TIDMJGC
RNS Number : 1913X
Jupiter Green Investment Trust Plc
18 December 2023
Jupiter Green Investment Trust plc ('the Company')
Legal Entity Identifier: 549300MFRCR13CT1L845
Half Yearly Financial Report for the six months to 30 September
2023 (unaudited)
Financial Highlights for the six months to 30 September
2023
Capital Performance
As at As at
30.09.23 31.03.23
Total assets less current
liabilities (GBP'000) 47,012 54,578
Ordinary Share Performance
As at As at
30.09.23 31.03.23 % Change
Mid market price (p) 198.50 224.00 -11.4
Undiluted net asset value
per ordinary share (p) 232.84 258.58 -10.0
Diluted net asset value
per ordinary share (p)* 235.18 259.86 -9.5
MSCI World Small Cap Total
Return Index +0.1
Discount to net asset value
(%) 14.75 13.37
Ongoing charges ratio (%)
excluding finance costs 1.13 1.72 -34.1
* Being the net asset value per share assuming that all annual
subscription rights are taken up.
Chairman's Statement
Here we present the Interim Report and Accounts for the Jupiter
Green Investment Trust PLC ('the Company') for the six months to 30
September 2023.
In a broad macro sense, the period under review could be
characterised by major developed market central banks - most
notably the US Federal Reserve (Fed) - converging around interest
rate policies.
Performance
The Net Asset Value of the Company delivered a total return of
-10.0%, vs +0.1% for the MSCI World Small Cap (GBP) Index whilst
the share price total return delivered -11.4% over the period.
Market backdrop
We are disappointed with the performance of the portfolio over
the period, however due to the prevailing macroeconomic
environment, we are of the belief that the prospects for the
portfolio companies and their respective addressable markets
remains undimmed. Your portfolio manager, Jon Wallace will go into
more detail in his report below.
The dominant narrative in the market now is one of central banks
rates staying 'higher for longer' as economic indicators broadly
point towards resilient economic growth, rising wage growth, and
inflation that remains well above target levels in developed
economies. This creates a challenging backdrop for investors, and
during the last six months there have been few obvious areas of
significant growth - the one exception being a small cadre of US-
listed technology companies that are presumed to be beneficiaries
of coming shift towards artificial intelligence.
Within the Environmental Solutions thematic universe, key
developments over the past six months have included the publication
of the Global Stocktake Technical Assessment report. Released in
September, it in no uncertain terms states that the world is
currently not on track to meet the goals of the Paris Agreement.
This chimes with previous reports, such as the IPCC's Sixth
Assessment Report, released in March, but crucially there remains
an acknowledgement that the technologies already exist to reach the
targets, if they are implemented in time. A bold call to action,
and one in which the Company should be well- positioned to benefit
from given the emphasis we place on companies that are developing
of scaling able to provide environmental solutions.
On the policy front, just a day after this reporting period
ended - on 1 October 2023 - the European Union's Carbon Border
Adjustment Mechanism (CBAM) entered its transitional phase, with
the first reporting period for importers 31 January 2024. It joins
the PROVE IT Act in the US, which requires the Department of Energy
to study and compare the carbon emissions of carbon-intensive
sectors. The increasingly likelihood and rising onus on global
reporting standards may offer opportunities for compliant companies
to benefit from that trend, while presenting a clear risk to those
firms unwilling to adapt.
Outlook
Technological advances and innovation are key to combating the
world's climate and environmental crisis. These solutions are now
helping to set the pace for policy and regulation - a welcome
reversal to the previous relationship where solutions were
constrained by policy. The scale of change required to reverse
global warming is creating significant opportunities for investors
to support environmental solutions companies, which provide
products and services critical to achieving sustainability targets.
It is becoming ever more evident that these solutions will spread
widely and to as-yet unpenetrated sectors of the global
economy.
Governments are likely to continue to play a major role, in
terms to encouraging development of environmental solutions as part
of the path to net zero, and through the regulating of all
companies to improve transparency around climate and biodiversity
impact.
