REG - CC Japan Inc&Growth - Half-year Report
28/06/2022 07:01
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RNS Number : 3627Q CC Japan Income & Growth Trust PLC 28 June 2022
CC JAPAN INCOME & GROWTH TRUST PLC
LEI: 549300FZANMYIORK1K98
HALF-YEARLY FINANCIAL REPORT ANNOUNCEMENT
FOR THE SIX MONTHS ENDED 30 APRIL 2022
INVESTMENT OBJECTIVE, FINANCIAL INFORMATION AND PERFORMANCE SUMMARY
INVESTMENT OBJECTIVE
The investment objective of the Company is to provide shareholders with
dividend income combined with capital growth, mainly through investment in
equities listed or quoted in Japan.
FINANCIAL INFORMATION
At At
30 April 31 October
2022 2021
Net assets (millions) £217.0 £222.9
Net asset value ("NAV") per Ordinary Share ("Share")(1) 161.1p 165.4p
Share price 145.3p 154.0p
Share price discount to NAV(2) 9.8% 6.9%
Transferable Subscription Share price 2.00p 3.50p
Annualised Ongoing charges(2) 1.04% 1.05%
Gearing (net)(2) 20.7% 21.1%
(1) Measured on a cum income basis.
(2) This is an Alternative Performance Measure ('APM'). Definitions of APMs
used in this report, together with how these measures have been calculated are
disclosed in the half-yearly report.
PERFORMANCE SUMMARY
For the six months to For the six months to
30 April 30 April
2022 2021
% change % change
NAV ex-income total return per Share(1,2) -2.1% +17.0%
NAV cum-income total return per Share(1,2) -0.7% +15.5%
Share price total return(1,2,3) -3.7% +24.0%
Tokyo Stock Exchange Price Index ("Topix") total return(1) -7.8% +8.8%
Revenue return per Share(1) 2.37p 2.22p
First interim dividend per Share(1) 1.40p 1.40p
(1) Total returns are stated in GBP sterling, including dividend reinvested.
(2) These are APMs.
CHAIRMAN'S STATEMENT
Performance
The first half of the financial year to 30 April 2022 represented a
challenging period for equities globally and Japan was no exception. The TOPIX
total return fell 7.8% over the period. The Company outperformed the
reference benchmark with the Ordinary Share price falling by 3.7% as measured
by total return, which includes the second interim dividend distribution of
3.35p per Ordinary Share paid to Shareholders during the period. The cum
income Net Asset Value ("NAV") declined marginally, by 0.7%.
Over the 12 month period to 30 April 2022, the cum income NAV rose by 7.1% and
the Ordinary Share price rose by 3.5%, while the TOPIX total return fell by
5.1%. Our investment objective is to provide Shareholders with dividend income
combined with capital growth. Since inception in December 2015, the cum income
NAV has risen by 88.4% while the Ordinary Share price, including dividends
distributed, has risen by 69.3%. Dividends paid over the six-and-a-half-year
period amount to 24.05p per Ordinary Share with the level of dividend paid
rising by 58.3% over that time.
Our mandate is differentiated from our competitors by our income bias within
the Japanese investment trust peer group. Shareholders enjoy a respectable
yield, currently in excess of 3%, covered by revenue, while the performance of
the Company over its life to date justifies the design of the mandate and
investment objective. Income and capital returns have been enhanced through
our use of structural gearing. Richard Aston's disciplined investment approach
to stock selection and portfolio construction has rewarded Shareholders since
inception. True, we had a very difficult year in 2020, when the domestic
economy in Japan all but shut down in the wake of the Covid-19 pandemic.
However, the durability of the investment approach can be seen by examining
the overall returns to Shareholders over the Company's life, outperforming the
TOPIX total return by 44.5% over the same period.
Global equities have had to combat the fallout from the Russian invasion of
Ukraine, the economic dislocation of further lockdowns in China and the
prospect of a trajectory of tightening monetary policy led by the US Federal
Reserve to counter inflationary pressures. Japan has not been immune to these
pressures. Another Covid-19 lockdown to tackle the Omicron variant during the
first half of our financial year further delayed the reopening of the domestic
economy. Given these conditions, discounts to NAV have tended to widen across
the peer group with our discount closing at 9.8% as of 30 April 2022, compared
to 6.9% as at the financial year ended 31 October 2021. The discount has
averaged 7.6% over the six months to 30 April 2022.
Income & Interim Dividend
Net revenue increased by nearly 7% in the first half of the year, compared
with the same period last year. This reflects a steadily improving dividend
profile for many of the portfolio holdings. Conversely, a steep decline of the
Yen against the US$ impacts the ¥ / £ cross rate and potentially reduces the
Sterling value of revenue converted from Yen on receipt.
The Board has declared an unchanged first interim dividend of 1.40p per
Ordinary Share which is payable on 5 August 2022 to those Shareholders
recorded on the register as at 8 July 2022, with an ex-dividend date of 7 July
2022.
Transferable Subscription Shares
The Company issued Transferable Subscription Shares ("TSS") as a 1 for 5 free
bonus to Ordinary Shareholders in February 2021 with a two-year life that
expires on the last business day of February 2023. These can be exercised into
Ordinary Shares on a 1:1 basis at a Subscription Price of £1.61 PER Ordinary
Share on a quarterly basis on the last day of August and November 2022, and in
February 2023. The issue was designed as an opportunity for Shareholders to
participate in any post Covid-19 normalisation of the Japanese economy.
Unfortunately, subsequent world events have conspired against the scheme which
could potentially raise £40 million for the Company. While the Ordinary Share
price has briefly exceeded the Subscription Price level putting the TSS "in
the money", the level has never been sustained to facilitate their exercise.
However, the portfolio is well positioned to benefit from cyclical recovery
from any rally in Japanese equities which might create an opportunity to TSS
holders to convert their entitlements.
