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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Baillie Gifford Japan Trust Plc | LSE:BGFD | London | Ordinary Share | GB0000485838 | ORD 5P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4.00 | 0.56% | 721.00 | 720.00 | 722.00 | 721.00 | 719.00 | 719.00 | 109,218 | 12:44:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Trust,ex Ed,religious,charty | -34.37M | -43.25M | -0.4648 | -15.49 | 669.94M |
From Apr 2019 to Apr 2024
TIDMBGFD
RNS Number : 4015A
Baillie Gifford Japan Trust PLC
24 March 2017
RNS Announcement ---------------- The Baillie Gifford Japan Trust PLC =============================== Results for the six months to 28 February 2017 --------------------------
Legal Entity Identifier: 54930037AGTKN765Y741
In the six months to 28 February 2017, The Baillie Gifford Japan Trust's net asset value per share (after deducting borrowings at fair value) increased by 13.3% compared to a 13.6% increase in the TOPIX total return (in sterling terms). The Company's share price increased by 19%.
-- There were strong share price performances from a variety of individual stocks such as Start Today, the online fashion retailer, Yaskawa Electric, one of the robotics holdings, as well as trading companies, Toyota Tsusho and Itochu.
-- Stocks that disappointed included Rakuten, Japan's largest e-commerce company, M3, the online medical portal and Sysmex, the world leading haematology company.
-- During the reporting period, new holdings were taken in Cyberdyne, which makes exo-skeleton robots, and Keyence, one of the leading factory automation companies in Japan. We sold holdings in Hamakyorex, Otsuka, Modec and Mitsui.
-- An additional 1.5bn was drawn down under an existing loan facility in December 2016. Gearing was 16.0% as at 28 February 2017.
The Baillie Gifford Japan Trust aims to achieve long term capital growth principally through investment in medium and smaller sized Japanese companies which are believed to have above average prospects for growth, although it invests in larger companies when considered appropriate. At 28 February 2017, the Company had total assets of GBP564.4m (before deduction of bank loans of GBP84.0m).
The Company is managed by Baillie Gifford, an Edinburgh based fund management group with around GBP156bn under management and advice as at 23 March 2017.
Past performance is not a guide to future performance. The value of an investment and any income from it is not guaranteed and may go down as well as up and investors may not get back the amount invested. This is because the share price is determined by the changing conditions in the relevant stock markets in which the Company invests and by the supply and demand for the Company's shares. You should view your investment as long term. You can find up to date performance information about The Baillie Gifford Japan Trust PLC on the Company website at www.japantrustplc.co.uk.
23 March 2017
For further information please contact:
Alex Blake, Baillie Gifford & Co
Tel: 0131 275 2859
Roland Cross, Director
Four Broadgate
Tel: 0203 697 4200 or 07831 401 309
The following is the unaudited Interim Financial Report for the six months to 28 February 2017.
Responsibility statement ========================
We confirm that to the best of our knowledge:
a) the condensed set of Financial Statements has been prepared in accordance with FRS 104 'Interim Financial Reporting';
b) the Interim Management Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.7R (indication of important events during the first six months, their impact on the Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the year); and
c) the Interim Financial Report includes a fair review of the information required by Disclosure and Transparency Rules 4.2.8R (disclosure of related party transactions and changes therein).
By order of the Board
Nick AC Bannerman
Chairman
23 March 2017
Interim Management Report =========================
Over the six months to February 2017 the NAV of the Trust rose by 13.3% to 605.8p, after deducting borrowings at fair value, whilst the benchmark index appreciated by a marginally higher 13.6%. Sterling appreciated slightly against the yen during the period. The growth stocks which make up the bulk of the portfolio were out of favour in this period, as more cyclical companies did well, but the gearing supported performance. Longer term performance remains very strong and the NAV and share price reached new highs. The share price moved from a discount to a premium to NAV during the six months and rose by 19%.
In sterling terms, the Japanese stock market has performed very similarly to global indices recently, as optimism about global reflation has returned. The yield on 10 year Japanese Government Bonds, negative last summer, meaning that investors paid to own bonds, has now risen to a low positive level, a more normal situation. As the Bank of Japan has pledged to keep these yields near zero, the policy, which was irrelevant when originally announced, should begin to have more traction as longer dated bond yields increase. Reported inflation levels have also started to rise and the labour market in Japan is tightening further, with shortages in several industries as employment levels increase and the labour force shrinks. It seems possible that a clear exit from deflation, with the huge change in mind-set that should accompany that, could occur in 2017.
