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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Majestic Corporation Plc | AQSE:MCJ | Aquis Stock Exchange | Ordinary Share | GB00BN70W297 | Ordinary shares |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 70.00 | 40.00 | 140.00 | 90.00 | 70.00 | 70.00 | 0.00 | 15:29:18 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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To: Stock Exchange For
immediate release
14 January 2004
Martin Currie Japan Investment Trust plc interim report
Chairman's statement- Fred Shedden
I am pleased to report that during the 6 month period ended on 30
November 2003 the trust outperformed its benchmark. Net asset value per
share increased by 26.0% compared with a rise of 24.2% in the sterling
adjusted value of the Tokyo Stock Exchange First Sector index. During
the period the company's share price rose by 32.0% to 67.3p and the
discount to NAV narrowed from 17.1% to 13.2%.
This is my first report to you as chairman. John Drysdale retired from
the board following the annual general meeting in October having served
as chairman since the company's flotation in 1995. On behalf of the
board and the shareholders I would like to thank John for his enormous
contribution to the affairs of Martin Currie Japan.
I am delighted to announce that Caroline Burton has joined the board
with effect from 14 January. Caroline, who has had a long and
distinguished career in the investment industry, was executive director-
investments of GRE before its merger with Axa. I have no doubt that the
board will benefit considerably from Caroline's wealth of experience.
Japan is currently experiencing a cyclical economic upturn. This is
based on rising exports and strong private capital expenditure. The
latter is particularly encouraging because it demonstrates increasing
domestic confidence.
One of the advantages of investment trusts is their ability to borrow.
Your board sets the maximum borrowing limit equivalent to 25% of the
Company's net assets and within that overall limit the managers, Martin
Currie, decide how much to borrow and how the borrowing should be
utilised. Currently the managers are employing effective gearing of
approximately 18%. This will help the trust to capitalise on any
further rise in the Japanese stock market and indicates that your
managers are optimistic about the direction the market will take over
the next few months. As always there are potential dangers, but there
are encouraging signs that the improvement in the Japanese economy will
continue. We believe that there are reasonable grounds to justify your
managers' optimism.
- ends -
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 JAPAN INVESTMENT TRUST plc
Statement of total return (incorporating the revenue account*) for the
six month period ended 30 November 2003
Unaudited
Revenue Capital Total
£'000 £'000 £'000
(Losses)/gains on
investments - realised - (1,068) (1,068)
- unrealised - 8,911 8,911
Currency losses - (298) (298)
Income - unfranked 249 - 249
Investment management fee (15) (135) (150)
Other expenses (110) - (110)
_____________________________________
Net return before finance
costs and taxation 124 7,410 7,534
Interest payable and and similar charges (8) (72) (80)
_____________________________________
Return on ordinary
activities before taxation 116 7,338 7,454
Taxation on ordinary activities (54) 33 (21)
_____________________________________
Return on ordinary activities
after taxation for the financial period 62 7,371 7,433
Dividends in respect of equity shares - - -
_____________________________________
Transfer to reserves 62 7,371 7,433
_____________________________________
Return per ordinary share 0.13p 15.88p 16.01p
_____________________________________
* 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 JAPAN INVESTMENT TRUST plc
Statement of total return (incorporating the revenue account*) for the
six month period ended 30 November 2002
Unaudited
Revenue Capital Total
l l
£'000 £'000 £'000
Losses on investments - realised - (4,547) (4,547)
- unrealised - (7,307) (7,307)
Currency gains - 542 542
Income - unfranked 259 - 259
Investment management fee (25) (229) (254)
Other expenses (154) - (154)
__________________________________
Net return before finance costs and taxation 80 (11,541) (11,461)
Interest payable and similar charges (10) (152) (162)
__________________________________
Return on ordinary activities before taxation 70 (11,693) (11,623)
Taxation on ordinary activities (59) 21 (38)
__________________________________
Return on ordinary activities after taxation 11 (11,672) (11,661)
for the financial period
Dividends in respect of equity shares - - -
__________________________________
Transfer to/(from) reserves 11 (11,672) (11,661)
Return per ordinary share 0.02p (25.14p) (25.12p)
* 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.
