RNS Number:0067Q
INVESCO Tokyo Trust PLC
16 January 2002
INVESCO Tokyo Trust plc
Preliminary Announcement
Unaudited Interim Results
For the half-year ended 30 November 2001
Performance Statistics
At At
30 November 31 May %
2001 2001 Change
Net asset value per ordinary share 33.7p 43.1p -21.8
Middle market quotation per ordinary share 27.75p 34.75p -20.1
Discount per ordinary share 17.7% 19.4%
Tokyo Stock Exchange (First Section) 1,050.22 1,310.81 -19.9
Index (TOPIX)
Tokyo Stock Exchange (First Section) 5.9816 7.7657 -23.0
Index (TOPIX) (adjusted for sterling)
Chairman's Statement
The difficult market conditions to which I referred in my Annual Report have
clearly continued throughout 2001. Over the course of the half year to 30
November 2001 the Company's net asset value per share fell from 43.1p to
33.7p, a fall of 21.8%. This compares with a fall in our benchmark, the Tokyo
Stock Exchange (First Section) Index (TOPIX) of 23.0% (sterling adjusted).
Japan is faced with both cyclical and structural economic challenges, and some
positive progress on both fronts is an urgent priority for the new year. The
global slowdown has hit Japan's exports hard at a time when the domestic
economy is extremely weak, with ongoing deflation and major difficulties in
the banking sector.
In this hostile environment there is pressure both on the corporate sector to
restructure and on the Government to enact further measures to deal with non
performing loans in the banking sector. This will inevitably require public
funds, and whilst progress on this front may be too slow, there is likely to
be progress nonetheless. Corporate failures are also likely to feature in
2002, and whilst the western press may highlight the negative aspects in terms
of economic growth and employment, it will be evidence of restructuring which
should on a longer term basis return the economy to healthy growth and higher
rates of return on capital.
The future for the Japanese economy and stockmarket in 2002 depends to a large
extent on prospects for a global recovery. There is already some evidence of a
modest recovery in exports, and we believe that from a cyclical perspective
the economy should bottom by the spring. The weaker yen whilst unpopular in
the rest of Asia represents a boost to exports and in effect a loosening of
monetary policy. Until there is firm evidence of recovery the yen should stay
weak, and given greater emphasis on monetary rather than fiscal policy could
weaken further. In anticipation of this the portfolio has been partially
hedged back into sterling. Expectations for Japan are remarkably low, and we
hope that 2002 will surprise on the upside.
Antony Dick
16 January 2002
Statement of Total Return
(Incorporating the Revenue Account)
Six months to 30 November
2001
(Unaudited)
Revenue Capital Total
#'000 #'000 #'000
Losses on investments--realised -- (1,156) (1,156)
--unrealised -- (9,213) (9,213)
Exchange losses -- (92) (92)
Unfranked investment income--dividends 103 -- 103
Unfranked investment income--interest 26 -- 26
Deposit interest 20 -- 20
Investment management fee - note 1 (14) (127) (141)
Other expenses (115) (2) (117)
Net return before finance costs and taxation 20 (10,590) (10,570)
Interest payable and similar charges (1) (13) (14)
Return on ordinary activities before taxation 19 (10,603) (10,584)
Tax on ordinary activities (31) 16 (15)
Return on ordinary activities after tax for the (12) (10,587) (10,599)
financial period (attributable to equity
shareholders)
Return per ordinary share:
Basic - note 2 (0.01 )p(9.44 )p (9.45 )p
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.
