Interim Results
21 Setembro 2000 - 2:46PM
UK Regulatory
RNS Number:3505R
Govett Asian SmallerCo'sInv.Tst Ld
21 September 2000
Preliminary Announcement for Govett Asian Smaller Companies Investment Trust
Limited Unaudited results for the half-year ended 30th June 2000
Unaudited Statement of Total Return (incorporating the revenue account *) for
the half-year ended 30th June 2000
Half-Year ended Half-Year ended
30th June 2000 30th June 1999
US DOLLARS Revenue Capital Total Revenue Capital Total
$000s $000s $000s $000s $000s $000s
Realised & unrealised - (5,461) (5,461) - 31,536 31,536
(losses)/gains on
investments
Net foreign currency - 296 296 - (469) (469)
exchange differences
Income from investments 675 - 675 598 - 598
Deposit interest 21 - 21 25 - 25
Investment management fee (607) - (607) (506) - (506)
Other expenses (303) (62) (365) (211) (44) (255)
Net return before finance (214) (5,227) (5,441) (94) 31,023 30,929
costs and taxation
Interest payable (260) - (260) (99) - (99)
Return on ordinary (474) (5,227) (5,701) (193) 31,023 30,830
before tax
Tax on ordinary (8) - (8) - - -
activities
Return on ordinary (482) (5,227) (5,709) (193) 31,023 30,830
activities after tax
Return per ordinary (1.84)c (19.91)c (21.75)c (0.51)c 82.73c 82.22c
share
*The revenue column of this statement represents the revenue account of the
Company.
Unaudited Statement of Total Return (incorporating the revenue account *) for
the half-year ended 30th June 2000
Year ended
31st December 1999
US DOLLARS Revenue Capital Total
$000s $000s $000s
Realised & unrealised - 28,380 28,380
(losses)/gains on
investments
Net foreign currency - (724) (724)
exchange differences
Income from investments 931 - 931
Deposit interest 69 - 69
Investment management fee (1,024) - (1,024)
Other expenses (455) (330) (785)
Net return before finance (479) 27,326 26,847
finance costs and taxation
Interest payable (218) - (218)
Return on ordinary (697) 27,326 26,629
activities before tax
Tax on ordinary activities (28) - (28)
Return on ordinary (725) 27,326 26,601
activities after tax
Return per ordinary share (2.10)c 79.40c 77.30c
*The revenue column of this statement represents the revenue account of the
Company.
Unaudited Statement of Total Return (incorporating the revenue account *) for
the half-year ended 30th June 2000
STERLING Half-Year ended Half-Year ended
30th June 2000 30th June 1999
Revenue Capital Total Revenue Capital Total
#000s #000s #000s #000s #000s #000s
Realised & unrealised - (3,608) (3,608) - 20,006 20,006
(losses)/gains on
investments
Net foreign currency - 196 196 - (297) (297)
exchange differences
Income from 432 - 432 372 - 372
investments
Deposit interest 13 - 13 16 - 16
Investment management (389) - (389) (315) - (315)
fee
Other expenses (194) (41) (235) (131) (28) (159)
Currency adjustment (23) 2,877 2,854 11 2,081 2,092
on retranslation of
balances
Net return before (161) (576) (737) (47) 21,762 21,715
finance costs and
taxation
Interest payable (167) - (167) (62) - (62)
Return on ordinary (328) (576) (904) (109) 21,762 21,653
activities before
tax
Tax on ordinary (5) - (5) - - -
activities
Return on ordinary (333) (576) (909) (109) 21,762 21,653
after tax
Return per ordinary (1.27)p (2.20)p (3.47)p (0.29)p 58.03p 57.74p
share
*The revenue column of this statement represents the revenue account of the
Company.
Average exchange rates for the half-year to 30/6/00 US$1.56135 (30/6/99
US$1.6078), full year to 31/12/99 US$1.614
Unaudited Statement of Total Return (incorporating the revenue account *) for
the half-year ended 30th June 2000
STERLING Year ended
31st December 1999
Revenue Capital Total
#000s #000s #000s
Realised & unrealised - 17,540 17,540
(losses)/gains on
investments
Net foreign currency - (447) (447)
exchange differences
Income from investments 576 - 576
Deposit interest 43 - 43
interest
Investment management fee (634) - (634)
Other expenses (282) (204) (486)
Currency adjustment on 8 1,405 1,413
retranslation of balances
Net return before finance (289) 18,294 18,005
costs and taxation
Interest payable (135) - (135)
Return on ordinary (424) 18,294 17,870
activities before tax
Tax on ordinary activities (17) - (17)
Return on ordinary (441) 18,294 17,853
activities after tax
Return per ordinary share (1.28)p 53.15p 51.87p
*The revenue column of this statement represents the revenue account of the
Company.
