The issuer wishes to advise of a correction to the Return per ordinary share
for the six month period to 31 January 2007 included in the Interim results
figures released on 30 March 2007 which should read as follows:
Return per ordinary share 0.1 p (Revenue) 2.1p (Capital) and 2.2p (Total)
Perpetual Japanese Investment Trust plc
Preliminary Announcement
of Unaudited Interim Results
for the half-year ended 31 January 2007
Performance Statistics
At At %
31 January 31 July Change
2007 2006
Total net assets (�'000) 57,908 55,857 +3.7
Net asset value per ordinary share 62.8p 60.6p +3.7
- basic
Mid-market price per ordinary share 57.8p 57.3p +0.9
Discount per ordinary share - % 8.0 5.5
FTSE World Japan Index (in 116.6 117.2 -0.5
Sterling)
Tokyo TOPIX Index (in Sterling) 7.3 7.4 -1.4
Tokyo TOPIX Index (in Yen) 1,721.9 1,572.0 +9.5
Actual Gearing 101 103
Asset Gearing 101 101
Chairman's Statement
The six month period under review saw a fall in the Japanese stockmarket of
1.4% as measured by the sterling adjusted Tokyo TOPIX (First Section) Index. By
contrast, the net asset value per ordinary share of the Company increased by
3.7%.
The Manager's stock selection has continued to be good. Portfolio changes have
reflected his continuing caution about the market as a whole, as discussed in
the Interim Report. The Manager has performed well despite the market climate.
The Company's NAV performance was ranked 1st over one, three and six months as
at 31 January 2007 against its peer group. (Source: Cazenove Investment
Companies Research).
Economic conditions in Japan remain challenging as domestic growth continues to
show little strength. Near deflation conditions remain a problem that the
Japanese authorities have as yet failed to overcome. The robust investment
process of the Manager should continue to identify relative value in what may
be a lacklustre overall market environment. The dangers of wider financial
market instabilities remain but if there is additional unwinding of the 'carry
trade', the yen might tend to appreciate. In these circumstances, sector and
individual stock selection will be of paramount importance.
The Chairman and Directors decided to mandate a normal gearing of the Company's
portfolio, from a minimum of 0% to a maximum of 15% of the Company's assets,
unless the Investment Manager presents an overwhelming case for deviating from
these guidelines. However, the Manager should be able to deviate outside that
range by 1%. The gearing level remains under constant review.
Christopher Mitchinson
Chairman
30 March 2007
Income Statement
Six months to 31 January
2007
(unaudited)
Revenue Capital Total
�'000 �'000 �'000
Gains on investments at fair value
- 1,971 1,971
through profit or loss
Exchange gains - 5 5
Unfranked investment income - 442 - 442
dividends
Deposit interest 11 - 11
Net return before finance costs
453 1,976 2,429
and taxation
Investment management fee (228) - (228)
Other expenses (103) - (103)
Net return before finance costs
122 1,976 2,098
and taxation
Interest payable and similar charges (11) - (11)
Return on ordinary activities
111 1,976 2,087
before taxation
Tax on ordinary activities (36) - (36)
Return on ordinary activities after
tax for
75 1,976 2,051
the financial period
Return per ordinary share:
Basic - note 2 0.1p 2.1p 2.2p
The total column of this statement represents the Company's profit and loss
account, prepared in accordance with UK accounting standards. The supplementary
revenue and capital columns are both prepared under guidance published by the
Association of Investment Companies. All items in the above statements derive
from continuing operations and the company has no other gains or losses and
therefore no statement of recognised gains and losses is presented. No
operations were acquired or discontinued in the period.