Statement of Total Return
(Incorporating the Revenue Account)
Six months to 30 November
2000
(Unaudited)
Year to
Revenue Capital Total 31 May
#'000 #'000 #'000 2001
(Audited)
Total
#'000
Gains/(losses) on investments--realised -- 9,508 9,508 6,672
Gains/(losses) on investments--unrealised -- (22,097) (22,097) (28,413)
Exchange gains/(losses) -- (183) (183) 54
Unfranked investment income--dividends 129 -- 129 285
Deposit interest 33 -- 33 71
Investment management fee - note 1 (27) (242) (269) (441)
Other expenses (152) (17) (169) (321)
Net return before finance costs and (17) (13,031) (13,048) (22,093)
taxation
Interest payable and similar charges (6) (58) (64) (70)
Return on ordinary activities before (23) (13,089) (13,112) (22,163)
taxation
Tax on ordinary activities (40) 21 (19) (43)
Return on ordinary activities after tax for (63) (13,068) (13,131) (22,206)
the financial period (attributable to
equity shareholders)
Return per ordinary share:
Basic - note 2 (0.06 )p(11.65 )p(11.71 )p(19.79 )p
Balance Sheet
At At At
30 November 31 May 30 November
2001 2001 2000
(Unaudited) (Audited) (Unaudited)
#'000 #'000 #'000
Fixed assets
Investments 34,957 44,301 59,917
Current assets
Amount due from brokers - 270 395
UK income tax recoverable 3 3 4
VAT recoverable 26 20 35
Prepayments and accrued income 69 117 82
Cash at bank 2,899 3,923 7,150
2,997 4,333 7,666
Creditors: amounts falling due
within one year
Foreign currency loans - - 9,871
Accruals and deferred income 142 223 226
142 223 10,097
Net current assets/(liabilities) 2,855 4,110 (2,431)
Total assets less current liabilities 37,812 48,411 57,486
Capital and reserves
Called up share capital 11,222 11,222 11,222
Share premium account 33,079 33,079 33,079
Other reserves
Special reserve 20,000 20,000 20,000
Capital reserve-realised (17,479) (16,105) (13,348)
Capital reserve-unrealised (8,822) 391 6,707
Revenue reserve (188) (176) (174)
Equity Shareholder's funds 37,812 48,411 57,486
Net asset value per ordinary share
Basic - note 3 33.7p 43.1p 51.2p
Diluted - note 3 33.7p 43.1p 51.2p
Cash Flow Statement
Six months Year to Six months
to 31 May to
30 November 2001 30 November
2001 (Audited) 2000
(Unaudited) #'000 (Unaudited)
#'000 #'000
Cash flow from operating activities (163) (435) (627)
Returns on investments and servicing of (14) (82) (74)
finance
Taxation - 67 67
Capital expenditure and financial
investment
Purchase of investments (10,242) (49,977) (34,140)
Sale of investments 9,487 62,130 39,704
Net cash inflow/(outflow) before management (932) 11,703 4,930
of liquid resources and financing
Management of liquid resources (1,440) (762) (5,478)
Financing - (9,551) 5
(Decrease)/increase in cash in the period (2,372) 1,390 (543)
Cash outflow from increase in liquid 1,440 762 5,478
resources
Cash outflow from decrease in debt - 9,556 -
Translation difference (92) 54 183
Movement in net funds/(debt) in the period (1,024) 11,762 5,118
Net funds/(debt) at beginning of period 3,923 (7,839) (7,839)
Net funds/(debt) at end of period 2,899 3,923 (2,721)
Reconciliation of Movement in Shareholders' Funds
Six months to Year to Six months to
30 November 31 May 30 November
2001 2001 2000
(Unaudited) (Audited) (Unaudited)
#'000 #'000 #'000
Revenue return for the period (12) (65) (63)
Capital return for the period (10,587) (22,141) (13,068)
Issue of shares - 5 5
Movement in Shareholders' funds (10,599) (22,201) (13,126)
Opening Shareholders' funds 48,411 70,612 70,612
Closing Shareholders' funds 37,812 48,411 57,486
Notes to the interim accounts
1. Investment management fees and interest payable on borrowings are allocated
90% to capital reserve-realised and 10% to revenue reserve.
2. Basic revenue return per ordinary share is based on net revenue return on
ordinary activities after taxation and on 112,217,241 (31 May 2001:
112,212,521; 30 November 2000: 112,207,939) ordinary shares, being the
weighted average number of ordinary shares in issue throughout the period.
Basic capital return per ordinary share is based on net capital return on
ordinary activities after taxation and on 112,217,241 (31 May 2001:
112,212,521; 30 November 2000: 112,207,939) ordinary shares, being the
weighted average number of ordinary shares in issue throughout the period.
No diluted return per ordinary share has been calculated under FRS 14
''Earnings per Share'' as the average ordinary share price was less than the
warrant exercise price, the warrants are considered non-dilutive.
3. The basic net asset value per ordinary share of 10p has been calculated on
net assets of #37,812,000 (31 May 2001: #48,411,000; 30 November 2000: #
57,486,000) and 112,217,686 (31 May 2001: 112,217,128; 30 November 2000:
112,217,128) shares in issue at the end of the period.
The ordinary share price remained less than the warrant exercise price so that
the warrants are considered non-dilutive. Hence, at the period end the basic
net asset value and the diluted net asset value are the same.
4. During the period 558 warrants were exercised for 558 ordinary shares of
10p each at 55p per share, leaving a balance of 22,402,223 warrants in issue.
5. It is the intention of the Directors to conduct the affairs of the Company
so that it satisfies the conditions for approval as an investment trust
company set out in section 842 of the Income and Corporation Taxes Act 1988.
6. The foregoing information at 31 May 2001 is an abridged version of the
Company's full accounts which carry an unqualified Auditor's Report and which
have been filed with the Registrar of Companies.
By order of the Board
INVESCO Asset Management Limited
Secretaries
16 January 2002
Grafico Azioni Invesco Tokyo (LSE:ITY)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Invesco Tokyo (LSE:ITY)
Storico
Da Giu 2023 a Giu 2024