Average exchange rates for the half-year to 30/6/00 US$1.56135 (30/6/99
US$1.6078), full year to 31/12/99 US$1.614
SUMMARISED BALANCE SHEET - US DOLLARS 30/6/00 30/6/99 31/12/99
$000 $000 $000
Investments at Valuation 57,306 95,731 69,194
Net Current Assets/(Liabilities) 4,229 (2,183) (1,949)
Total Resources 61,535 93,548 67,245
Net Asset Value per share - US Dollars 234.42c 249.46c 256.17c
SUMMARISED BALANCE SHEET - STERLING 30/6/00 30/6/99 31/12/99
#000 #000 #000
Investments at Valuation 37,853 60,733 42,761
Net Current Assets/(Liabilities) 2,794 (1,385) (1,204)
Total Resources 40,647 59,348 41,557
Net Asset Value per share - sterling 154.85p 158.26p 158.31p
Exchange rate at 30/6/00 US$1.51385
(30/6/99 US$1.5763) (31/12/99 US$1.6181)
The Chairman, Peter Robertson, commented:
The first half of the Trust's year has been a difficult one. Optimism at the
end of 1999 proved to be short-lived, as rising nervousness about the global
- and particularly the US - economy has led to a period of intense volatility
in Asian markets.
Although the Trust's Net Asset Value fell by 2.2% in sterling terms (US$
8.5%), it is gratifying to see that it has outperformed both the SG Crosby
Asian Smaller Companies Index (which fell by 12.5% in sterling terms (US$
17.8%)) and the MSCI All Country Far East Ex-Japan Index (which was down 3.7%
in sterling terms (US$ 9.6%)).
The Trust's concentration on smaller Asian stocks has helped to shield it, at
least in part, from the region's most volatile sectors, technology and
telecommunications. As a consequence, the Trust has, until recently, avoided
significant exposure to the markets of Korea and India, preferring to
concentrate on Taiwan (where the technology sector has had a relatively lower
correlation to the US NASDAQ market), Singapore and Malaysia where individual
stocks have performed relatively well during the period.
Towards the end of the period, the Trust's managers began to recycle profits
from these areas into stocks in Hong Kong (where prospects for an improvement
in the Chinese economy are likely to boost market performance going forward)
and Korea (where the sharp market fall in the first half of the year has
reduced valuations on a number of stocks, particularly those in areas exposed
to rising domestic consumption, to very attractive levels).
The Trust has been a net seller of equities during the period, reversing net
gearing of 2.3% at the end of 1999 to end the first half with net cash of
6.5%. It is unlikely that significant gearing will be adopted in the
foreseeable future, although the Trust's managers will seek to add to
positions in favoured stocks should opportunities arise.
The Asian economic recovery has broadened out, with domestic demand having
replaced net exports as the main driver of growth. Although the recovery
momentum should resume a more subdued pace, Asia's economic growth will still
be relatively robust with GDP growth averaging at about 6% p.a. in 2000 and
2001, barring a global oil crisis. On-going domestic demand recovery should
lead to a further shrinkage in the current account balance this year and
next, but most of the Asian countries are still expected to post surpluses
over the forecast horizon. Inflation will likely continue to trend up, but
should stay comfortably below historical average and we see little risk of
material monetary tightening over the next twelve months.
Notwithstanding the recent weak sentiment, we remain confident in our longer
term view of Asian markets and believe that the bull case for Asia is still
intact, as growth remains robust, inflation low and secular opportunities to
create wealth are still in place due to advances in Information Technology.
We believe there are investment opportunities in both growth and value stocks
and that stock selection is key to performance.
The Trust's half-yearly report will be sent to shareholders in September
2000. Copies will be available to the public at the registered office of the
Trust, AIB House, Grenville Street, St Helier, Jersey and at the offices of
the Assistant Secretary as shown below.
The figures for 1999 are extracted from the statutory accounts for the year
ended 31 December 1999 which have been delivered to the Registrar of
Companies and on which the auditors have made an unqualified report under the
Companies (Jersey) Law 1991.
By order of the Board
Shackleton House AIB Govett Secretaries Limited
4 Battle Bridge Lane Assistant Secretary
London SE1 2HR Registered in Jersey no: 45906
21 September 2000
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