Beta Global Emerging - Interim Results
24 7월 1997 - 7:51PM
UK Regulatory
RNS No 7947t
BETA GLOBAL EMERGING MARKETS INVESTMENT TRUST PLC
23rd July 1997
INTERIM STATEMENT
30 JUNE 1997
CHAIRMANS PROGRESS REPORT
Space is too limited here to describe the adventures of Beta GEM and its
Managers in the first half of 1997; nor do we wnat to worry our insurers.
However, the bottom line is a net asset value gain of 25.3% in comparison, the
various emerging market indices rose by between 14.6% and 18.7% and the world
market average 14.3%, all in US dollar terms, over the same period. Beta GEM's
embryo market tilt enhanced performance and, since overall volatilty hasn't
risen, Shareholders enjoyed that rare treat, a 'free lunch'.
Edited highlights of recent investment successes include, amongst the larger
markets, sizeable bets on post-socialist China and Russia against hardly any on
sick tigers in South East Asia; and getting back into newly-democratic Mexico
before it began to celebrate.
The Managers' current strategy is to back the Indian subcontinent and, without
specifying them to potential competitors, a number of embryo markets in
Eastern Europe and the Middle East. Profits have already been taken in China and
the portfolio is now 'neutral' on Thailand - a disaster area with long-term
recovery potential; the wreckage elsewhere in the region is being probed. Having
been 'overweight' at times, the portfolio is now 'underweight' in Latin
America; this reflects valuation judgements rather than the Managers' view of
underlying fundamentals, which are still generally very positive.
Stockbrokers and other commentators have recently been writing flattering things
about Beta GEM and Beta Funds. While having one's achievements recognised is
satisfying, we don't want to encourage inflated short-term expectations: Beta
GEM aims to outperform over a whole investment cycle (4-5 years) which is
therefore the appropriate time horizon for potential investors in the Company.
This is an exciting period for pioneers of emerging markets. At one end of the
development spectrum, there are several interesting markets in transition; at
the more sophisticated end, scare stories have produced useful volatlity and
some low valuations. Even without the night life, emerging markets are still
lots of fun - and few are valued at anywhere near the heady multiples of stocks
like Coca Cola - which can increasingly be regarded as an indirect way of
getting exposure to developing economies.
The liquidity of Beta GEM shares continues to increase: this is good for the
Company and the stockbrokers who follow it but may encourage unprofitable
fickleness on the part of Shareholders. Finally, as in previous years, but now
with the added objective of constraining the growth of consumer spending, no
dividend is being proposed.
Peter A Scott
23 July 1997
Consolidated Statement of Total Return
(incorporating the consolidated revenue account*)
6 months to
30th June 1997
(Unaudited)
Revenue Capital Total
#000's #000's #000's
Gains/(losses) on investments - 27,770 27,770
Income 1,238 - 1,238
Other Income (364) - (364)
Management fees (878) - (878)
Other expenses (287) - (287)
------------- ----------- ------------
Net return before finance
costs and taxation (291) 27,770 27,479
Interest payable and similar
charges (99) - (99)
Income from interests in
associated undertakings - - -
------------- --------- -------------
Return on ordinary activities
before tax (390) 27,770 27,380
Tax on profit/(loss) on
ordinary activities (74) - (74)
------------- --------- -------------
Return on ordinary activities
after tax for the financial
year, transferred to reserves (464) 27,770 27,306
Return per ordinary share:
Basic (0.8p) 49.6p 48.8p
------------- --------- ------------
Fully Diluted (0.8p) 49.6p 48.8p
------------ --------- ------------
* The revenue column of this statement is the consolidated profit and loss
account of the Group.
All revenue and capital items in the above statement derive from continuing
operations.
No operations were acquired or discontinued in the year.
6 months to Year ended
30 June 1996 31 December 1996
(Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total
#000's #000's #000's #000's #000's #000's
- 13,467 13,467 - 16,000 16,000
1,183 - 1,183 2,396 - 2,396
593 - 593 193 - 193
(616) - (616) (1,323) - (1,323)
(178) - (178) (454) - (454)
------- ------------ ---------- --------- ----------- ---------
982 13,467 14,449 812 16,000 16,812
(204) - (204) (311) - (311)
26 - 26 58 - 58
------- ------------ ----------- -------- ----------- ---------
804 13,467 14,271 559 16,000 16,559
(371) - (371) (449) - (449)
------- ------------- ----------- -------- ----------- ---------
433 13,467 13,900 110 16,000 16,110
------- ------------ ---------- --------- ----------- ----------
0.8p 28.1p 29.0p 0.2p 30.8p 31.0p
------- ------------ --------- --------- ---------- ----------
0.8p 24.1p 24.8p 0.2p 28.7p 28.9p
CONSOLIDATED BALANCE SHEET
30 June 1997 30 June 1996 31 December 1996
(Unaudited) (Unaudited) (Audited)
#000's #000's #000's
Fixed Assets
- Investments 110,373 79,642 89,867
Current Assets
- Investments - 1,291 1,772
Other Net Current
Assets 13,121 13,056 4,549
-------- -------- --------
Net Asset value 123,494 93,989 96,188
------- -------- --------
Capital and Reserves
Called up Share
Capital 5,595 5,595 5,595
Share Premium
Account 25,943 25,943 25,943
Capital reserves:
-Revaluation reserve 17,148 1,192 1,844
-Realisation reserve 37,254 22,907 24,788
-Redemption reserve 38,433 38,433 38,433
Revenue Reserve (879) (81) (415)
------- -------- ---------
123,494 93,989 96,188
------- -------- ---------
Companies Act 1985 Section 255 (3)
The abrdiged Consolidated Balance Sheet and Consolidated Revenue Account for the
year to 31 December 1996 is an extract from the latest published accounts that
have been delivered to the Registrar of Companies and on which the Report of the
Auditors was unqualified.
END
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