Outlook
Concurrent geopolitical hurdles have seemed insurmountable at times and very
frustrating for Richard Aston and the team at Coupland Cardiff. They remain
confident in the investments in the portfolio which they believe offer the
prospect of promising total returns from both capital and income potentially
bolstered by the reopening of domestic Japanese economy in the wake of
Covid-19. The Bank of Japan ("BOJ"), as distinct from other Central Banks
continues to run loose monetary policy. If the long period of low inflation is
finally coming to an end in Japan as energy costs and the BOJ's policies stoke
price rises - the April 2022 CPI print was 2.5% YOY - and businesses are
raising consumer prices (for example by Asahi Breweries and Lawson Foods)
this, in turn, ushers in the prospect of wage rises and a change in household
savers' behaviour.
Inflation could encourage some movement of Japan's huge pool of household
savings to finally start coming back to their own domestic equity market.
Since 1989, it has largely been like Waiting for Godot! A major attraction for
Japanese domestic depositors is that TOPIX index companies now yield 2.7%,
higher than inflation and with an earnings yield of over 8% compared to zero
from deposits. There is a significant amount of headroom for Japanese
companies to raise dividends and share buybacks particularly given the
profusion of excess cash on balance sheets. Making a recent speech in London,
Prime Minister Kishida signalled that he intends to introduce "a new form of
capitalism" including policy measures to encourage households to move bank
deposits into investments. We shall see.
The confluence of recent geopolitical events not least China's net zero
Covid-19 policy has created considerable supply chain disruption besides
pricing and capacity issues. As the world is pressed to realign its supply
chains, this presents a major opportunity for Japanese industry, which is well
placed to step into the breach equipped with cutting-edge technologies,
production efficiencies, strong balance sheets and a competitive foreign
exchange rate. Any uptick in international trade and sourcing to Japan to
stimulate demand can filter through to the domestic economy. Equally, as Japan
reopens its borders to travel, the weak currency should also encourage the
return of tourists, a major driver of the economy pre Covid-19.
I reiterate that continuing corporate governance reforms and increased
shareholder activism should see greater recognition of the inherent value in
Japanese equities accompanied by increased distributions to Japanese company
shareholders notwithstanding the uncertain global economic outlook.
Harry Wells
Chairman
27 June 2022
INVESTMENT MANAGER'S REPORT
Performance Review
The NAV of the Company declined 0.7% on a total return basis during the period
between 1 November 2021 and 30 April 2022. This includes the second interim
dividend payment of 3.35p, which represented an increase of 4.7% over the
payment of the previous year. The dividend paid was fully covered by the
income received from the underlying holdings in the portfolio and reflects the
financial health and resilience of the individual companies. This has been
achieved despite the sluggish economic performance of Japan which has been
subject to a series of Covid-19 containment measures until April 2022 and is
evidence, we believe, of the favourable trends that underpin this
strategy.
The period under review has seen a dramatic reversal of the underlying
characteristics of companies leading the performance of the Japanese equity
market. Similar trends can be identified across equity markets worldwide and
have been simplified to an outperformance of 'value' over 'growth'. The
divergence between the two has become more pronounced following clear
indications from the US Federal Reserve in November 2021 that it intends to
take steps to end the easy monetary policy that has arguably bolstered
valuations in certain sectors.
Portfolio attribution has been positive in this environment, and it is
especially pleasing to see the strong share price performance of long-standing
holdings in the financial sector (Mitsubishi UFJ Financial Group, Tokio Marine
Holdings and Sumitomo Mitsui Financial Group), wholesale sector (Itochu Corp,
Mitsubishi Corp) and telecommunications sector (Nippon Telegraph &
Telephone). These holdings have made significant positive contributions to
performance. Despite facing considerable operational challenges during the
past two years, these companies have continued to improve their returns to
shareholders with increases in annual dividends and share buyback programmes
for which they are now being recognised.
The reintroduction of a quasi-state of emergency in December 2021 slowed
progress for a number of domestically focussed businesses with the likes of
Technopro, Open House and DIP Corporation giving up the capital gains made
earlier in the year. More positively however, Nippon Parking Development,
which operates theme park and ski resort businesses along-side its parking
management business, performed well after demonstrating robust operating
performance and highlighting the opportunities once activity normalises.
Portfolio Positioning
While macro-economic considerations help define our investment universe, our
decision making is very much on a bottom-up basis taking into account the
fundamental business growth opportunities combined with the potential for
these companies to generate an attractive total return for their shareholders.
We believe that consistent distribution via dividends and share buybacks are
key components of this return and we have been yet again encouraged by the
trends within Japan in this regard even during the tough challenges presented
by the Covid-19 pandemic.
This underlying progress combined with the recent share price volatility
within the market continues to create competitive opportunities for the
capital within the Company. New positions have been established in a number
of small companies such as Intage (marketing research), TRE Holdings (waste
treatment and recycling) and SB Technology (IT services and cloud solutions)
after identifying notable changes in their consideration of shareholders and
attractive valuations. We expect these companies to benefit from a pick-up
in domestic economic activity but importantly believe that they have
significant long term growth opportunities.
Toyota Motor and Hitachi are two large capitalisation companies that have been
added to the portfolio. The former continues to establish itself as a leader
in the auto industry and reap the rewards of years of investment in advanced
technologies. Hitachi in many ways represents one of the best examples of the
transformation of capital efficiency and corporate governance sought by former
Prime Minister Abe's series of reforms. Having effectively restructured and
refocused its sprawling and cumbersome business empire, the company revealed a
new mid-term business plan giving significantly greater emphasis to capital
allocation and shareholder return which we believe has created a substantially
more attractive investment proposition.
The changing business environment has created new opportunities for some
companies but different challenges for others. In this environment we exited
holdings in Exeo (telecommunication infrastructure), Hikari Tsushin (small
company services) and Japan Exchange Group (Tokyo and Osaka Stock Exchange).
We also sold our entire position in West Holdings after a strong period of
sustained performance.
Outlook
We believe that the underlying investment strategy has demonstrated a strong
recovery from the unexpected consequences of the Covid-19 pandemic and the
detrimental impact this had on some of the portfolio holdings at the time. We
have resolutely continued to focus on high quality companies with attractive
long term business growth prospects and we are encouraged by the attention
awarded to shareholders from these companies as they announce their results
for fiscal year 2021 and make projections for the coming year.