There were strong share price performances from a variety of individual stocks such as Start Today, the online fashion retailer which has exceeded sales expectations, Yaskawa Electric, one of the robotics holdings where orders are growing, two of our trading companies, Toyota Tsusho and Itochu, as well as Disco, which provides cutting equipment for semiconductor manufacturing. The stocks that disappointed were equally mixed: Rakuten Japan's largest e-commerce company, M3 the online medical portal and Sysmex the world leading haematology company were three of the growth stocks that lagged. The two car manufacturers with large exports to the US, Fuji Heavy Industries, soon to change its name to Subaru, and Mazda, were weak as fears about increased tariffs affected sentiment.
In this reporting period we have added Cyberdyne, a company that makes advanced mind-controlled exo-skeleton robots to help rehabilitate those suffering from spinal injury or from strokes. This company is still at an early stage of development but already has agreements for treating patients in Germany and Saudi Arabia as well as Japan. We also took a holding in Keyence, which produces sensors and is one of the leading factory automation companies in Japan. We have sold holdings in Hamakyorex, where it was not possible to have a significant holding given the Trust's current size, Otsuka and Modec, where current prospects seemed fully priced into shares, and Mitsui to reinvest in existing holdings.
With recent changes in the rules of the Liberal Democratic Party, Prime Minister Abe, already in office for over four years, could still be there at the time of the 2020 Olympics. His run in charge may give Japan relative political stability among the developed countries. The economy, whilst not growing rapidly, has been steadily expanding for over a year and there has been a continuity in policy-making that may allow Japan to escape deflation. This would be beneficial for equities, which are inherently inflation-proofed versus other forms of investment, and most of Japanese domestic savings are held in cash or bonds. Corporate governance changes are continuing in Japan: more independent directors have been appointed, and dividends and share-buy backs have increased. Against this background, in December an additional Yen1.5bn was drawn down under an existing loan facility. Gearing stands at 16%.
Past performance is not a guide to future performance.
See disclaimer at the end of this announcement.
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Income statement (unaudited)
============================
For the six months For the six months
ended ended
28 February 2017 29 February 2016
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
============================== =========== =========== ======== ======== ======== ========
Gains on sales of investments - 5,902 5,902 - 1,272 1,272
Changes in investment
holding gains - 46,759 46,759 - 7,085 7,085
Currency gains/(losses) - 1,588 1,588 - (8,811) (8,811)
Income from investments
and interest receivable 4,075 - 4,075 3,256 - 3,256
Investment management
fee (1,477) - (1,477) (1,201) - (1,201)
Other administrative
expenses (262) - (262) (297) - (297)
============================== =========== =========== ======== ======== ======== ========
Net return before finance
costs and taxation 2,336 54,249 56,585 1,758 (454) 1,304
============================== =========== =========== ======== ======== ======== ========
Finance costs of borrowings (802) - (802) (663) - (663)
============================== =========== =========== ======== ======== ======== ========
Net return on ordinary
activities before taxation 1,534 54,249 55,783 1,095 (454) 641
============================== =========== =========== ======== ======== ======== ========
Tax on ordinary activities (407) - (407) (302) - (302)
============================== =========== =========== ======== ======== ======== ========
Net return on ordinary
activities after taxation 1,127 54,249 55,376 793 (454) 339
============================== =========== =========== ======== ======== ======== ======== Net return per ordinary share (note 5) 1.43p 68.90p 70.33p 1.04p (0.59p) 0.45p ============================== =========== =========== ======== ======== ======== ========
The total column of this statement is the profit and loss account of the Company. The supplementary revenue and capital columns are prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in this statement derive from continuing operations.
A Statement of Comprehensive Income is not required as all gains and losses of the Company have been reflected in the above statement.
