Half Year Report JPMorgan Russian Securities plc. Half Year Report & Accounts for the six months ended 30th April 2011

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1 Russian HY cover_russian HY Cover 01/07/ :49 Page Half Year Report JPMorgan Russian Securities plc Half Year Report & Accounts for the six months ended 30th April 2011

2 Features Contents About the Company 1 Half Year Performance 2 Chairman s Statement 3 Investment Managers Report Investment Review 5 Twenty Largest Equity Investments 6 Sector Analysis Accounts 7 Income Statement 8 Reconciliation of Movements in Shareholders Funds 9 Balance Sheet 10 Cash Flow Statement 11 Notes to the Accounts 13 List of Investments Shareholder Information 14 Interim Management Report 15 Glossary of Terms and Definitions 17 Information about the Company Objective To provide capital growth from investment in Russian securities. Investment Policies - To maintain a diversified portfolio of investments in quoted Russian securities and Russian pre-ipo stocks (up to 10% of the gross assets of the Company) or other companies which derive the majority of their revenue or gains from operating in Russia. - To use gearing when appropriate to increase potential returns to shareholders. - To invest no more than 15% of gross assets in other UK listed investment companies (including investment trusts). Benchmark The MSCI Russian 10/40 Equity Indices Index in sterling terms. Capital Structure At 30th April 2011, the Company s share capital comprised 55,284,312 ordinary shares of 1p each. Management Company The Company employs JPMorgan Asset Management (UK) Limited to manage its assets.

3 Half Year Performance +6.3% +7.4% Return to shareholders 1 Return on net assets % Benchmark return 1,3 Financial Data 30th April 31st October % change Total net assets ( 000) 403, , Number of shares in issue 55,284,312 55,284,312 Net asset value per share 730.5p 680.3p +7.4 Share price 677.5p 637.5p +6.3 Share price discount to net asset value per share 7.3% 6.3% A glossary of terms and definitions is provided on page Source: Morningstar. 2 Source: J.P. Morgan. 3 The Company s benchmark is the MSCI Russian 10/40 Equity Indices Index in sterling terms. JPMorgan Russian Securities plc. Half Year Report & Accounts

4 Chairman s Statement Performance The Russian market continued to advance in the six months to 30th April 2011, heavily underpinned by high oil prices. In the six months under review, the Company s total return to shareholders was +6.3% and the total return on net assets was +7.4%. After the Company s excellent performance figures for the year ended 31st October 2010, market conditions in the six months to 30th April 2011, proved difficult for the positioning of the Company s portfolio relative to the Company s benchmark, the MSCI Russian 10/40 Equities Indices Index in Sterling terms which returned +20.1% Long term shareholders in this Company will be aware that its portfolio has maintained an underweight position in the energy sector for many years. Although this strategy has handsomely rewarded shareholders in previous years, over the last six months it has detracted from relative performance against the Company s benchmark. As a Board we continually challenge the managers with respect to the positioning of the portfolio and in particular to this long held underweight position. In their report over the page the investment managers provide some explanation for the surge in energy stock prices over the period and confirm their rationale for the portfolio s continuing underweight position in this sector. The Board supports the investment managers convictions, which they believe will deliver significant benefits to long term shareholders. Revenue and Earnings The revenue loss after taxation for the six months ended 30th April 2011 was 1,312,000, which equates to a loss per share of 2.37p. Gearing Our investment managers did not gear the portfolio during the review period. Share Repurchases and Discount The Board continually monitors the discount at which the Company s shares trade to their net asset value and uses the buyback powers granted by shareholders when it is deemed appropriate. The Board s stated policy is to consider utilising its buyback powers if the average discount exceeds 12% over a thirty day period. During the period under review the Company s discount widened marginally to 7.3%, still comfortably below 12%. Accordingly it was not deemed necessary to buy back any of the Company s shares. Pamela Idelson Smith Chairman 30th June JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