In the near term investors will continue to focus on the knock-on impact to
Japan of a number of international developments - both financial and
geopolitical. The most immediate repercussion of these has been the sharp fall
in the Yen against other international currencies. The Yen's fall from
¥115/USD$ at the beginning of March 2022 to over ¥133/USD$ is particularly
significant. This 15% decline presents both challenges and opportunities for a
country which is reliant on international trade. The current situation has
developed as a result of notably different inflationary dynamics and monetary
policy in Japan compared to other developed regions. These factors will
influence the path of the post pandemic recovery of the Japanese economy and
potentially therefore the relative attractiveness of different investment
opportunities for this strategy.
However, these shorter-term economic developments should not distract
investors from the real and fundamental improvements in corporate governance
and shareholder return that have created the strongest argument for holding
Japanese equities over the long term whatever the path of recovery. Corporate
adherence to the more favourable shareholder paradigm encouraged under former
Prime Minister Abe has been evident in the resilient performance during the
last two years and the rapid return to growth of both dividends and share
buybacks to complement business growth strategies offers an exciting
investment backdrop.
Richard Aston
Coupland Cardiff Asset Management LLP
27 June 2022
TOP TEN SECTORS AND HOLDINGS
AS AT 30 APRIL 2022
TOP 10 SECTORS % of net
Sector assets
Information & Communications 17.2
Chemicals 10.9
Banks 9.9
Electrical Appliances 9.2
Real Estate 8.6
Wholesale 7.4
Services 7.4
Transport Equipment 6.3
Insurance 5.8
Securities & Commodities 5.0
Other Sectors 10.8
Other net assets 1.5
Total 100.0
TOP 10 EQUITY HOLDINGS
% of net
Company Sector assets
Mitsubishi UFJ Financial Group Banks 5.1
Nippon Telegraph & Telephone Information & Communications 4.9
Sumitomo Mitsui Financial Group Banks 4.9
DIP Corporation Services 3.9
Mitsubishi Wholesale 3.7
Itochu Corp Wholesale 3.7
Toyota Electron Transport Equipment 3.7
Softbank Corp Information & Communications 3.6
Sompo Holdings Insurance 3.4
SBI Holdings Securities & Commodities 3.3
Other equity holdings n/a 58.3
Total holdings 98.5
Other net assets 1.5
Total 100.0
TOP TEN CONTRACTS FOR DIFFERENCE (CFDs)
Absolute
Absolute value Market
value as a % of Value
Company Sector £'000 net assets £'000
Mitsubishi UFJ Financial Group Banks 2,213 1.0 264
Nippon Telegraph & Telephone Information & Communications 2,117 1.0 390
Sumitomo Mitsui Financial Group Banks 2,105 1.0 (12)
DIP Corporation Services 1,688 0.8 39
Mitsubishi Wholesale 1,608 0.7 284
Itochu Corp Wholesale 1,587 0.7 243
Toyota Electron Transport Equipment 1,586 0.7 65
Softbank Corp Information & Communications 1,555 0.7 (21)
Sompo Holdings Insurance 1,487 0.7 88
SBI Holdings Securities & Commodities 1,423 0.7 (62)
Top Ten CFDs 17,369 8.0 1,278
Other CFDs n/a 25,428 11.7 (626)
Total 42,797 19.7 652
INTERIM MANAGEMENT REPORT
The Directors are required to provide an Interim Management Report in
accordance with the Financial Conduct Authority ("FCA") Disclosure Guidance
and Transparency Rules. The Chairman's Statement and the Investment Manager's
Report in this half-yearly report provide details of the important events
which have occurred during the period and their impact on the financial
statements. The following statements on related party transactions, going
concern and the Directors' Responsibility Statement, together, constitute the
Interim Management Report for the Company for the six months ended 30 April
2022. The outlook for the Company for the remaining six months of the year
ending 31 October 2022 is discussed in the Chairman's Statement and the
Investment Manager's Report.
PRINCIPAL AND EMERGING RISKS AND UNCERTAINTIES
The Board is responsible for the management of risks faced by the Company and
delegates this role to the Audit and Risk Committee (the "Committee"). The
Committee carries out, at least annually, a robust assessment of principal and
emerging risks and uncertainties and monitors the risks on an ongoing basis.
The Committee has a dynamic risk management register in place to help identify
key risks in the business and oversee the effectiveness of internal controls
and processes. The risk management register and associated risk heat map
provide a visual reflection of the Company's identified principal and emerging
risks. These key risks fall into four categories:
• Strategic and business risks, including risks
associated with the economy;
• Financial risks;
• Operational risks, including business interruption due
to Covid-19; and
• Regulatory and compliance risks.
The Committee considers both the impact and the probability of each risk
occurring and ensures appropriate controls are in place to reduce risk to an
acceptable level. A detailed explanation of the principal and emerging risks
and uncertainties to the Company are detailed in the Company's most recent
Annual Report for the year ended 31 October 2021, which can be found on the
Company's website at www.ccjapanincomeandgrowthtrust.com
(http://www.ccjapanincomeandgrowthtrust.com) .
Since the publication of the 2021 Annual Report and Accounts on 11 February
2022, there continues to be increased risk levels within the global economy as
a result of the disruptive impact and continued uncertainty caused by the
Covid-19 pandemic. The Russian invasion of Ukraine and the subsequent impact
on global economies and international relations combined with increasing
levels of inflation worldwide and the potential for rising interest rates has
undoubtedly raised investment risk. The Board has considered the impact of the
continued uncertainty on the Company's investment objectives, investment
portfolio and shareholders and, continues to monitor the situation closely to
assess and mitigate any impact.
RELATED PARTY TRANSACTIONS
The Company's Investment Manager is Coupland Cardiff Asset Management LLP.
Coupland Cardiff Asset Management LLP is considered a related party under the
Listing Rules. The Investment Manager is entitled to receive a management fee
payable monthly in arrears at the rate of one-twelfth of 0.75% of Net Asset
Value per calendar month. Investment management fees paid during the six-month
period to 30 April 2022 were £836,000. There is no performance fee payable to
the Investment Manager. There have been no changes to the related party
transactions that could have a material effect on the financial position or
performance of the Company since the year ended 31 October 2021.