Balance sheet (unaudited)
=========================
At 28 February At 31 August
2017 2016
GBP'000 GBP'000
============================================== ============== ============
Fixed assets
Investments held at fair value through profit
or loss (note 6) 557,379 498,419
============================================== ============== ============
Current assets
Debtors 1,196 1,930
Cash and cash equivalents 7,101 2,473
============================================== ============== ============
8,297 4,403
============================================== ============== ============
Creditors
Amounts falling due within one year:
Bank loans (note 7) (32,321) (22,145)
Other creditors (1,269) (2,531)
============================================== ============== ============
(33,590) (24,676)
============================================== ============== ============
Net current liabilities (25,293) (20,273)
============================================== ============== ============
Total assets less current liabilities 532,086 478,146
============================================== ============== ============
Creditors
Amounts falling due after more than one
year:
Bank loans (note 7) (51,713) (53,149)
============================================== ============== ============
Net assets 480,373 424,997
============================================== ============== ============
Capital and reserves
Called up share capital 3,937 3,937
Share premium 89,123 89,123
Capital redemption reserve 203 203
Capital reserve 389,977 335,728
Revenue reserve (2,867) (3,994)
============================================== ============== ============
Shareholders' funds 480,373 424,997
============================================== ============== ============
Net asset value per ordinary share
(after deducting borrowings at fair value) 605.8p 534.6p
============================================== ============== ============
Net asset value per ordinary share
(after deducting borrowings at par value) 610.1p 539.8p
============================================== ============== ============
Ordinary shares in issue (note 8) 78,734,925 78,734,925
============================================== ============== ============
Statement of changes in equity
(unaudited)
==============================
For the six months ended 28 February 2017
Capital
Share Share redemption Capital Shareholders'
capital premium reserve reserve* Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================= ======== ======== =========== ========= =============== =============
Shareholders' funds
at 1 September 2016 3,937 89,123 203 335,728 (3,994) 424,997
Net return on ordinary
activities after
taxation - - - 54,249 1,127 55,376
======================= ======== ======== =========== ========= =============== =============
Shareholders' funds
at 28 February 2017 3,937 89,123 203 389,977 (2,867) 480,373
======================= ======== ======== =========== ========= =============== =============
For the six months ended 29 February 2016
Capital
Share Share redemption Capital Shareholders'
capital premium reserve reserve* Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
======================= ======== ======== =========== ========= =============== =============
Shareholders' funds
at 1 September 2015 3,756 73,272 203 251,739 (5,817) 323,153
Shares issued (note
8) 141 12,298 - - - 12,439
Net return on ordinary
activities after
taxation - - - (454) 793 339
======================= ======== ======== =========== ========= =============== =============
Shareholders' funds
at 29 February 2016 3,897 85,570 203 251,285 (5,024) 335,931
======================= ======== ======== =========== ========= =============== =============
The Capital Reserve balance as at 28 February 2017 includes investment holding gains on investments of GBP282,078,000 (29 February 2016 - gains of GBP147,301,000).
Condensed cash flow statement (unaudited)
=========================================
Six months to Six months
28 February 2017 to
GBP'000 29 February
2016
GBP'000
================================== ================= ============
Cash flows from operating
activities
Net return on ordinary activities
before taxation 55,783 641
Net gains on investments (52,661) (8,357)
Currency (gains)/losses (1,588) 8,811
Finance costs of borrowings 802 663
Overseas withholding tax (350) (255)
Changes in debtors and creditors (559) (729)
================================== ================= ============
Cash from operations 1,427 774
Interest paid (764) (646)
================================== ================= ============
Net cash inflow from operating
activities 663 128
================================== ================= ============
Cash flows from investing
activities
Acquisitions of investments (27,528) (26,262)
Disposals of investments 21,166 12,690
Exchange differences (115) 333
================================== ================= ============
Net cash outflow from investing
activities (6,477) (13,239)
================================== ================= ============
Shares issued - 12,439
Bank loans drawn down 10,360 -
---------------------------------- ----------------- ------------
Net cash inflow from financing
activities 10,360 12,439
================================== ================= ============
Increase/(decrease) in cash
and cash equivalents 4,546 (672)
Exchange movements 82 973
Cash and cash equivalents
at 1 September 2,473 8,742
================================== ================= ============
Cash and cash equivalents
at 28 February* 7,101 9,043
================================== ================= ============
* Cash and cash equivalents represent cash at bank and short term money market deposits repayable on demand.
