Beta Global Emerging - Interim Statement
26 7월 1999 - 6:04PM
UK Regulatory
RNS No 9606u
BETA GLOBAL EMERGING MARKETS INVESTMENT TRUST PLC
23 July 1999
Chairman's Statement
Predictions, half a year ago, of $3 oil, the end of the world and/or the
disappearance of emerging markets from its face, now look silly. The last six
months have seen decent recoveries in Asia, commodity prices and the larger
markets.
The news hasn't yet reached the far frontiers of investment: embryo markets have
mostly continued to fall. Half the components of our universe, already cheap,
became cheaper still over the last six months. However, there were some
opportunities in the medium-sized markets for Beta GEM to make money and I am
happy to note a 26.8% rise in our net asset value to 146.6p, mostly derived from
big bets in Asia.
The emerging countries now own 53% of the world's forex reserves and account,
on a 'purchasing power parity' basis, for 42% of its GDP: China alone is 13.3%
of the global economy. In contrast, the emerging stockmarkets (very broadly
defined) are valued at less than 7% of the world; on a stricter definition, 4%
or less. Investors seem still to be underweight in the asset class. The
'embryos' are languising typically on single-figure P/ER's and could be bought
collectively, with a few Microsoft weeks of cash flow. An extreme example, the
Kiev equity market, evidently a little out of favour, is reportedly valued at
1.4 times annual earnings.
Despite the fairly obvious bargains, the embryo market cycle is irritatingly
slow to turn. It is difficult to explain why just a little of the surplus
liquidity sloshing around the world isn't yet finding its way here. But with
world economic growth forecast to be sustained at a near-3% rate for the next
couple of years, improving confidence may begin to filter through to the
remotest parts.
Beta GEM's own share price and consequent discount to its NAV are
reflecting the same impatience. The only sensible remedy: to repeat the mantra,
to as many investors as will listen, "this is a heavily-discounted way into a
very depressed sub-sector". And hope that it stops being quite so depressed
soon. Exactly when this will happen is difficult to predict. But a bit of
contrarian thinking may now make sense.
Peter A Scott
23 July 1999
Consolidated Balance Sheet
30 June 1999 30 June 1998 31 December 1998
(Unaudited) (Unaudited) (Audited)
#000's #000's #000's
Fixed Assets - Investments 80,898 72,399 60,023
Current Assets - Investments 2,243 1,089 1,999
Other Net Current Assets (1,152) 5,959 2,626
Net Asset value 81,989 79,447 64,648
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 (9,010) (25,713) (30,324)
- Realisation reserve 21,239 36,165 25,929
- Redemption reserve 38,433 38,433 38,433
Revenue Reserve (211) (976) (928)
81,989 79,447 64,648
Companies Act 1985 Section 255 (3)
The abridged Consolidated Balance Sheet and Consolidated Revenue Account for the
year to 31 December 1998 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.
Consolidated Statement of Total Return
(incorporating the consolidated revenue account*)
6 months to
30 June 1999
(Unaudited)
Revenue Capital Total
#000's #000's #000's
Gains/(losses) on investments 250 16,624 16,874
Income from investments 1,230 - 1,230
Other Income 549 - 549
Management fees (540) - (540)
Other expenses (218) - (218)
Net return before finance
costs and taxation 1,271 16,624 17,895
Interest payable and similar charges (200) - (200)
Return on ordinary activities
before tax 1,071 16,624 17,695
Tax on (loss)/profit on ordinary
activities (354) - (354)
Return on ordinary activities
after tax for the financial year,
transferred to reserves 717 16,624 17,341
Return per ordinary share:
Basic 1.3p 29.7p 31.0p
Fully Diluted 1.3p 29.7p 31.0p
*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 1998 31 December 1998
(Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total
#000's #000's #000's #000's #000's #000's
- (23,218) (23,218) (484) (38,066) (38,550)
1,557 - 1,557 2,677 - 2,677
(92) - (92) 421 - 421
(709) - (709) (1,200) - (1,200)
(303) - (303) (518) - (518)
453 (23,218) (22,765) 896 (38,066) (37,170)
(276) - (276) (523) - (523)
177 (23,218) (23,041) 373 (38,066) (37,693)
(113) - (113) (253) - (253)
64 (23,218) (23,154) 120 (38,066) (37,946)
0.1p (41.5p) (41.4p) 0.2p (68.0p) (67.8p)
0.1p (41.5p) (41.4p) 0.2p (68.0p) (67.8p)
END
IR FLGZNNKGLLMM
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