
Dividends in respect of equity shares - - -
________ ________ ________
Transfer to reserves 588 14,026 14,614
________ ________ ________
Return per ordinary share 1.37p 32.77p 34.14p
The revenue column of this statement is the profit and loss account of
the company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued in the period.
The interim results will be circulated to shareholders in the form of an
interim report, copies of which will be available at the company's
registered office, Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES.
MARTIN CURRIE PACIFIC TRUST plc
Statement of total return (incorporating the revenue account) for the
six months ended 31 August 2002
Unaudited
2002
Revenue Capital Total
£'000 £'000 £'000
Losses on investments - realised - (644) (644)
- unrealised - (6,165) (6,165)
Currency losses - (559) (559)
Income 781 - 781
Investment management fee (109) (218) (327)
Other expenses (197) - (197)
________ ________ ________
Net return before finance costs and taxation 475 (7,586) (7,111)
Interest payable and similar charges (38) (76) (114)
________ ________ ________
Return on ordinary activities before taxation 437 (7,662) (7,225)
Taxation on ordinary activities (137) 146 9
________ ________ ________
Return on ordinary activities after taxation 300 (7,516) (7,216)
Dividends in respect of equity shares - - -
________ ________ ________
Transfer to/(from) reserves 300 (7,516) (7,216)
________ ________ ________
Return per ordinary share 0.70p (17.56p) (16.86p)
The revenue column of this statement is the profit and loss account of
the company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued in the period.
MARTIN CURRIE PACIFIC TRUST plc
Statement of total return (incorporating the revenue account) for the
year ended 28 February 2003
Audited
2003
Revenue Capital Total
£'000 £'000 £'000
Losses on investments - realised - (7,885) (7,885)
- unrealised - (6,574) (6,574)
Currency losses - (408) (408)
Income 1,343 - 1,343
Investment management fee (192) (384) (576)
Other expenses (388) - (388)
________ ________ ________
Net return before finance costs and taxation 763 (15,251) (14,488)
Interest payable and similar charges (74) (148) (222)
________ ________ ________
Return on ordinary activities before taxation 689 (15,399)(14,710)
Taxation on ordinary activities (261) 221 (40)
________ ________ ________
Return on ordinary activities after taxation 428 (15,178) (14,750)
Dividends in respect of equity shares (428) - (428)
________ ________ ________
Transfer from reserves - (15,178) (14,750)
________ ________ ________
Return per ordinary share 1.00p (35.46p) (34.46p)
The revenue column of this statement is the profit and loss account of
the company.
All revenue and capital items in the above statement derive from
continuing operations.
No operations were acquired or discontinued in the year.
MARTIN CURRIE PACIFIC TRUST plc
Balance sheet
Unaudited Unaudited Audited
As at As at As at
31 August 2003 31 August 2002 28 February 2003
£000 £000 £000 £000 £000 £000
Investments at market value 66,720 59,197 51,483
Current assets
Debtors 762 188 350
Cash at bank 4,522 5,741 5,757
______ ______ ______
5,284 5,929 6,107
Creditors
Amounts falling due within one year (935) (638) (1,237)
______ ______ ______
Net current assets 4,349 5,291 4,870
______ ______ ______
Total assets less current
liabilities 71,069 64,488 56,352
Creditors
Amounts falling due after one year (11,460) (11,531) (11,358)
________ ________ ________
Total assets attributable to share capital 59,609 52,957 44,995
======== ======== ========
Capital and reserves
Called up ordinary capital 21,401 21,401 21,401
Share premium 3,886 3,886 3,886
Capital reserve 30,520 24,156 16,494
Capital redemption reserve 1,162 1,162 1,162
Revenue reserve 2,640 2,352 2,052
________ ________ ________
Total shareholders' funds 59,609 52,957 44,995
======== ======== ========
Net asset value per ordinary share of 50p 139.3p 123.7p 105.1p
MARTIN CURRIE PACIFIC TRUST plc
Statement of cash flow
Unaudited Unaudited Audited
6 months ended 6 months ended Year ended
31 August 2003 31 August 2002 28 February 2003
£000 £000 £000 £000 £000 £000
Operating activities
Net dividends and interest received
from investments 834 686 1,018
Interest received from deposits 111 14 150
Investment management fee paid (254) (322) (590)
Cash paid to and on behalf
of directors (40) (31) (72)
Bank charges paid (37) (42) (79)
Other cash payments (133) (186) (282)
________ _______ ________
Net cash inflow from operating
activities 481 119 145
Servicing of finance
Interest paid (109) (113) (222)
________ _______ ________
Net cash outflow from
servicing of finance (109) (113) (222)
Taxation
Corporation tax paid - - (69)
Net taxation recovered - 4 73
________ _______ ________
Net cash inflow from taxation - 4 4
Capital expenditure
and financial investment
Payments to acquire investments (27,072) (44,349) (77,505)
Receipts from disposal
of investments 25,940 48,025 81,302
Exchange losses (47) (228) (250)
________ _______ ________
Net cash
(outflow)/inflow from
capital expenditure and
financial investment (1,179) 3,448 3,547
Equity dividends paid (428) (642) (642)
_______ _______ _______
(Decrease)/increase in cash (1,235) 2,816 2,832
======= ======= =======
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