As attitudes toward addressing climate solutions shift, there is
a broadening of the value chain beyond the conventional lens. The
opportunities throughout the market that this creates will be
plentiful and we firmly believe the Jupiter Green Investment Trust
remains well-positioned to identify them.
Discount control / share buybacks
In order to manage the discount, the board continues to utilise
shareholder authority to undertake share buybacks of ordinary
shares when they are trading at a sustained discount. Over the
period, the company bought back 930,000 ordinary shares for
cancellation, equating to GBP1,932,000, at an average discount of
-15.86%, which positively accrued GBP368,000 to NAV.
Continuation vote
The board was pleased that 98.34% of shareholders voted in
favour of the company's continuation and believe that the company
operates in a segment with significant supportive tailwinds and an
opportunity to identify investment opportunities in the most
innovative and accelerating companies as well as those which are
more established for many years to come.
Board Succession
I have served this Company as a director for the last 14 years,
and have been Chairman since 2016, and despite my deep passion for
the company and its Investment objectives, and support for the
investment manager, it is my intention to stand down before the
company's next AGM.
In the meantime, the board through its nominations committee,
will embark on a recruitment process to identify suitable
candidates with the requisite skills and experience in order to
take the company forward. More details of the succession plan will
be published in the forthcoming Annual report.
Michael Naylor
Chairman
Investment Adviser's Review
Market review
The period under review was challenging for global equity
markets as central banks converged around 'Higher for Longer'
rhetoric with regard to interest rates in an effort to quell
persistent inflation, though the latter surprised on the downside
later in the period. This, combined with generally declining
economic indicators resulted in a wider risk-off sentiment and
weighed on global equities.
Aside from market factors, UK Prime Minister Rishi Sunak
announced a 'roll-back' on green policies, for example pushing back
targets for vehicle electrification and delaying a ban on new gas
boilers. While these policies are generally disjointed from wider
global developments, the period saw pockets of dilution to
regulatory and policy drivers intended to increase the uptake of
environmental solutions.
Policy review
The Company's approach to investing in environmental solutions
remains focused on six themes:
-- Circular economy: solutions for sustainable materials and resource stewardship
-- Clean energy: generation, storage and distribution
-- Sustainable Oceans & Freshwater Systems: conservation and management
-- Green Mobility: technologies and services for sustainable movement
-- Green Buildings & Industry: enabling a low carbon transition
-- Sustainable Agriculture & Land Ecosystems: solutions
protecting natural resources and well- being
The Company underperformed in the period in an environment split
between momentum and increasing risk-off sentiment as central banks
converged around higher interest rates. While the portfolio was
weaker in part owing to not having exposure to buoyant sectors that
sit outside of our environmental solutions thematic, expectations
of persistently higher interest rates also weighed on valuations
for relatively capital intensive sectors.
In this backdrop the largest detractor to performance during the
was the Clean Energy theme. We continue to see compelling
opportunities for renewable energy solutions and related
infrastructure in the long-term. Our largest allocation within the
Clean Energy theme is Prysmian, which provides cable technologies
critical to power grid upgrade markets that we see as buoyed by
multiple converging growth drivers including renewable energy
capacity growth, grid resilience and energy security.
In a similar vein, environmental solutions that are more clearly
associated with critical challenges in the immediate future have
generally fared better. The largest positive performance
contributor was our Sustainable Oceans & Water Systems theme.
Advanced Drainage Systems, which manufactures pipes and products
for stormwater management and drainage solutions, was a top stock
specific contributor. The Company's largest thematic allocation,
Green Buildings and Industry (GBI) also generated positive
contribution. Many of our holdings within this theme are industrial
companies whose physical products are reliant on global supply
chains. As Covid-related disruptions have eased, holdings have been
benefitting from a structural tailwind of energy price volatility
which encourages the take-up of energy efficient solutions that are
a large component of this opportunity set.