5 Investment Managers Report During the six month period under review the Company s net asset value rose by 7.4%. Many shareholders will be aware that emerging markets have had a challenging period particularly in the early part of An exception to this has been the Russian indices which have been strong beneficiaries of the rising oil price as the indices are dominated by the large Russian energy stocks. The Company s benchmark index, the MSCI Russian 10/40 Equity Indices Index in sterling terms, rose by 20.1% over the six month period and we discuss below the reasons for the strong performance of the index. Oleg I. Biryulyov Vitaly N. Kazakov The Market and Portfolio Strategy Long standing shareholders will be aware that in the portfolio we have for a considerable period of time been significantly underweight the energy sector. We firmly believe that energy companies in Russia are at a structural disadvantage which does not allow them to reap the benefits of a higher oil price. The punitive tax regime for the sector as well as the high level of capital expenditure required to sustain current production levels mean that we believe earnings are overstated and the sector is generating returns below its cost of capital. Energy companies therefore compare poorly with other opportunities in the market, notably consumer and retail stocks, which combine superior economic returns with lower risk because of their long-term growth prospects. Unlike the previous period in 2010 where we outperformed this positioning was unhelpful during the six months to 30th April 2011 as the performance of the oil sector and other sectors of the Russian equity market diverged. The oil price rose by 46.4% in sterling terms over the six months and reached a price of US$126 a barrel at the end of April. We witnessed significant inflows into Russian specific index-tracking exchange tradable funds ( ETFs ) who received over five times the inflows of In this period, when 80+% of new investment flows into the Russian market came through ETFs, the largest stocks, which happen to be energy stocks such as Gazprom and Lukoil, where we are significantly underweight, had a very powerful run. This has led to a distortion in the overall level of general financial efficiency for capital allocation on the Russian market, which in our view is temporary. In addition to the impact from the portfolio s underweight in the energy sector, and stock selection within this, our large positions in consumer sector stocks like Magnit, Sberbank, MTS and Systema all underperformed in the short term and detracted from performance. The underweight position in the materials sector was positive for returns, as was stock selection in the telecoms sector. We continually review our rationale for maintaining an underweight position in energy stocks and we believe our stance is valid despite the increased volatility of oil prices. The forecast earnings growth for our portfolio is 30% compared to that of the benchmark index of 23% and over the medium and long run this should continue to deliver returns for active fundamentally driven investors such as us. JPMorgan Russian Securities plc. Half Year Report & Accounts

6 Investment Managers Report continued Market and Political comments In general, interest in the Russian market from foreign investors increased over the review period. However, domestic investors have been absent from the market for the last 18 months and accordingly missed most of the rally. A stronger market and rising valuations provided the catalyst for many private companies to consider entering the public market as an opportunity to attract additional capital. In the review period the Company took part in two IPOs: Mostotrest is a large construction company. It floated with an attractive valuation and provided a unique opportunity to gain exposure to the undercapitalised and rapidly growing infrastructure sector. The quality and quantity of roads and general infrastructure in Russia has been notoriously poor and the Government has given a strong commitment to address this issue, which has long been a stumbling block for Russia s economic growth. Ros Agro is a food company, primarily based on sugar production at present. The food and agricultural industry in Russia has historically not been very efficient. However, this company s flotation represented an opportunity to invest in one of the most efficient players in this environment, at an attractive valuation. The Russian election season commenced with President Medvedev and Prime Minister Putin both not excluding their interest in participation in the presidential elections in March We believe that political risks in Russia for the next months will be elevated, as the majority of the business community becomes unsettled about potential change and its impact on the business environment in Russia. However, we would expect that the most likely outcome will be better than feared, but it will take time for this to become the consensus view. Outlook In the short-term, inflation, commodity price movements and politics will weigh on the Russian market. In addition the expectation of further monetary tightening and new equity supply are putting pressure on the market in the absence of positive surprises from the real economy. In this volatile environment we will continue to focus on identifying quality businesses at sensible valuations. We believe that the long term fundamental case for Russian equities is still intact. Individual stock valuations do not reflect all the risks and opportunities in the market and leave space for active fund managers to benefit. Oleg I. Biryulyov Vitaly N. Kazakov Investment Managers 30th June JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

7 Twenty Largest Equity Investments at 30th April 2011 Active Valuation Portfolio Benchmark Position Company Sector 000 % 1 % % Sberbank Rossii Financials 54, Magnit 2 Consumer Staples 38, Norilsk Nickel ADR Materials 29, (2.4) Mobile Telesystems 3 Telecommunication Services 25, Tatneft ADR Energy 20, Novolipetsk Iron & Steel GDR Materials 17, Sistema 4 Telecommunication Services 16, CTC Media Consumer Discretionary 15, Magnitogorsk Iron & Steel Works GDR Materials 14, Bank Saint Petersburg Financials 13, Mostotrest 5 Industrials 13, Lukoil ADR Energy 12, (5.5) Dixy Consumer Discretionary 12, Cherkizovo GDR Consumer Staples 11, Pharmacy Chain 36.6 Health Care 10, Kalina Concern 6 Consumer Staples 8, IDGC Utilities 7, Oriflame Cosmetics SDR Consumer Staples 7, Eurasia Drilling GDR Energy 7, ROS Agro GDR 5 Consumer Staples 6, Total 345, Based on total assets less current liabilities of 403.8m. 2 Includes GDR amounting to 10,554, Includes ADR amounting to 19,752, Includes GDR amounting to 12,822, Not held in the portfolio at 31st October Not included in the twenty largest equity investments at 31st October At 31st October 2010, the value of the twenty largest equity investments amounted to 326.5m representing 86.8% of total assets less current liabilities. JPMorgan Russian Securities plc. Half Year Report & Accounts