GOING CONCERN
The Board has a reasonable expectation that the Company has adequate resources
to continue in operational existence for at least twelve months from 27 June
2022. In reaching this conclusion, the Directors have considered the liquidity
of the Company's portfolio of investments as well as its cash position,
income, and expense flows. The Company's net assets as at 30 April 2022 were
£217.0 million (30 April 2021: £208.6 million). As at 30 April 2022, the
Company held £213.9 million (30 April 2021: £207.0 million) in quoted
investments. In addition, as at 30 April 2022, the Company had gross exposure
to Contracts for Difference of £42.8 million (30 April 2021: £41.4
million). The total expenses (excluding finance costs and taxation) for the
six months ended 30 April 2022 were £1.2 million (30 April 2021: £1.1
million). The Company has a £12 million (or its equivalent in Japanese yen)
bank overdraft facility with Northern Trust Company and as at 30 April 2022,
£1.9 million (30 April 2021: £2.7 million) had been utilised on the Japanese
yen bank account.
As part of their assessment, the Board has performed stress testing and
liquidity analysis on the Company's portfolio of investments, giving careful
consideration to the consequences for the Company of continuing uncertainties
in the global economy. The Russian invasion of Ukraine and the ongoing
Covid-19 pandemic including further lockdowns in Japan, have created
significant supply chain disruption, exacerbating inflationary pressures
worldwide. A prolonged and deep stock market decline would lead to a fall in
investment values and potential interruptions to cash flow.
The Company currently has sufficient liquidity available to meet any future
obligations.
DIRECTORS' STATEMENT OF RESPONSIBILITY FOR THE HALF-YEARLY REPORT
The Directors confirm to the best of their knowledge that:
• The condensed set of financial statements contained within the half-yearly
financial report has been prepared in accordance with FRS 104 Interim
Financial Reporting.
• The Interim Management Report includes a fair review of the information
required by 4.2.7R and 4.2.8R of the FCA's Disclosure Guidance and
Transparency Rules.
Harry Wells
Chairman
For and on behalf of the Board of Directors
27 June 2022
UNAUDITED CONDENSED STATEMENT OF COMPREHENSIVE INCOME
SIX MONTHS TO 30 APRIL 2022
Six months to 30 April 2022 Six months to 30 April 2021 Year ended 31 October 2021*
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments - (3,791) (3,791) - 26,199 26,199 - 39,373 39,373
Currency gains - 55 55 - 415 415 - 734 734
Income 4 4,141 - 4,141 3,861 - 3,861 8,241 - 8,241
Investment management fee (167) (669) (836) (156) (624) (780) (318) (1,273) (1,591)
Other expenses (327) - (327) (305) - (305) (634) - (634)
Return on ordinary activities before finance costs and taxation 3,647 (4,405) (758) 3,400 25,990 29,390 7,289 38,834 46,123
Finance costs 5 (43) (98) (141) (28) (82) (110) (61) (161) (222)
Return on ordinary activities before taxation 3,604 (4,503) (899) 3,372 25,908 29,280 7,228 38,673 45,901
Taxation 6 (414) - (414) (386) - (386) (824) - (824)
Return on ordinary activities after taxation 3,190 (4,503) (1,313) 2,986 25,908 28,894 6,404 38,673 45,077
Return per Ordinary Share - undiluted 10 2.37p (3.34)p (0.97)p 2.22p 19.23p 21.45p 4.75p 28.70p 33.45p
Return per Ordinary Share - diluted 10 1.97p (2.79)p (0.82)p 2.22p 19.23p 21.45p 3.96p 23.92p 27.88p
*Audited
The total column of the Income Statement is the profit and loss account of the
Company. All revenue and capital items in the above statement derive from
continuing operations.
Both the supplementary revenue and capital columns are prepared under guidance
from the Association of Investment Companies. There is no other comprehensive
income and therefore the return for the period is also the total comprehensive
income for the period.
The Company's "Ordinary Share - diluted" is due to the potential dilutive
effect through exercise of 26,946,122 Transferable Subscription Shares issued
on 18 February 2021.
UNAUDITED CONDENSED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2022
30 April 2022 30 April 2021 31 October 2021*
Note £'000 £'000 £'000
Fixed assets
Investments at fair value through profit or loss 3 213,896 207,036 220,271
Current assets
Cash collateral in respect of Contracts for Difference ("CFDs") 43 - -
Amounts due in respect of CFDs 2,311 5,534 443
Other debtors 3,260 3,121 3,264
5,614 8,655 3,707
Creditors: amounts falling due within one year
Cash and cash equivalents - Bank overdraft (226) (5,346) (48)
Cash collateral in respect of CFDs - (242) (18)
Amounts payable in respect of CFDs (1,659) (1,226) (738)
Other creditors (581) (304) (304)
(2,466) (7,118) (1,108)
Net current assets 3,148 1,537 2,599
Total assets less current liabilities 217,044 208,573 222,870
Net assets 217,044 208,573 222,870
Capital and reserves
Share capital 8 1,348 1,348 1,348
Share premium 98,067 98,067 98,067
Special reserve 64,671 64,671 64,671
Capital reserve
-Revaluation gains on investment held at period end 19,673 23,243 26,628
-Other capital reserve 27,665 15,833 25,213
Revenue reserve 5,620 5,411 6,943
Total Shareholders' funds 217,044 208,573 222,870
NAV per share - Ordinary Shares - undiluted (pence) 11 161.09p 154.81p 165.42p
NAV per share - Ordinary Shares - diluted (pence) 11 161.08p 155.84p 164.68p
*Audited
Approved by the Board of Directors and authorised for issue on 27 June 2022
and signed on their behalf by:
Harry Wells
Director
CC Japan Income & Growth Trust plc is incorporated in England and Wales
with registration number 9845783.