Some portfolio changes during the period include the addition to
holdings within our Circular Economy theme, including Ansys, a
US-based industrials software company, and Renewi, a European waste
management company and long-held position in the Company that was
later subject to a takeover bid. We reduced several positions
following strong short- term performance including Advanced
Drainage, and disposed of Daikin on growing concerns around of
reputational and regulatory risks due to its current and legacy
exposure to PFAS (long-lasting chemicals which are difficult to
break down in the environment) as well mounting signals that the
global market for low-carbon heat-pumps is slowing as production
capacity increases significantly.
Outlook
We have a long-held conviction that environmental challenges in
all their forms are central to global development in the long term.
This provides compelling growth opportunities for companies
focussed on delivering real-world solutions to climate change and
wider forms of natural capital protection including water and
biodiversity. Our conviction in this view remains undimmed. We
expect the volatility in equity markets to continue into the
near-term, presenting opportunities for long-term active investors
focussing on structural growth trends such as energy transition and
more widely across our six environmental solution investment
themes.
The landmark US Inflation Reduction Act, and the recent response
from the European Commission such as the Net-Zero Industry Act,
signal that environmental solutions markets have crossed a
watershed moment where they are no longer peripheral, but instead
integral to future economies and markets.
Given the rising incidence of large-scale natural disasters,
including intense flooding and wildfires, politicians are
increasingly considering the importance of adaptation measures,
rather than mitigation solutions, to combat the worst effects of
these disasters. While we believe adaptation solutions do have a
role, we believe the most appropriate approach for investors is to
recognise the nuance, and to avoid considering opportunities
through an either one or the other lens, instead seeking solutions
where climate adaptation and mitigation converge. We ideally seek
those opportunities which provide clear mitigation or two- pronged
solutions to the vital challenges the world is facing.
Jon Wallace
Investment Manager
Jupiter Asset Management Limited Investment Adviser
Green ESG Grouping
As at 30 September 2023 (ex-cash)
Environmental theme
Circular Clean Green Green Sustainable Sustainable Total
economy energy Buildings& Mobility agriculture Ocean &
Industry and Land Freshwater
ecosystems Systems
Stage of Development % % % % % % %
Accelerators 12.61 16.54 19.12 3.95 13.05 4.92 70.19
Established
Leaders 11.08 - 3.62 4.34 - 3.22 22.26
Innovators 3.66 3.00 0.52 - 0.37 - 7.55
Total 2023 27.35 19.54 23.26 8.29 13.42 8.14 100
Investment Portfolio as at 30 September 2023
Market value Percentage
Company Country of Listing GBP'000 of Portfolio
Veolia Environnement France 1,765 3.8
Schneider Electric France 1,727 3.7
Prysmian Italy 1,682 3.6
Renewi United Kingdom 1,596 3.4
United States of
Watts Water Technologies America 1,505 3.2
Stantec Canada 1,492 3.2
United States of
Clean Harbors America 1,460 3.1
United States of
ANSYS America 1,441 3.1
Vestas Wind Systems Denmark 1,399 3.0
Waste Connections Canada 1,383 2.9
Infineon Technologies Germany 1,378 2.9
United States of
Trimble America 1,355 2.9
United States of
Acuity Brands America 1,295 2.8
Watts Water Technologies, United States of
Inc. Class A America 1,279 2.7
United States of
Advanced Drainage Systems America 1,259 2.7
United States of
Republic Services America 1,243 2.7
Borregaard Norway 1,223 2.6
Novozymes Denmark 1,176 2.5
Eurofins Scientific Luxembourg 1,101 2.4
United States of
Xylem America 1,044 2.2
Alfa Laval Sweden 1,028 2.2
United States of
Ormat Technologies America 952 2.0
United States of
Littelfuse America 938 2.0
DSM-Firmenich Switzerland 926 2.0
Flat Glass Group China 909 1.9
Aptiv Jersey 909 1.9
Horiba Japan 871 1.9
United States of
First Solar America 854 1.8
Azbil Japan 804 1.7
TOMRA Systems Norway 792 1.7
Daiseki Japan 789 1.7
Shimano Japan 752 1.6
Hannon Armstrong Sustainable
Infrastructure Capital, United States of
REIT America 731 1.6
Orsted Denmark 716 1.5
Re:NewCell Sweden 687 1.5
Atlas Copco Sweden 668 1.4
United States of
NextEra Energy Partners America 637 1.4
Brambles Australia 609 1.3
Befesa Luxembourg 571 1.2
United States of
SolarEdge Technologies America 570 1.2
Sensirion Holding Switzerland 560 1.2
Acuity Brands, Inc. United Kingdom 551 1.2
Greencoat Renewables Ireland 461 1.0
Corbion Netherlands 454 1.0
Innergex Renewable Energy Canada 407 0.9
Sensata Technologies
Holding United Kingdom 406 0.9
Hoffmann Green Cement
Technologies France 239 0.5
Agronomics Isle of Man 175 0.4
Agronomics Warrant 12/11/2023 Isle of Man - -
Total Investments 46,769 100.0
The holdings listed above are all equity shares unless otherwise
stated.