Twenty largest holdings at 28 February 2017
(unaudited)
===========================================
Value % of total
Name Business GBP'000 assets*
====================== ================================= ======== ==========
Telecom operator and technology
SoftBank investor 19,111 3.4
Employment and outsourcing
Temp Holdings services 14,901 2.6
Start Today Internet fashion retailer 14,009 2.5
Yaskawa Electric Robots and factory automation 13,613 2.4
Internet retail and financial
Rakuten services 13,482 2.4
Sysmex Medical equipment 13,201 2.3
Precision machinery parts
Misumi Group distributor 13,163 2.3
Itochu Trading conglomerate 13,142 2.3
Internet advertising and
Cyberagent content 12,470 2.2
GMO Internet Internet conglomerate 12,112 2.2
Pigeon Baby care products 12,047 2.1
M3 Online medical database 11,791 2.1
Fuji Heavy Industries Subaru cars 11,682 2.1
Consumer electronics,
Sony films and finance 11,441 2.0
Online broker and venture
SBI capital investor 11,403 2.0
Tokyo Tatemono Property leasing and development 11,103 2.0
SMC Pneumatic control equipment 11,003 2.0
Don Quijote Discount store operator 10,777 1.9
Kubota Agricultural machinery 10,540 1.9
Toyo Tire & Rubber Tyre manufacturer 10,475 1.9
====================== ================================= ======== ==========
251,466 44.6
======================================================== ======== ==========
* Before deduction of bank loans.
Notes to the condensed financial statements
(unaudited)
===========================================
1. The condensed Financial Statements for the six months
to 28 February 2017 comprise the statements set out
on the previous pages together with the related notes
below. They have been prepared in accordance with
FRS 104 'Interim Financial Reporting' and the AIC's
Statement of Recommended Practice issued in November
2014 and have not been audited or reviewed by the
Auditor pursuant to the Auditing Practices Board
Guidance on 'Review of Interim Financial Information'.
The Financial Statements for the six months to 28
February 2017 have been prepared on the basis of
the same accounting policies as set out in the Company's
Annual Report and Financial Statements at 31 August
2016, which included the early adoption of Amendments
to FRS 102 'The Financial Reporting Standard applicable
in the UK and Republic of Ireland - fair value hierarchy
disclosures'.
Going Concern
Having considered the Company's principal risks and
uncertainties, together with its current position,
investment objective and policy, its assets and liabilities,
and projected income and expenditure, it is the Directors'
opinion that the Company has adequate resources to
continue in operational existence for the foreseeable
future. The Company's assets, the majority of which
are investments in quoted securities which are readily
realisable, exceed its liabilities significantly.
All borrowings require the prior approval of the
Board. Gearing levels and compliance with borrowing
covenants are reviewed by the Board on a regular
basis. In accordance with the Company's Articles
of Association, shareholders have the right to vote
annually at the Annual General Meeting on whether
to continue the Company. The next continuation vote
will be in November 2017. The Directors have no reason
to believe that the continuation resolution will
not be passed at the Annual General Meeting. Accordingly,
the Directors consider it appropriate to adopt the
going concern basis of accounting in preparing the
Financial Statements and confirm that they are not
aware of any material uncertainties which may affect
the Company's ability to do so over a period of at
least twelve months from the date of approval of
these Financial Statements.
2. The financial information contained within this Interim
Financial Report does not constitute statutory accounts
as defined in sections 434 to 436 of the Companies
Act 2006. The financial information for the year
ended 31 August 2016 has been extracted from the
statutory accounts which have been filed with the
Registrar of Companies. The Auditor's Report on those
accounts was not qualified and did not contain statements
under sections 498(2), (3) or (4) of the Companies
Act 2006.
3. Baillie Gifford & Co Limited, a wholly owned subsidiary
of Baillie Gifford & Co, has been appointed by the
Company as its Alternative Investment Fund Manager
and Company Secretary. The investment management
function has been delegated to Baillie Gifford &
Co. The management agreement can be terminated on
not less than 6 months' notice, or on shorter notice
in certain circumstances. The annual management fee
is 0.95% on the first GBP50 million of net assets
and 0.65% on the next GBP200 million of net assets
and 0.55% the remaining net assets, calculated and
payable quarterly.