UNAUDITED CONDENSED STATEMENT OF CHANGES IN EQUITY
SIX MONTHS TO 30 APRIL 2022
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 November 2021 1,348 98,067 64,671 51,841 6,943 222,870
Return on ordinary activities after taxation - - - (4,503) 3,190 (1,313)
Dividends paid - - - - (4,513) (4,513)
Balance at 30 April 2022 1,348 98,067 64,671 47,338 5,620 217,044
SIX MONTHS TO 30 APRIL 2021
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 November 2020 1,348 98,437 64,671 13,168 6,736 184,360
Return on ordinary activities after taxation - - - 25,908 2,986 28,894
Dividends paid - - - - (4,311) (4,311)
Transferable Subscription Share issue costs - (370) - - - (370)
Balance at 30 April 2021 1,348 98,067 64,671 39,076 5,411 208,573
Year ended 31 October 2021 (Audited)
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 November 2020 1,348 98,437 64,671 13,168 6,736 184,360
Return on ordinary activities after taxation - - - 38,673 6,404 45,077
Dividends paid - - - - (6,197) (6,197)
Transferable Subscription Share issue costs - (370) - - - (370)
Balance at 31 October 2021 1,348 98,067 64,671 51,841 6,943 222,870
The Company's distributable reserves consist of the Special reserve, Revenue
reserve and Capital reserve attributable to realised profits.
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS
SIX MONTHS TO 30 APRIL 2022
Six months to 30 April 2022 Six months to 30 April 2021 Year ended 31 October 2021*
£'000 £'000 £'000
Operating activities cash flows
Return on ordinary activities before finance costs and taxation** (758) 29,390 46,123
Adjustment for:
Losses/(gains) on investments 4,631 (18,381) (28,306)
Movement in CFD transactions (1,008) (5,980) (1,601)
Decrease/(increase) in other debtors 31 (84) (293)
Increase in other creditors 132 87 89
Tax withheld on overseas income (414) (386) (824)
Net cash flow from operating activities 2,614 4,646 15,188
Investing activities cash flows
Purchases of investments (18,053) (58,804) (100,687)
Proceeds from sales of investments 19,912 51,139 89,778
Net cash flow from/ (used in) investing activities 1,859 (7,665) (10,909)
Financing activities cash flows
Transferable Subscription Share issue costs paid - (370) (370)
Equity dividends paid (4,513) (4,311) (6,197)
Finance costs paid (138) (109) (223)
Net cash used in financing activities (4,651) (4,790) (6,790)
Decrease in cash and cash equivalents (178) (7,809) (2,511)
Cash and cash equivalents at the beginning of the period (48) 2,463 2,463
Cash and cash equivalents at the end of the period (226) (5,346) (48)
*Audited
** Cash inflow from dividends was £3,758,000 (30 April 2021: £3,418,000 and
31 October 2021: £7,083,000).
NOTES TO THE INTERIM FINANCIAL STATEMENTS
1. GENERAL INFORMATION
CC Japan Income & Growth Trust plc (the "Company") was incorporated in
England and Wales on 28 October 2015 with registered number 9845783, as a
closed-ended investment company. The Company commenced its operations on 15
December 2015. The Company intends to carry on business as an investment trust
within the meaning of Chapter 4 of Part 24 of the Corporation Tax Act 2010.
The Company's investment objective is to provide Shareholders with dividend
income combined with capital growth, mainly through investment in equities
listed or quoted in Japan.
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.
The Company's shares were admitted to the Official List of the UK Listing
Authority with a premium listing on 15 December 2015. On the same day, trading
of the Ordinary Shares commenced on the London Stock Exchange.
The Company's registered office is 6(th) Floor, 125 London Wall, London, EC2Y
5AS.
2. ACCOUNTING POLICIES
The interim financial statements have been prepared in accordance with FRS 104
Interim Financial Reporting and the Statement of Recommended Practice
"Financial Statements of Investment Trust Companies and Venture Capital
Trusts" issued by the Association of Investment Companies in April 2021.
This half-yearly Financial Report is unaudited and does not include all the
information required for full annual financial statements. The half-yearly
Financial Report should be read in conjunction with the Annual Report and
Accounts of the Company for the year ended 31 October 2021. The Annual Report
and Accounts for the year ended 31 October 2021 were prepared in accordance
with FRS 102 The Financial Reporting Standard applicable in the UK and
Republic of Ireland ("FRS 102") and received an unqualified audit report. The
financial information for the year ended 31 October 2021 in this half-yearly
Financial Report has been extracted from the audited Annual Report and
Accounts for that year end. The accounting policies in this Half-yearly
Financial Report are consistent with those applied in the Annual Report and
Accounts for the year ended 31 October 2021.
The interim financial statements have been presented in GBP sterling (£).
3. INVESTMENTS
As at 30 April 2022 As at 30 April 2021 As at 31 October 2021
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Investments listed on a recognised overseas investment exchange 213,896 207,036 220,271
213,896 207,036 220,271
Fair Value Measurements of Financial Assets and Financial Liabilities
The financial assets and liabilities are either carried in the balance sheet
at their Fair Value, or the balance sheet amount is a reasonable approximation
of Fair Value (due from brokers, dividends receivable, accrued income, due to
brokers, accruals and cash and cash equivalents).
The valuation techniques for investments and derivatives used by the Company
are explained in the accounting policies notes 2 (b and c) in the Annual
Report and Accounts for the year ended 31 October 2021.
The table below sets out fair value measurements using fair value hierarchy.
Level 1 Level 2 Level 3 Total
30 April 2022 (Unaudited) £'000 £'000 £'000 £'000
Assets:
Equity investments 213,896 - - 213,896
CFDs - Fair Value gains - 2,311 - 2,311
Liabilities:
CFDs - Fair Value losses - (1,659) - (1,659)
Total 213,896 652 - 214,548
Level 1 Level 2 Level 3 Total
30 April 2021 (Unaudited) £'000 £'000 £'000 £'000
Assets:
Equity investments 207,036 - - 207,036
CFDs - Fair Value gains - 5,534 - 5,534
Liabilities:
CFDs - Fair Value losses - (1,226) - (1,226)
Total 207,036 4,308 - 211,344
Level 1 Level 2 Level 3 Total
31 October 2021 (Audited) £'000 £'000 £'000 £'000
Assets:
Equity investments 220,271 - - 220,271
CFDs- Fair Value gains - 443 - 443
Liabilities:
CFDs - Fair Value losses - (738) - (738)
Total 220,271 (295) - 219,976
There were no transfers between levels during the period (2021: same).