Cross Holdings in other Investment Companies
As at 30 September 2023, 0.98% of the company's total assets was
invested in Greencoat Renewables, a UK listed investment
company.
Whilst the requirements of the UK Listing Authority permit the
company to invest up to 10% of the value of the total assets of the
company (before deducting borrowed money) in other investment
companies (including investment trusts) listed on the Main Market
of the London Stock Exchange, it is the directors' current
intention that the company invests not more than 5% in other
investment companies.
Interim Management Report
Related Party Transactions
During the first six months of the current financial year, no
transactions with related parties have taken place which would have
materially affected the financial position or performance of the
company. Details of related party transactions are contained in the
Annual Report and Accounts for the year ended 30 March 2023.
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the company can
be divided into the following areas:
-- Investment policy and process;
-- Investment strategy and share price movements;
-- Climate Change;
-- Geopolitical;
-- Liquidity risk;
-- Gearing risk;
-- Regulatory risk;
-- Credit and counterparty risk;
-- Loss of key personnel;
-- Operational; and
-- Financial.
The board reported on the above principal risks and
uncertainties in the Annual Report & Accounts for the year
ended 31 March 2023.
Going Concern
The directors, having considered the company's investment
objective, risk management and capital management policies, the
diversified portfolio of readily realisable securities which can be
used to meet short-term funding commitments and the ability of the
company to meet all of its liabilities and ongoing expenses, are
satisfied that the company has adequate resources to continue in
operation for the foreseeable future. The directors continue to
adopt the going concern basis of accounting in preparing the
accounts.
As part of its assessment, the board has noted that shareholders
will be required to vote on the continuation of the company at the
2026 AGM.
Further information regarding the planned life of the company
can be found on the report.
Directors' Responsibility Statement
The directors of Jupiter Green Investment Trust PLC confirm to
the best of their knowledge:
(a) The condensed set of financial statements have been prepared
in accordance with applicable UK adopted International Accounting
Standards and give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company as at 30
September 2023.
(b) The Chairman's Statement, the Investment Adviser's Review
and the Interim Management Report include a fair review of the
information required by DTR 4.2.7R of the Disclosure and
Transparency Rules.
(c) The Interim Management Report includes a fair review of the
information required by DTR 4.2.8R of the Disclosure and
Transparency Rules.
The Half Yearly Financial Report has not been audited or
reviewed by the company's auditor.