MARTIN CURRIE JAPAN INVESTMENT TRUST plc
Statement of total return (incorporating the revenue account*) for the
year ended 31 May 2003
Audited
Revenue Capital Total
£'000 £'000 £'000
Losses on investments - realised - (9,894) (9,894)
- unrealised - (5,647) (5,647)
currency gains - 738 738
Income - unfranked 566 - 566
Investment management fee (44) (395) (439)
Other expenses (304) - (304)
__________________________________
Net return before finance 218 (15,198) (14,980)
costs and taxation
Interest payable and similar charges (18) (223) (241)
__________________________________
Return on ordinary 200 (15,421) (15,221)
activities before taxation
Taxation on ordinary (69) 19 (50)
activities
__________________________________
Return on ordinary 131 (15,402) (15,271)
activities after taxation
for the financial year
Dividends in respect of (93) - (93)
equity shares __________________________________
Transfer to/(from) reserves 38 (15,402) (15,364)
__________________________________
Return per ordinary share 0.28p (33.18p) (32.90p)
__________________________________
* 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.
MARTIN CURRIE JAPAN INVESTMENT TRUST plc
Balance sheet
As at As at As at
30 November 2003 30 November 2002 31 May 2003
(unaudited) (unaudited) (audited)
£000 £000 £000 £000 £000 £000
Investments at 42,378 37,657 31,669
market value
Current assets
Debtors 259 349 242
Cash at bank 1,310 2,208 4,564
_____ _____ _____
1,569 2,557 4,806
Creditors
Amounts falling (7,969) (285) (457)
due within one year _____ _____ _____
Net current (6,400) 2,272 4,349
assets ______ _____ _____
Total assets 35,978 39,929 36,018
less current liabilities
Creditors
Amounts falling
due after one year - (7,681) (7,473)
_______ _____ ______
Total assets
attributable to 35,978 32,248 28,545
share capital ======== ======= =======
Capital and reserves
Called up ordinary capital 11,605 11,605 11,605
Share premium 5,461 5,461 5,461
Merger reserve 21,060 21,060 21,060
Capital reserve (2,434) (6,075) (9,805)
Revenue reserve 286 197 224
_______ ______ ______
Total
shareholders' funds 35,978 32,248 28,545
======= ====== ======
Undiluted net
asset value per 77.50p 69.50p 61.49p
ordinary share of 25p
MARTIN CURRIE JAPAN INVESTMENT TRUST plc
Statement of cashflow
Period ended Period ended Period Ended
30 November 2003 30 November 2002 31 May 2003
(unaudited) (unaudited) (audited)
£000 £000 £000 £000 £000 £000
Operating activities
Net dividends and interest received 276 286 482
from investments
Interest received from deposits 42 42 91
Investment management fee (167) (278) (472)
Cash paid to and on behalf of directors (34) (39) (75)
Bank charges (9) (30) (38)
Other cash payments (105) (112) (207)
_____ _____ _____
Net cash
inflow/(outflow) from operating activities 3 (131) (219)
Servicing of finance
Interest paid (86) (102) (173)
Loan breakage costs - (62) (62)
_____ _____ _____
Net cash outflow from servicing of finance (86) (164) (235)
Capital expenditure and financial investment
Payments to acquire investments (8,205) (3,693) (7,413)
Receipts from disposal of investments 5,124 7,542 13,789
Foreign exchange differences 3 - (12)
_____ _____ _____
Net cash (outflow)/inflow from (3,078) 3,849 6,364
capital expenditure and financial investment
Equity dividends paid
Dividends paid (93) (84) (84)
_____ _____ _____
Cash outflow from (93) (84) (84)
equity dividends _____ _____ _____
Net cash (outflow)/ inflow before (3,254) 3,470 5,826
financing
Financing
Net movement in - (2,534) (2,528)
borrowings
_____ _____ _____
_
Net cash outflow from - (2,534) (2,528)
financing _____ _____ _____
(Decrease)/ increase (3,254) 936 3,298
in cash for the
period _____ _____ _____
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