8 Sector Analysis 30th April st October 2010 Active Active Portfolio Benchmark Position Portfolio Benchmark Position % 1 % % % 1 % % Consumer Staples Materials (10.8) (4.3) Financials Energy (25.9) (28.0) Telecommunication Services Consumer Discretionary Health Care Industrials Utilities (6.3) (7.4) Information Technology Liquidity Fund Net Current Assets Total Based on total assets less current liabilities of 403.8m (2010: 376.1m). 6 JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

9 Income Statement for the six months ended 30th April 2011 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April th April st October 2010 Revenue Capital Total Revenue Capital Total Revenue Capital Total Gains on investments held at fair value through profit or loss 29,267 29, , , , ,491 Net foreign currency (losses)/gains (227) (227) Income from investments 2,565 2,565 1,772 1,772 6,033 6,033 Other interest receivable and similar income Gross return 2,566 29,040 31,606 1, , ,130 6, , ,598 Management fee (3,035) (3,035) (2,270) (2,270) (4,828) (4,828) Other administrative expenses (559) (559) (355) (355) (770) (770) Net (loss)/return on ordinary activities before finance costs and taxation (1,028) 29,040 28,012 (853) 113, , , ,000 Finance costs (1) (1) Net (loss)/return on ordinary activities before taxation (1,028) 29,040 28,012 (853) 113, , , ,999 Taxation (284) (284) (219) (219) (817) (817) Net (loss)/return on ordinary activities after taxation (1,312) 29,040 27,728 (1,072) 113, ,286 (382) 119, ,182 (Loss)/return per share (note 3) (2.37)p 52.53p 50.16p (1.93)p p p (0.69)p p p All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. The Total column of this statement is the profit and loss account of the Company and the Revenue and Capital columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. The Total column represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses ( STRGL ). For this reason a STRGL has not been presented. JPMorgan Russian Securities plc. Half Year Report & Accounts

10 Reconciliation of Movements in Shareholders Funds Called up Capital Six months ended share Other redemption Capital Revenue 30th April 2011 capital reserve reserve reserves reserve Total (Unaudited) At 31st October , ,771 (4,550) 376,103 Net return/(loss) on ordinary activities 29,040 (1,312) 27,728 At 30th April , ,811 (5,862) 403,831 Called up Capital Six months ended share Other redemption Capital Revenue 30th April 2010 capital reserve reserve reserves reserve Total (Unaudited) At 31st October , ,207 (4,168) 260,037 Repurchase of the Company s own shares for cancellation (6) (3,116) 6 (3,116) Net return/(loss) on ordinary activities 113,358 (1,072) 112,286 At 30th April , ,565 (5,240) 369,207 Called up Capital Year ended share Other redemption Capital Revenue 31st October 2010 capital reserve reserve reserves reserve Total (Audited) At 31st October , ,207 (4,168) 260,037 Repurchase of the Company s own shares for cancellation (6) (3,116) 6 (3,116) Net return/(loss) on ordinary activities 119,564 (382) 119,182 At 31st October , ,771 (4,550) 376,103 8 JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

11 Balance Sheet at 30th April 2011 (Unaudited) (Unaudited) (Audited) 30th April th April st October Fixed assets Equity investments held at fair value through profit or loss 397, , ,854 Investment in liquidity fund held at fair value through profit or loss 3,342 5,106 6,395 Total investment portfolio 401, , ,249 Current assets Financial assets: Derivative financial instruments 1 Debtors 1,787 3,079 1,986 Cash and short term deposits ,998 2,641 3,129 4,984 Creditors: amounts falling due within one year (132) (7,639) (130) Net current assets/(liabilities) 2,509 (4,510) 4,854 Total assets less current liabilities 403, , ,103 Net assets 403, , ,103 Capital and reserves Called up share capital Other reserve 49,281 49,281 49,281 Capital redemption reserve Capital reserves 359, , ,771 Revenue reserve (5,862) (5,240) (4,550) Shareholders funds 403, , ,103 Net asset value per share (note 4) 730.5p 667.8p 680.3p Company registration number: JPMorgan Russian Securities plc. Half Year Report & Accounts