4. No interim dividend will
be declared.
================================= =============== ==============
5. Net return per ordinary Six months Six months
share to to
28 February 29 February
2017 2016
GBP'000 GBP'000
================================= =============== ==============
Revenue return on ordinary
activities after taxation 1,127 793
Capital return on ordinary
activities after taxation 54,249 (454)
================================== =============== ==============
Net return per ordinary share is based on the above
totals of revenue and capital and on 78,734,925 ordinary
shares (29 February 2016 - 76,593,122), being the
weighted average number of ordinary shares in issue
during each period. There are no dilutive or potentially
dilutive shares in issue.
Notes to the condensed financial statements (unaudited)
(continued)
6. Fair Value
The fair value hierarchy used to analyse the basis
on which the fair values of financial instruments
held at fair value through the profit or loss account
are measured is described below. Fair value measurements
are categorised on the basis of the lowest level
input that is significant to the fair value measurement.
Level 1 - using unadjusted quoted prices for identical
instruments in an active market;
Level 2 - using inputs, other than quoted prices
included within Level 1, that are directly or indirectly
observable (based on market data); and
Level 3 - using inputs that are unobservable (for
which market data is unavailable).
The fair value of listed investments is the last
traded price which is equivalent to the bid price
on Japanese markets.
The financial assets designated as valued at fair
value through profit or loss are all categorised
as Level 1 in the above hierarchy. None of the financial
liabilities are designated at fair value through
profit or loss in the Financial Statements.
7. Bank loans of GBP84.0 million (Yen11.7 billion) have
been drawn down under yen loan facilities which are
repayable between November 2017 and August 2020 (31
August 2016 - GBP75.3 million (Yen10.2 billion)).
The revolving loan facilities are shown under short
term creditors as these are repayable within one
year.
8. The Company has the authority to issue shares/sell
treasury shares at a premium to net asset value as
well as to buy back shares at a discount to net asset
value. During the period, no shares (29 February
2016 - 2,813,175) were issued at a premium to net
asset value (29 February 2016 - GBP12,439,000). Between
1 March 2017 and 23 March 2017, the Company issued
a further 575,000 shares at a premium to net asset
value raising proceeds of GBP3,688,000).
9. Transaction costs incurred on the purchase and sale
of the investments are added to the purchase cost
or deducted from the sales proceeds, as appropriate.
During the period, transaction costs on purchases
amounted to GBP9,000 (29 February 2016 - GBP10,000)
and transaction costs on sales amounted to GBP12,000
(29 February 2016 - GBP7,000).
10. Principal Risks and Uncertainties
The principal risks facing the Company are financial
risk, regulatory risk, custody and depositary risk,
smaller company risk, operational risk, premium/discount
volatility, leverage risk and political risk. An
explanation of these risks and how they are managed
is set out on pages 6 and 7 of the Company's Annual
Report and Financial Statements for the year to 31
August 2016 and is available on the Company's website
www.japantrustplc.co.uk . The principal risks and
uncertainties have not changed since the date of
that report.
11. The Interim Financial Report is available at
www.japantrustplc.co.uk
and will be posted to shareholders on or around 7
April 2017.
None of the views expressed in this document should
be construed as advice to buy or sell a particular investment.
Neither the contents of the Managers' website nor the contents of any website accessible from hyperlinks on the Managers' website (or any other website) is incorporated into, or forms part of, this announcement.
Third Party Data Provider Disclaimer
No third party data provider ("Provider") makes any warranty, express or implied, as to the accuracy, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. No Provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the index data included in this document, regardless of cause, or for any damages (whether direct or indirect) resulting therefrom.
No Provider has any obligation to update, modify or amend the data or to otherwise notify a recipient thereof in the event that any matter stated herein changes or subsequently becomes inaccurate.
Without limiting the foregoing, no Provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the content, information or materials contained herein.
Regulated Information Classification: Additional regulated information required to be disclosed under the laws of a Member State.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR EANDDAALXEFF
(END) Dow Jones Newswires
March 24, 2017 03:00 ET (07:00 GMT)
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