For and on behalf of the board
Michael Naylor
Chairman
Statement of Comprehensive Income for the six months to 30
September 2023 (unaudited)
Six months to 30 September 2023 Six months to 30 September 2022
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loss on investments held
at fair value through profit
or loss (Note 2) - (5,660) (5,660) - (6,126) (6,126)
Foreign exchange (loss)/gain - (4) (4) - 1,038 1,038
Income 454 - 454 495 - 495
-------------------------------- ------- --------- --------- ------- --------- ---------
Total (loss)/income 454 (5,664) (5,210) 495 (5,088) (4,593)
-------------------------------- ------- --------- --------- ------- --------- ---------
Investment management fee (44) (133) (177) (45) (136) (181)
Other expenses (113) - (113) (280) - (280)
-------------------------------- ------- --------- --------- ------- --------- ---------
Total expenses (157) (133) (290) (325) (136) (461)
-------------------------------- ------- --------- --------- ------- --------- ---------
Net loss on ordinary activities
before finance costs and
taxation 297 (5,797) (5,500) 170 (5,224) (5,054)
-------------------------------- ------- --------- --------- ------- --------- ---------
Finance costs (24) (69) (93) (9) (28) (37)
-------------------------------- ------- --------- --------- ------- --------- ---------
Return/(loss) on ordinary
activities before taxation 273 (5,866) (5,593) 161 (5,252) (5,091)
-------------------------------- ------- --------- --------- ------- --------- ---------
Taxation (68) - (68) (77) - (77)
-------------------------------- ------- --------- --------- ------- --------- ---------
Net loss after taxation 205 (5,866) (5,661) 84 (5,252) (5,168)
-------------------------------- ------- --------- --------- ------- --------- ---------
Loss per ordinary share
(Note 3) 0.99p (28.36)p (27.37)p 0.39p (24.56)p (24.17)p
-------------------------------- ------- --------- --------- ------- --------- ---------
The total column of this statement is the income statement of
the Company, prepared in accordance with IFRS. The supplementary
revenue return and capital return columns are both prepared under
guidance produced by the Association of Investment Companies (AIC).
All items in the above statement derive from continuing
operations.
No operations were acquired or discontinued during the
period.
All income is attributable to the equity holders of Jupiter
Green Investment Trust PLC. There are no minority interests.
The financial information does not constitute 'accounts' as
defined in section 434 of the Companies Act 2006.
Statement of Financial Position as at 30 September 2023
30 September 31 March 2023
2023
(unaudited) (audited)
GBP'000 GBP'000
Non current assets
Investments held at fair value through
profit or loss 46,769 55,002
------------------------------------------ ------------- --------------
Current assets
------------------------------------------ ------------- --------------
Prepayments and accrued income 141 1,459
Cash and cash equivalents 3,292 2,954
------------------------------------------ ------------- --------------
3,433 4,413
------------------------------------------ ------------- --------------
Total assets 50,202 59,415
------------------------------------------ ------------- --------------
Current liabilities
Other payables (3,190) (4,837)
------------------------------------------ ------------- --------------
Total net assets less current liabilities 47,012 54,578
------------------------------------------ ------------- --------------
Capital and reserves
Called up share capital 34 34
Share premium 2,485 2,468
Redemption reserve* 239 239
Retained earnings (Note 5)* 44,254 51,837
------------------------------------------ ------------- --------------
Total equity shareholders' funds 47,012 54,578
------------------------------------------ ------------- --------------
Net asset value per ordinary share
(Note 6) 232.84p 258.58p
------------------------------------------ ------------- --------------
Diluted net asset value per ordinary
share 235.18p 259.86p
------------------------------------------ ------------- --------------
* Under the company's Articles of Association, dividends may be
paid out of any distributable reserve of the company.