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the Fair Value measurement of the
relevant asset as follows:
Level 1 - valued using quoted prices in active markets for identical assets.
Level 2 - valued by reference to valuation techniques using observable inputs
including quoted prices.
Level 3 - valued by reference to valuation techniques using inputs that are
not based on observable market data. There are no Level 3 investments as at 30
April 2022 (30 April 2021: nil and 31 October 2021: nil).
4. INCOME
Six months to 30 April 2022 Six months to 30 April 2021 Year ended 31 October 2021
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Income from investments:
Overseas dividends 4,141 3,861 8,241
Total 4,141 3,861 8,241
Overseas dividend income is translated into sterling on receipt.
5. FINANCE COSTS
Six months to 30 April 2022 Six months to 30 April 2021 Year ended 31 October 2021
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Interest paid - 100% charged to revenue 19 8 21
CFD finance cost and structuring fee - 20% charged to revenue 24 20 39
Structuring fees - 20% charged to revenue - - 1
43 28 61
CFD finance cost and structuring fee - 80% charged to capital 96 80 157
Structuring fees - 80% charged to capital 2 2 4
98 82 161
Total finance costs 141 110 222
6. TAXATION
Six months to 30 April 2022 Six months to 30 April 2021
(Unaudited) (Unaudited)
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Analysis of tax charge in the period:
Overseas withholding tax 414 - 414 386 - 386
Total tax charge for the period 414 - 414 386 - 386
Year ended 31 October 2021
(Audited)
Revenue Capital Total
£'000 £'000 £'000
Analysis of tax charge in the year:
Overseas withholding tax 824 - 824
Total tax charge for the year 824 - 824
7. INTERIM DIVIDEND
During the six months ended 30 April 2022, the Company paid a second interim
dividend of 3.35p per Ordinary Share in respect of the year ended 31 October
2021. This was paid in substitution for a final dividend.
These interim financial statements have been prepared in accordance with the
requirements of section 838 of the Companies Act 2006 and constitute the
Company's interim accounts for the purpose of justifying the payment of an
interim dividend for the year ending 31 October 2022.
The Directors have declared an interim dividend for the six months ended 30
April 2022 of 1.40p (2021: 1.40p) per Ordinary Share. The dividend will be
paid on 5 August 2022, to Ordinary Shareholders on the register at the close
of business on 8 July 2022. The Ordinary Shares will go ex-dividend on 7 July
2022 and the dividend will be funded from the Company's Revenue reserve.
8. SHARE CAPITAL
Share capital represents the nominal value of shares that have been issued.
The share premium includes any premiums received on issue of share capital.
Any transaction costs associated with the issuing of shares are deducted from
share premium.
As at 30 April 2022 (Unaudited) As at 30 April 2021 (Unaudited)
No. of shares £'000 No. of shares £'000
Allotted, issued & fully paid:
Ordinary Shares of 1p
Opening balance 134,730,610 1,348 134,730,610 1,348
Closing balance 134,730,610 1,348 134,730,610 1,348
As at 31 October 2021 (Audited)
No. of shares £'000
Allotted, issued & fully paid:
Ordinary Shares of 1p
Opening balance 134,730,610 1,348
Closing balance 134,730,610 1,348
Since the period end, the Company has issued no further Ordinary Shares, with
134,730,610 Ordinary Shares in issue as at 27 June 2022. There have been no
shares subscribed for by Subscription Shareholders.
9. FINANCIAL COMMITMENTS
As at 30 April 2022 there were no commitments in respect of unpaid calls and
underwritings (30 April 2021: nil and 31 October 2021: nil).
10. RETURN PER ORDINARY SHARE
Total return per Ordinary Share is based on the return on ordinary activities,
including income, for the period after taxation of £1,313,000 (30 April 2021:
£28,894,000 and 31 October 2021: £45,077,000).
Based on the weighted average number of Ordinary Shares-undiluted in issue for
the period to 30 April 2022 of 134,730,610 (30 April 2021: 134,730,610 and 31
October 2021: 134,730,610) and Ordinary Shares-diluted 161,676,732 (30 April
2021: 134,730,610 and 31 October 2022: 161,676,732) in issue for the period to
30 April 2022. The Company's Ordinary Shares-diluted is due to the issuance of
26,946,122 Transferable Subscription Shares.
The returns per Ordinary Share were as follows:
As at 30 April 2022 As at 30 April 2021 As at 31 October 2021
(Unaudited) (Unaudited) (Audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return per Ordinary Share-undiluted 2.37p (3.34)p (0.97)p 2.22p 19.23p 21.45p 4.75p 28.70p 33.45p
Return per Ordinary Share-diluted 1.97p (2.79)p (0.82)p 2.22p 19.23p 21.45p 3.96p 23.92p 27.88p
11. NET ASSET VALUE PER SHARE
Total shareholders' funds and the net asset value ("NAV") per share
attributable to the Ordinary Shareholders at the period end calculated in
accordance with the Articles of Association were as follows:
NAV per Ordinary Share - undiluted
As at 30 April 2022 As at 30 April 2021 As at 31 October 2021
(Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000
Net Asset Value (£'000) 217,044 208,573 222,870
Ordinary Shares in issue 134,730,610 134,730,610 134,730,610
NAV per Ordinary Share-undiluted 161.09p 154.81p 165.42p
NAV per Ordinary Share - diluted
On 16 February 2021, the Company announced an issue of 26,946,122 TSS at a
price of 161p. The first exercise date for the Transferable Subscription
Shares was 31 May 2021 and quarterly thereafter until the final exercise date
of 28 February 2023. On the assumption that the Transferable Subscription
Shares had been fully exercised and paid for as the period end, the dilutive
effect on the Company's NAV would be as follows:
As at 30 April 2022 As at 30 April 2021 As at 31 October 2021
(Unaudited) (Unaudited) (Audited)
Transferable Subscription shares issued 26,946,122 26,946,122 26,946,122
Proceeds from issue of transferable subscription shares at issue price of 161p 43,383 43,383 43,383
Net Asset Value adjusted for transferable subscription shares 260,427 251,956 266,253
Ordinary Shares - post exercise transferable subscription shares 161,676,732 161,676,732 161,676,732
NAV per Ordinary Share-diluted 161.08p 155.84p 164.68p
12. RELATED PARTY TRANSACTIONS
Transactions with the Investment Manager and the Alternative Investment Fund
Investment Manager ("AIFM")
The Company provides additional information concerning its relationship with
the Investment Manager and AIFM, Coupland Cardiff Asset Management LLP.