12 Cash Flow Statement for the six months ended 30th April 2011 (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April th April st October Net cash outflow from operating activities (note 5) (1,111) (1,449) (1,769) Net cash outflow from returns on investments and servicing of finance (1) Net cash (outflow)/inflow from capital expenditure and financial investment (806) (2,118) 7,795 Net cash outflow from financing (3,116) (3,116) (Decrease)/increase in cash for the period (1,917) (6,683) 2,909 Reconciliation of net cash flow to movement in net debt Net cash movement (1,917) (6,683) 2,909 Exchange movements (228) 5 73 Movement in net funds/debt in the period (2,145) (6,678) 2,982 Net funds at the beginning of the period 2, Net funds/(debt) at the end of the period 853 (6,662) 2,998 Represented by: Cash and short term deposits ,998 Bank overdraft (6,712) Net funds/(debt) at the end of the period 853 (6,662) 2, JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

13 Notes to the Accounts for the six months ended 30th April Financial statements The information contained within the financial statements in this half year report has not been audited or reviewed by the Company s auditors. The figures and financial information for the year ended 31st October 2010 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act Accounting policies The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice ( UK GAAP ) and with the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts issued in January All of the Company s operations are of a continuing nature. The accounting policies applied in these half year accounts are consistent with those applied in the accounts for the year ended 31st October (Loss)/return per share (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April th April st October (Loss)/return per share is based on the following: Revenue loss (1,312) (1,072) (382) Capital return 29, , ,564 Total return 27, , ,182 Weighted average number of shares in issue 55,284,312 55,554,389 55,419,350 Revenue loss per share (2.37)p (1.93)p (0.69)p Capital return per share 52.53p p p Total return per share 50.16p p p 4. Net asset value per share Net asset value per share is based on the net assets attributable to shareholders 403,831,000 (30th April 2010: 369,207,000 and 31st October 2010: 376,103,000) and on the 55,284,312 (30th April 2010: 55,284,312 and 31st October 2010: 55,284,312) shares in issue at the period end. JPMorgan Russian Securities plc. Half Year Report & Accounts

14 Notes to the Accounts continued for the six months ended 30th April Reconciliation of total return on ordinary activities before finance costs and taxation to net cash outflow from operating activities (Unaudited) (Unaudited) (Audited) Six months ended Six months ended Year ended 30th April th April st October Total return on ordinary activities before finance costs and taxation 28, , ,000 Add back capital return before finance costs and taxation (29,040) (113,358) (119,564) Net movements in debtors, accrued income and accrued expenses 201 (377) (1,388) Overseas withholding tax (284) (219) (817) Net cash outflow from operating activities (1,111) (1,449) (1,769) 12 JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

15 List of Investments at 30th April 2011 Valuation Company Sector 000 % Sberbank Rossii Financials 54, Magnit 1 Consumer Staples 38, Norilsk Nickel ADR Materials 29, Mobile Telesystems 2 Telecommunication Services 25, Tatneft ADR Energy 20, Novolipetsk Iron & Steel GDR Materials 17, Sistema 3 Telecommunication Services 16, CTC Media Consumer Discretionary 15, Magnitogorsk Iron & Steel Works GDR Materials 14, Bank Saint Petersburg Financials 13, Mostotrest Industrials 13, Lukoil ADR Energy 12, Dixy Consumer Discretionary 12, Cherkizovo GDR Consumer Staples 11, Pharmacy Chain 36.6 Health Care 10, Kalina Concern Consumer Staples 8, IDGC Utilities 7, Oriflame Cosmetics SDR Consumer Staples 7, Eurasia Drilling GDR Energy 7, ROS Agro GDR Consumer Staples 6, Surgutneftegaz ADR Energy 6, Verofarm Health Care 6, Mechel Materials 6, Sollers Consumer Discretionary 6, World Trade Centre Moscow Consumer Discretionary 4, Gazprom ADR Energy 4, X5 Retail GDR Consumer Staples 3, WGC 3 Utilities 3, Cheliabinsk Elektrolit 4 Materials 2, Lenenergo Utilities 2, RBC Consumer Discretionary 2, Sistema-Hals GDR Financials 1, Sitronics GDR Information Technology 1, Open Investments Financials Urals Energy Energy JPM US Dollar Liquidity Fund Liquidity Fund 3, Total Portfolio 401, Includes GDR amounting to 10,554, Includes ADR amounting to 19,752, Includes GDR amounting to 12,822, Includes GDR amounting to 1,387,000. JPMorgan Russian Securities plc. Half Year Report & Accounts