Approved by the board of directors and authorised for issue in
December 2023 and signed on its behalf by:
Michael Naylor
Chairman
Company Registration number 05780006
Statement of changes in Equity for the six months to 30
September 2023
Share Share Premium Redemption Retained
For the six months Capital Reserve Earnings Total
to
30 September 2023 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March
2023 34 2,468 239 51,837 54,578
Net loss for the period - - - (5,661) (5,661)
Ordinary shares reissued
from treasury - 17 - 19 36
Ordinary shares repurchased - - - (1,941) (1,941)
------------------------------ -------- ------------- ---------- --------- -------
Balance at 30 September
2023 34 2,485 239 44,254 47,012
------------------------------ -------- ------------- ---------- --------- -------
Share Share Premium Redemption Retained
For the six months Capital Reserve Earnings Total
to
30 September 2022 (unaudited) GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 March
2022 34 2,465 239 52,652 55,390
Net loss for the period - - - (5,168) (5,168)
Ordinary shares reissued
from treasury - 3 - 3 6
Ordinary shares repurchased - - - (208) (208)
------------------------------ -------- ------------- ---------- --------- -------
Balance at 30 September
2022 34 2,468 239 47,279 50,020
------------------------------ -------- ------------- ---------- --------- -------
Cash Flow Statement for the six months to 30 September 2023
(Unaudited)
2023 2022
GBP'000 GBP'000
Cash flows from operating activities
Investment income received (gross) 473 476
Deposit interest received 24 1
Investment management fee paid (214) (153)
Other cash expenses (144) (203)
------------------------------------- -------- --------
Net cash inflow from operating
activities before taxation 138 121
Interest paid (93) (37)
Taxation (68) (77)
------------------------------------- -------- --------
Net cash (outflow)/inflow from (23) 7
operating activities
------------------------------------- -------- --------
Net cash flows from investing
activities
Purchases of investments (3,449) (1,545)
Sales of investments 5,719 3,297
------------------------------------- -------- --------
Net cash inflow from investing
activities 2,270 1,752
------------------------------------- -------- --------
Cash flows from financing activities
Shares repurchased (1,941) (208)
Shares reissued from treasury 36 6
------------------------------------- -------- --------
Net cash outflow from financing
activities (1,905) (202)
------------------------------------- -------- --------
Increase in cash 342 1,557
------------------------------------- -------- --------
Cash and cash equivalents at
start of period 2,954 4,614
Realised (loss)/gain on foreign
currency (4) 1,038
------------------------------------- -------- --------
Cash and cash equivalents at
end of period 3,292 7,209
------------------------------------- -------- --------
Notes to the Financial Statements
1. Accounting Policies
The Accounts comprise the unaudited financial results of the
company for the period to 30 September 2023.
The Accounts are presented in pounds sterling, as this is the
functional currency of the Company. All values are rounded to the
nearest thousand pounds (GBP'000) except where indicated.
The accounts have been prepared in accordance with UK adopted
International Accounting Standards.
Where presentational guidance set out in the Statement of
Recommended Practice (SORP) for Investment Trusts issued by the
Association of Investment Companies (AIC) in April 2021 is
consistent with the requirements of UK adopted International
Accounting Standards, the directors have sought to prepare the
financial statements on a basis compliant with the recommendations
of the SORP.
The Board continues to adopt the going concern basis in the
preparation of the financial statements.
(a) Income recognition
Income includes dividends from investments quoted ex-dividend on
or before the date of the Statement of Financial Position.
Dividends receivable from equity shares are taken to the revenue
return column of the Statement of Comprehensive Income.
Special dividends are treated as repayment of capital or as
revenue depending on the facts of each particular case.
(b) Presentation of Statement of Comprehensive Income
In order to better reflect the activities of an investment trust
company and in accordance with Association of Investment Companies
(AIC), supplementary information which analyses the Statement of
Comprehensive Income between items of a revenue and capital nature
has been presented alongside the statement.
An analysis of retained earnings broken down into revenue
(distributable) items and capital (distributable) items is given in
Note 5.
Investment Management fees and finance costs are charged 75 per
cent. to capital and 25 per cent to revenue (2022: 75 per cent to
capital and 25 per cent to revenue). All other operational costs
(including administration expenses to capital) are charged to
revenue.
i. Basis of valuation of investments
Investments are recognised and derecognised on a trade date
where a purchase and sale of an investment is under contract whose
terms require delivery of the investment within the timeframe
established by the market concerned, and are initially measured at
cost, being the consideration given.
All investments are classified as held at fair value through
profit or loss. All investments are measured at fair value with
changes in their fair value recognised in the Statement of
Comprehensive Income in the period in which they arise. The fair
value of listed investments is based on their quoted bid price at
the reporting date without any deduction for estimated future
selling costs.
Foreign exchange gains and losses on fair value through profit
and loss investments are included within the changes in the fair
value of the investments.