Income Statement
Year to
Six months to 31 January 31 July
2006
2006
(unaudited)
(audited)
Total
Revenue Capital Total �'000
�'000 �'000 �'000
Gains on investments at
fair value
- 15,396 15,396 10,858
through profit or loss
Exchange losses - (53) (53) (13)
Unfranked investment
income
312 - 312 728
- dividends
Deposit interest 9 - 9 10
Net return before
finance costs
321 15,343 15,664 11,583
and taxation
Investment management (230) - (230) (460)
fee
Other expenses (118) - (118) (266)
Net return before
finance costs
(27) 15,343 15,316 10,857
and taxation
Interest payable and (8) - (8) (65)
similar charges
Return on ordinary
activities
(35) 15,343 15,308 10,792
before taxation
Tax on ordinary (21) - (21) (51)
activities
Return on ordinary
activities after
(56) 15,343 15,287 10,741
tax for the financial
period
Return per ordinary
share:
Basic - note 2 (0.1p) 16.7p 16.6p 11.7p
Reconciliation Of Movements In Shareholders' Funds
Share Share Capital Special Capital Capital Revenue Total
Capital Premium Redemption Reserve Reserve- Reserve- Reserve �'000
�'000 Account Reserve �'000 Realised Unrealised �'000
�'000 �'000 �'000 �'000
At 1 August 9,217 5,927 28,025 16,915 (2,590) (145) (1,492) 55,857
2006
Return per
the Income
Statement - - - - 1,712 264 75 2,051
for the
period
At 31 9,217 5,927 28,025 16,915 (878) 119 (1,417) 57,908
January 2007
Share Share Capital Special Capital Capital Revenue Total
Capital Premium Redemption Reserve Reserve- Reserve- Reserve �'000
�'000 Account Reserve �'000 Realised Unrealised �'000
�'000 �'000 �'000 �'000
At 1 August 9,217 5,927 28,025 16,915 (14,495) 923 (1,396) 45,116
2005
Return per
the Income
Statement - - - - 11,905 (1,068) (96) 10,741
for the year
At 31 July 9,217 5,927 28,025 16,915 (2,590) (145) (1,492) 55,857
2006
Share Share Capital Special Capital Capital Revenue Total
Capital Premium Redemption Reserve Reserve- Reserve- Reserve �'000
�'000 Account Reserve �'000 Realised Unrealised �'000
�'000 �'000 �'000 �'000
At 1 August 9,217 5,927 28,025 16,915 (14,495) 923 (1,396) 45,116
2005
Return per
the Income
Statement - - - - 7,561 7,782 (56) 15,287
for the
period
At 31 9,217 5,927 28,025 16,915 (6,934) 8,705 (1,452) 60,403
January 2006
Balance Sheet
At At At
31 January
31 July 31 January
2007
2006 2006
(unaudited)
(audited) (unaudited)
�'000
�'000 �'000
Non-current assets
Investments held at fair value
through
profit or loss 58,277 56,152 60,673
Current assets
Amounts due from brokers 1,238 355 -
VAT recoverable 24 26 20
Prepayments and accrued 35 79 53
income
Cash at bank - 914 851
1,297 1,374 924
Creditors: amounts falling due
within one year
Amounts due to brokers (740) - (933)
Bank overdraft (646) (1,502) -
Unrealised loss on forward (5)
currency
transactions (2) -
Accruals and deferred income (275) (165) (261)
(1,666) (1,669) (1,194)
Net current liabilities (369) (295) (270)
Total assets less current 57,908 55,857 60,403
liabilities
Capital and reserves
Called up share capital 9,217 9,217 9,217
Share premium account 5,927 5,927 5,927
Other reserves
Capital redemption reserve 28,025 28,025 28,025
Special reserve 16,915 16,915 16,915
Capital reserve - realised (878) (2,590) (6,934)
Capital reserve - unrealised 119 (145) 8,705
Revenue reserve (1,417) (1,492) (1,452)
Total Shareholders' funds 57,908 55,857 60,403
Net asset value per ordinary
share
Basic - note 2 62.8p 60.6p 65.5p
Cash Flow Statement
Six months to Year to Six months to
31 January 31 July 31 January
2007 2006 2006
(unaudited) (audited) (unaudited)
�'000 �'000 �'000
Cash inflow/(outflow)
from
operating activities 239 (117) -
Servicing of finance (11) (65) (8)
Capital expenditure and
financial investment
Purchase of investments (23,466) (89,391) (49,703)
Sale of investments 23,169 87,709 49,326
Net cash outflow before
management of liquid
resources and financing (69) (1,864) (385)
Management of liquid - 1,489 -
resources
Decrease in cash (69) (375) (385)
Reconciliation Of Net Cash Flow To Movement In Net Debt
Six months to Year to Six months to
31 January 31 July 31 January
2007 2006 2006
(unaudited) (audited) (unaudited)
�'000 �'000 �'000
Decrease in cash (69) (375) (385)
Cash outflow from
movement
in liquid resources - (1,489) -
Change in net debt
resulting from
cash flows (69) (1,864) (385)
Translation difference 11 (13) (53)
Movement in net debt in (58) (1,877) (438)
the period
Net (debt)/funds at (588) 1,289 1,289
beginning of the period
Net (debt)/funds at end (646) (588) 851
of period
Notes
1. The accounts have been prepared in accordance with applicable United Kingdom
Accounting Standards and with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued by the Association of
Investment Companies in 2005.
The financial information for the period ended 31 January 2007 has been
prepared on a basis consistent with the accounting policies adopted by the
Company in its statutory accounts for the year ended 31 July 2006.
2. Basis of Return and Net Asset Value per ordinary share
Six months Year to Six months
to to
31 July
31 January 31 January
2006
2007 2006
(audited)
(unaudited) (unaudited)
Shareholders' funds (�'000) 57,908 55,857 60,403
Revenue return after tax (� 75 (96) (56)
'000)
Capital return after tax (� 1,976 10,837 15,343
'000)
Number of shares in issue at
the period end used to
calculate net asset value
per share 92,165,333 92,165,333 92,165,333
Weighted average number of
shares in issue during the
period to calculate returns 92,165,333 92,165,333 92,165,333
3. 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.
4. The foregoing financial information at 31 July 2006 is an abridged version
of the Company's full accounts which carry an unqualified Auditors' Report and
which have been filed with the Registrar of Companies.
By order of the Board
INVESCO Asset Management Limited
Secretary
30 March 2007
END
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