Investment Management fees for the six month period ended 30 April 2022 were
£836,000 (30 April 2021: £780,000 and 31 October 2021: £1,591,000). The
Investment Management fees outstanding at the period ended 30 April 2022 were
£133,000 (30 April 2021: £131,000 and 31 October 2021: £141,000).
Research purchasing agreement
The Markets in Financial Instruments Directive II ("MiFID II") treats
investment research provided by brokers and independent research providers as
a form of "inducement" to investment managers and requires research to be paid
separately from execution costs. In the past, the costs of broker research
were primarily borne by the Company as part of execution costs through dealing
commissions paid to brokers. With effect from 3 January 2018, this practice
has changed, as brokers subject to MiFID II are now required to price, and
charge for, research separately from execution costs. Equally, the rules
require the Investment Manager, as an investment Manager, to ensure that the
research costs borne by the Company are paid for through a designated Research
Payment Account ("RPA") funded by direct research charges to the Investment
Manager's clients, including the Company.
The research charge for the year 1 January 2021 to 31 December 2021, as agreed
between the Investment Manager and the Company, was £28,000 (31 December
2020: £30,000). The research charge for the year 1 January 2022 to 31
December 2022, as budgeted by the Investment Manager, is £34,000.
Directors' fees and shareholdings
Directors' fees are payable at the rate of £26,000 per annum for each
Director other than the Chairman, who is entitled to receive £39,000. The
Chairman of the Audit and Risk Committee is also entitled to an additional fee
of £5,330 per annum and the Senior Independent Director ("SID") is entitled
to an additional fee of £1,040.
The Directors had the following ordinary shareholdings in the Company, all of
which were beneficially owned.
Ordinary Shares as at 30 April 2022 Ordinary Shares as at 30 April 2021 Ordinary Shares as at 31 October 2021
Transferable Subscription Shares* as at 30 April 2022 Transferable Subscription Shares* as at 30 April 2021 Transferable Subscription Shares* as at 31 October 2021
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited)
Harry Wells 40,000 58,000 40,000 8,000 40,000 58,000
Kate Cornish-Bowden 40,000 20,000 40,000 8,000 40,000 8,000
Peter Wolton 67,250 13,449 67,250 13,449 67,250 13,449
June Aitken** 40,000 - - - - -
Craig Cleland** 40,000 - - - - -
John Scott*** - - 62,500 12,500 62,500 12,500
* On 18 February 2021 Transferable Subscription Shares were issued on a 1 for
5 basis to all Shareholders as a free bonus.
**June Aitken and Craig Cleland were appointed to the Board on 1 February
2022.
*** John Scott retired from the Board on 22 March 2022.
13. POST BALANCE SHEET EVENTS
There are no post balance sheet events other than as disclosed in this
half-yearly financial report.
14. STATUS OF THIS REPORT
These interim financial statements are not the Company's statutory accounts
for the purposes of section 434 of the Companies Act 2006. They are unaudited.
The half-yearly financial report will be made available to the public at the
registered office of the Company.
The report will also be available on the Company's website
www.ccjapanincomeandgrowthtrust.com
(http://www.ccjapanincomeandgrowthtrust.com)
The information for the year ended 31 October 2021 has been extracted from the
last published audited financial statements, unless otherwise stated. The
audited financial statements have been delivered to the Registrar of
Companies. The Auditors reported on those accounts and their report was
unqualified, did not draw attention to any matters by way of emphasis and did
not contain a statement under sections 498(2) or 498(3) of the Companies Act
2006.
GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES ('APM')
Administrator
The Company's administrator, the current such administrator being Sanne Fund
Services (UK) Limited. Sanne Group plc acquired the PraxisIFM Funds Business
and subsequently the name of the Company's Administrator and Company Secretary
changed from PraxisIFM Fund Services (UK) Limited to Sanne Fund Services (UK)
Limited.
AIC
Association of Investment Companies.
Alternative Investment Fund or "AIF"
An investment vehicle under AIFMD. Under AIFMD (see below) the Company is
classified as an AIF.
Alternative Investment Fund Managers' Directive or "AIFMD"
A European Union Directive which came into force on 22 July 2013 and has been
implemented in the UK.
Annual General Meeting or "AGM"
A meeting held once a year, which Shareholders are entitled to attend, and
where they can vote on resolutions to be put forward at the meeting and ask
Directors questions about the Company.
CFD or Contract for Difference
A financial instrument, which provides exposure to an underlying equity with
the provider financing the cost to the buyer with the buyer receiving the
difference of any gain or paying for any loss.
Custodian
An entity that is appointed to safeguard a company's assets.
Depositary
Certain AIFs must appoint depositaries under the requirements of AIFMD. A
depositary's duties include, inter alia, safekeeping of the Company's assets
and cash monitoring. Under AIFMD the depositary is appointed under a strict
liability regime.
Dividend
Income receivable from an investment in shares.
Discount (APM)
The amount, expressed as a percentage, by which the share price is less than
the NAV per Ordinary Share.
As at 30 April 2022
NAV per Ordinary Share a 161.1
Share price b 145.3
Discount (b÷a)-1 9.8%
Ex-dividend date
The date from which you are not entitled to receive a dividend which has been
declared and is due to be paid to Shareholders.
Financial Conduct Authority or "FCA"
The independent body that regulates the financial services industry in the UK.
Gearing (APM)
Borrowing to increase exposure designed to increase income and capital
returns, but which can also magnify losses. The Company may be geared through
the CFDs and if utilised, the overdraft facility with The Northern Trust
Company.