For investments that are not actively traded and/or where active
stock exchange quoted bid prices are not available, fair value is
determined by reference to a variety of valuation techniques. These
techniques may draw, without limitation, on one or more of: the
latest arm's length traded prices for the instrument concerned;
financial modelling based on other observable market data;
independent broker research; or the published accounts relating to
the issuer of the investment concerned.
2. Loss on investments
Six months to Six months to 30.09.22
30.09.23 GBP'000
GBP'000
--------------------------- -------------- -----------------------
Net gain realised on sale
of investments 1,333 1,175
Movement in unrealised
losses (6,993) (7,301)
--------------------------- -------------- -----------------------
Loss on investments (5,660) (6,126)
--------------------------- -------------- -----------------------
3. Earnings per Ordinary Share
The earnings per Ordinary share figure is based on the net loss
for the six months of GBP5,661,000 (six months to 30 September
2022: net loss GBP5,168,000) and on 20,681,929 Ordinary shares (six
months to 30 September 2022: 21,381,592), being the weighted
average number of Ordinary shares in issue during the period.
The earnings per ordinary share figure detailed above can be
further analysed between revenue and capital, as below.
Six months to 30.09.23 Six months to 30.09.22
GBP'000 GBP'000
------------------------------------ ---------------------- ----------------------
Net revenue profit 205 84
Net capital loss (5,866) (5,252)
------------------------------------ ---------------------- ----------------------
Net total loss (5,661) (5,168)
------------------------------------ ---------------------- ----------------------
Weighted average number of ordinary
shares in issue during the period 20,681,929 21,381,592
Revenue earnings per ordinary share
(p) 0.99 0.39
Capital losses per ordinary share
(p) (28.36) (24.56)
------------------------------------ ---------------------- ----------------------
Total losses per ordinary share
(p) (27.37) (24.17)
------------------------------------ ---------------------- ----------------------
4. Transaction Costs
The following transaction
costs were incurred during
the period:
Six months to Six months to
30.09.23 30.09.22
GBP'000 GBP'000
----------------------------- -------------- --------------
Purchases 2 1
Sales 2 2
----------------------------- -------------- --------------
Total 4 3
----------------------------- -------------- --------------
5. Retained Earnings
The table below shows the movement in the retained earnings
analysed between revenue and capital items.
Revenue Capital Total
----------------------------
GBP'000 GBP'000 GBP'000
---------------------------- ------- ------- -------
At 31 March 2023 10 51,827 51,837
Movement during the period:
Net return/(loss) for the
period 205 (5,866) (5,661)
Ordinary shares reissued
from treasury - 19 19
Shares repurchased - (1,941) (1,941)
---------------------------- ------- ------- -------
At 30 September 2023 215 44,039 44,254
---------------------------- ------- ------- -------
6. Net asset value per ordinary share
The net asset value per ordinary share is based on the net
assets attributable to the ordinary shareholders of GBP47,012,000
(31 March 2023: GBP54,578,000) and on 20,190,779 (31 March 2023:
21,107,155) ordinary shares, being the number of ordinary shares in
issue at the period end excluding treasury shares.
Six months to Year ended
-----------------------------
30.09.23 31.03.23
-----------------------------
GBP'000 GBP'000
----------------------------- ------------------- -------------------
Undiluted
Ordinary shareholders' funds 47,012 54,578
Number of ordinary shares
in issue 20,190,779 21,107,155
----------------------------- ------------------- -------------------
Net asset value per ordinary
share (pence) 232.84p 258.58p
----------------------------- ------------------- -------------------
Diluted
Ordinary shareholders' funds 52,233 60,333
Number of ordinary shares
in issue 22,209,857 23,217,871
----------------------------- ------------------- -------------------
Net asset value per ordinary share (pence) 235.18p 259.86p
--------------------------------------------- --------------- -------
The diluted net asset value per ordinary share assumes that all
outstanding dilutive Subscription shares, being one for ten
ordinary shares, will be converted to ordinary shares at the end of
the financial year.