16 Interim Management Report The Company is now required to make the following disclosures in its half year report. Principal Risks and Uncertainties The principal risks and uncertainties faced by the Company fall into the following broad categories: investment and strategy; accounting, legal and regulatory; corporate governance and shareholder relations; operational and financial. Information on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st October Related Parties Transactions During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company during the period. Directors Responsibilities The Board of Directors confirms that, to the best of its knowledge: (i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with the Accounting Standards Board s Statement Half-Yearly Financial Reports ; and (ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules. For and on behalf of the Board Pamela Idelson Smith Chairman 30th June 2011 Going Concern The Directors believe, having considered the Company s investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts. 14 JPMorgan Russian Securities plc. Half Year Report & Accounts 2011

17 Glossary of Terms and Definitions Return to shareholders Total return to the shareholder, on a mid-market price to mid-market price basis. Return on net assets Total return on net asset value per share, on a bid value to bid value basis. Benchmark return Total return on the benchmark, on a mid-market value to mid-market value basis, assuming that all dividends received were reinvested, without transaction costs, in the shares of the underlying companies at the time the shares were quoted ex-dividend. The benchmark is a recognised index of stocks which should not be taken as wholly representative of the Company s investment universe. The Company s investment strategy does not follow or track this index and consequently, there may be some divergence between the Company s performance and that of the benchmark. Share price discount/premium to net asset value per share If the share price of an investment trust is lower than the net asset value ( NAV ) per share, the shares are said to be trading at a discount. The discount is shown as a percentage of the NAV. The opposite of a discount is a premium. It is more common for an investment trust s shares to trade at a discount than at a premium. Active position The active position shows the difference between the Company s holding of an individual stock or sector compared with that stock or sector s weighting in the Company s benchmark index. A positive number indicates an active decision by the Manager to own more of (i.e. be overweight) a particular stock or sector versus the benchmark and a negative number indicates a decision to hold less of (i.e. be underweight) a particular stock or sector versus the benchmark. JPMorgan Russian Securities plc. Half Year Report & Accounts

18 Information about the Company Financial Calendar Financial year end Final results announced Half year end Half year results announced Interim Management Statements announced Dividend (if any) Annual General Meeting 31st October January 30th April June February/August March March History The Company was launched in December 2002 by a placing and offer for subscription. It is the successor Company to The Fleming Russia Securities Fund Limited, a closed-ended investment company incorporated in Jersey and listed on the Irish Stock Exchange. The Company adopted its present name on 1st March Directors Pamela Idelson Smith (Chairman) James Nicholson (Audit Committee Chairman) Alexander Easton Patrick Gifford George Nianias Lysander Tennant Company Numbers Company registration number: London Stock Exchange Sedol number: ISIN: GB Bloomberg ticker: JRS LN Market Information The Company s shares are listed on the London Stock Exchange. The market price is shown daily in the Financial Times, The Times, The Daily Telegraph, The Scotsman, The Independent and on the JPMorgan website at where the share price is updated every fifteen minutes during trading hours. Website Share Transactions The Company s shares may be dealt in directly through a stockbroker or professional adviser acting on an investor s behalf. They may also be purchased and held through the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP. These products are all available on the online wealth manager service, J.P. Morgan WealthManager+ available at A member of the AIC Manager and Secretary JPMorgan Asset Management (UK) Limited Company s Registered Office Finsbury Dials 20 Finsbury Street London EC2Y 9AQ Telephone number: Custodian JPMorgan Chase Bank, N.A. 125 London Wall London EC2Y 5AJ For company secretarial and administrative matters, please contact Alison Vincent. Registrars Equiniti Reference 2610 The Causeway Worthing, West Sussex BN99 6DA Telephone number: Calls to this number cost 8p per minute from a BT landline. Other providers costs may vary. Lines open 8.30 a.m. to 5.30 p.m., Monday to Friday. The overseas helpline number is +44 (0) Notifications of changes of address and all enquiries regarding certificates should be sent to the Registrar quoting reference Registered shareholders can obtain further details on individual holdings on the internet by visiting Independent Auditor Ernst & Young LLP Statutory Auditor 1 More London Place London SE1 2AF Brokers Cenkos Securities plc 6,7,8 Tokenhouse Yard London EC2R 7AS Savings Product Administrators For queries on the J.P. Morgan Investment Account, J.P. Morgan ISA and J.P. Morgan SIPP, see contact details on the back cover of this report. JPMorgan Russian Securities plc. Half Year Report & Accounts

19 J.P. Morgan Helpline Freephone or +44 (0) Your telephone call may be recorded for your security

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