As at 30 April 2022 £'000
CFD Notional Market Value a 42,797
Non-base cash borrowings b 2,089
NAV c 217,044
Gearing (net) ((a+b)/c) 20.7%
Gross assets (APM)
The Company's total assets including any leverage amount.
Index
A basket of stocks which is considered to replicate a particular stock market
or sector.
In the money
The Transferable Subscription Shares are "In the Money" when the Ordinary
Share price trades at a level that exceeds the Subscription Price.
Investment trust
A closed end investment company which is based in the UK and which meets
certain tax conditions which enables it to be exempt from UK corporation tax
on its capital gains. This Company is an investment trust.
Leverage (APM)
Under the Alternative Investment Fund Managers Directive ("AIFMD"), leverage
is any method by which the exposure of an Alternative Investment Fund ("AIF")
is increased through borrowing of cash or securities or leverage embedded in
derivative positions.
Under AIFMD, leverage is broadly similar to gearing, but is expressed as a
ratio between the assets (excluding borrowings) and the net assets (after
taking account of borrowing). Under the gross method, exposure represents the
sum of the Company's positions after deduction of cash balances, without
taking account of any hedging or netting arrangements. Under the commitment
method, exposure is calculated without the deduction of cash balances and
after certain hedging and netting positions are offset against each other.
Under both methods the AIFM has set current maximum limits of leverage for the
Company of 200%.
As at 30 April 2022 Gross Commitment
£'000
£'000
Security Market value a 213,896 213,896
CFD Notional market value b 42,797 42,797
Cash and cash equivalents c 2,583 325
NAV d 217,044 217,044
Leverage (a+b+c)/d 119% 118%
Market liquidity
The extent to which investments can be bought or sold at short notice.
Net assets
An investment company's assets less its liabilities.
Net Asset Value (NAV) per Ordinary Share
Net assets divided by the number of Ordinary Shares in issue (excluding any
shares held in treasury).
Ordinary Shares
The Company's Ordinary Shares in issue.
Ongoing charges (APM)
A measure, expressed as a percentage of average NAV, of the regular, recurring
annualised costs of running an investment company.
Period ended 30 April 2022
Average NAV a 223,547,138
Annualised expenses b 2,326,000
Ongoing charges (b÷a) 1.04%
Out of the money
The Transferable Subscription Shares are "out of the money" when the Ordinary
Shares trade lower than the Subscription Price.
Portfolio
A collection of different investments constructed and held in order to deliver
returns to Shareholders and to spread risk.
Premium (APM)
The amount, expressed as a percentage, by which the share price is more than
the Net Asset Value per share.
Share buyback
A purchase of a company's own shares. Shares can either be bought back for
cancellation or held in treasury.
Share Price
The price of a share as determined by buyers and sellers on the relevant stock
exchange.
Subscription Price
The Subscription Price is set at £1.61 being the price that holders of the
Transferable Subscription Shares can pay to exercise these shares into New
Ordinary Shares of the Company on a quarterly basis up until the end of
February 2023.
Transferable Subscription Shares
A Transferable Subscription Share confers the right (but not the obligation)
to subscribe for one Ordinary Share on exercise of the rights attached to the
Transferable Subscription Share and on payment of the Subscription Price of
£1.61 at the end of each calendar quarter between 31 May 2021 and 28 February
2023.
Treasury shares
A company's own shares held in Treasury account by the Company, but which are
available to be resold in the market.
Total return (APM)
A measure of performance that includes both income and capital returns. This
takes into account capital gains and reinvestment of dividends paid out by the
Company into its Ordinary Shares on the ex-dividend date.
Period ended 30 April 2022 Share price NAV
Opening at 1 November 2021 (in pence) a 119.5 136.8
Closing at 30 April 2022 (in pence) b 145.3 161.1
Price movement (b÷a)-1 c 21.5% 17.8%
Dividend reinvestment d -25.2% -18.5%
Total return (c+d) -3.7% -0.7%
Volatility
A measure of how much a share moves up and down in price over a period of
time.
COMPANY INFORMATION
DIRECTORS, INVESTMENT MANAGER AND ADVISERS
DIRECTORS INVESTMENT MANAGER
Harry Wells (Chairman) Coupland Cardiff Asset Management LLP
Kate Cornish-Bowden (Audit & Risk Committee Chair) 31-32 St James's Street
Peter Wolton (Senior Independent Director) London
June Aitken SW1A 1HD
Craig Cleland Website - www.couplandcardiff.com (http://www.couplandcardiff.com)
BROKER REGISTERED OFFICE*
Peel Hunt LLP 6th Floor, 125 London Wall
100 Liverpool Street London
London EC2Y 5AS
EC2M 2AT
DEPOSITARY AND CUSTODIAN COMPANY SECRETARY AND ADMINISTRATOR
Northern Trust Investor Services Limited Sanne Fund Services (UK) Limited (formerly PraxisIFM Fund Services (UK)
Limited)
50 Bank Street
6th Floor, 125 London Wall
London
London
E14 5NT
EC2Y 5AS
Website - www.sannegroup.com (http://www.sannegroup.com)
REGISTRAR AUDITOR
Link Group Ernst & Young LLP
10th Floor Central Square 144 Morrison Street
29 Wellington Street Edinburgh
Leeds EH38EX
LS1 4DL
LEGAL ADVISER
Stephenson Harwood LLP
1 Finsbury Circus,
London
EC2M 7SH
COMPANY SECURITY INFORMATION AND IDENTIFICATION CODES
WEBSITE www.ccjapanincomeandgrowthtrust.com
ISIN GB00BYSRMH16 (Ordinary Shares) / GB00BM90B010 (Subscription Shares)
SEDOL BYSRMH1 (Ordinary Shares) / BM90B01 (Subscription Shares)
BLOOMBERG TICKER CCJI LDN (Ordinary Shares) / CCJS LDN (Subscription Shares)
LEGAL ENTITY IDENTIFIER (LEI) 549 300 FZANMYIORK 1K98
GLOBAL INTERMEDIARY IDENTIFICATION NUMBER (GIIN) 6 HEK HT - 99 999 -SL - 826
* Registered in England no. 9845783
For further information contact:
Sanne Fund Services (UK) Limited
Tel: 020 3327 9270
END
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