7. Fair valuation of investments
The financial assets measured at fair value in the Statement of
Financial Position are grouped into the fair value hierarchy as
follows:
30 September 2023 31 March 2023
Level Level Level Total Level Level Level Total
1 2 3 1 2 3
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------------- -------- -------- -------- -------- -------- -------- -------- --------
Equity Investments 46,769 - - 46,769 55,002 - - 55,002
-------------------- -------- -------- -------- -------- -------- -------- -------- --------
46,769 - - 46,769 55,002 - - 55,002
-------------------- -------- -------- -------- -------- -------- -------- -------- --------
Level 1 reflects financial instruments quoted in an active
market.
Level 2 reflects financial instruments whose fair value is
evidenced by comparison with other observable current market
transactions in the same instrument or based on a valuation
technique whose variables includes only data from observable
markets.
Level 3 reflects financial instruments whose fair value is
determined in whole or in part using a valuation technique based on
assumptions that are not supported by prices from observable market
transactions in the instrument and not based on available
observable market data.
8. Principal risk profile
The principal risks which the Company faces include exposure
to:
(i) market price risk, including currency risk, interest rate
risk and other price risk;
(ii) credit and counterparty risk; and
(iii) liquidity risk.
Market price risk - This is the risk that the fair value or
future cash flows of a financial instrument held by the Company may
fluctuate because of changes in market prices. This market risk
comprises three elements - currency risk, interest rate risk and
other price risk.
Credit and counterparty risk - This is the exposure to loss from
the failure of a counterparty to deliver securities or cash for
acquisitions or to repay deposits.
Liquidity risk - This is the risk that the Company will
encounter difficulty in meeting obligations associated with
financial liabilities.
Further details of the Company's management of these risks can
be found in Note 13 of the company's Annual report and accounts for
the year ended 31 March 2023.
There have been no changes to the management of or the exposure
to these risks since that date.
9. Related Parties
Jupiter Unit Trust Managers Limited ('JUTM'), the Alternative
Investment Fund Manager, is a company within the same group as
Jupiter Asset Management Limited ('JAM'), the Investment Adviser.
JUTM receives an investment management fee as set out below.
JUTM is contracted to provide investment management services to
the company subject to termination by not less than twelve months'
notice by either party. The basis for calculation of the management
fee charged to the company is a tiered fee amounting to 0.70% of
net assets up to GBP150 million, reducing to 0.60% for net assets
over GBP150 million and up to GBP250 million, and reducing further
to 0.50% for net assets in excess of GBP250 million, per annum,
after deduction of the value of any Jupiter managed
investments.
The management fee payable to JUTM for the period 1 April 2023
to 30 September 2023 was GBP176,759 (year to 31 March 2023:
GBP369,162) with GBP26,922 (31 March 2023: GBP64,344) outstanding
at period end.
The Company has invested from time to time in funds managed by
Jupiter Investment Management PLC or its subsidiaries. There was no
such investment during current period (31 March 2023: Nil).
No investment management fee is payable by the Company to
Jupiter Asset Management Limited in respect of the Company's
holdings in investment trusts, open-ended funds and investment
companies in respect of which Jupiter Investment Management Group
Limited, or any subsidiary undertaking of Jupiter Investment
Management Group Limited, receives fees as investment manager or
investment adviser.
Availability of Half Yearly Financial Report
The Half Yearly Financial Report will shortly be available on
company's website www.jupiteram.com/JGC.
A copy of the Half Yearly Financial Report will also be
submitted to the National Storage Mechanism and will soon be
available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
By Order of the Board
Jupiter Asset Management Limited
Company Secretary
18 December 2023
For further information, please contact:
Nick Black
Head of Investment Trusts & Alternatives
Jupiter Asset Management Limited
investmentcompanies@jupiteram.com
020 3817 1000
[END]
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR BSBDDRSBDGXI
(END) Dow Jones Newswires
December 18, 2023 09:50 ET (14:50 GMT)
Jupiter Green Investment (LSE:JGC)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
Jupiter Green Investment (LSE:JGC)
Gráfica de Acción Histórica
De May 2023 a May 2024