SchroderJapan Growth - Half-year Report
14/04/2023 07:00
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RNS Number : 1699W Schroder Japan Growth Fund PLC 14 April 2023
Half Year Report
Schroder Japan Growth Fund plc hereby submits its Half Year Report for the
period ended 31 January 2023 as required by the FCA Disclosure Guidance and
Transparency Rule 4.2.
The Half Year Report is also being published in hard copy format and an
electronic copy of that document will shortly be available to download from
the Company's webpages www.schroders.co.uk/japangrowth
(http://www.schroders.co.uk/japangrowth) . Please click on the following link
to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/1699W_1-2023-4-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/1699W_1-2023-4-13.pdf)
The Company has submitted its Half Year Report to the National Storage
Mechanism and it will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
Enquiries:
Paula Lockwood
Schroder Investment Management
Limited
Tel: 020 7658 6000
Half Year Report and Accounts
for the six months ended 31 January 2023
Interim Management Report - Chairman's Statement
I succeeded Anja Balfour as Chairman following the Company's AGM in
December 2022. On behalf of the Board, I would like to thank Anja for
providing sterling service during her nine years with the Company, initially
as a non-executive director and, since November 2018, as Chairman. During her
time as Chairman, the Company's fortunes started to improve significantly, and
I am pleased to report a continuation of the outperformance of the Company's
net asset value ("NAV") total return against its benchmark during the first
six months of the current financial year.
Performance
In the six-month period to 31 January 2023, the Company produced a net
asset value ("NAV") total return of 5.3%, outperforming the benchmark return
of 4.8%. The share price also produced a positive total return of 6.0% during
the period.
Our portfolio manager, Masaki Taketsume, continues to manage a high
conviction, yet balanced portfolio of large and smaller companies with a
strong emphasis on valuation and he has navigated a volatile period in the
Japanese equity market very well. Masaki will be returning to Tokyo with his
family at the beginning of April 2023. He has been based in London since 2017,
but returning to the Schroders office in Tokyo will be particularly helpful
for following small-cap companies, where he sees some exciting opportunities,
while proximity to his in-house research team can only be of benefit for his
investment process.
Further comment on performance and investment policy may be found in the
Investment Manager's review.
Discount management
During the period under review, the Company's shares continued to trade
at a discount to net asset value and the board utilised its buy back authority
to purchase 375,690 shares for cancellation at an average discount of 12.9%.
At the beginning of the period the discount was 12.4% and by the end of the
period, the discount had narrowed slightly to 12.1%. The Company will continue
to monitor the discount and to purchase shares when appropriate.
Gearing
The Company's term loan remained fully utilised whilst the revolving
credit facility was undrawn. The average gearing during the six months to 31
January 2023 was 11.8% and, as at 11 April, the gearing was 12.5%. The Company
will continue to use leverage.
Change of Company Name
Schroder Japan Growth Fund plc will change its name to Schroder Japan
Trust plc. The Company will make a further announcement following confirmation
of the change of name by Companies House. The stock ticker for the Company
will remain unchanged as SJG. The Board have decided to remove 'Growth' from
the Company's name, to reflect more accurately the investment approach of the
Manager.
There are no other changes to the Company, with the Company's objective and
investment approach remaining unchanged. The Company aims to achieve long-term
capital growth by investing in a diversified portfolio of the best quality but
undervalued companies in Japan. Further details can be found on the website at
https://www.schroders.com/SJG.
Outlook
Japan enters 2023 in a unique position amongst developed nations as it
lacks many of the widespread challenges to economic growth that face many of
its peers. In fact, it appears to be entering an unusual period of economic
stability with sustainable price inflation, largely driven by global
macroeconomic events, but arguably viewed as a positive given Japan's history
of deflation. Corporate earnings remain robust with quarterly results
announcements consistently ahead of expectations despite the relatively slow
removal of Covid-19 restrictions. Importantly, the trend towards improvements
in corporate governance continues apace, with greater emphasis at the
corporate level on increasing returns on equity and more disciplined
approaches to capital allocation. These structural changes should encourage
investors who are looking to allocate to Japanese companies and, as it has
demonstrated over the last few years, the Company's portfolio is well placed
to benefit from them.
Philip Kay
Chairman
13 April 2023
Interim Management Report - Manager's Review
Over the first six months of the Company's financial year to 31 January
2023, the Company's net asset value increased by 5.3%, while its benchmark
rose by 4.8%.(1) Before we delve more deeply into the drivers of recent
performance, we would like to explain the investment philosophy and approach
that sits behind our decision-making. This should provide some important
context to help you understand why the portfolio is positioned the way it is,
and what you should expect in terms of future performance.
Our investment approach
We believe the Japanese equity market ultimately acts efficiently in
reflecting the intrinsic value of companies. In the short to medium-term,
however, considerable inefficiencies are frequently evident in individual
stocks. These inefficiencies provide repeatable opportunities to identify and
invest in undervalued stocks, with the aim of delivering a better return than
the market as a whole on a rolling three-to-five year view.
Our investment resource is entirely devoted to this aim, focusing on
individual company fundamentals to understand the true worth of a stock and
investing in a portfolio of the highest conviction ideas. These then tend to
be held for the long term, with value being realised as the market gradually
reflects their true value more efficiently.
Portfolio holdings tend to fall into three categories of inefficiency:
1. Market misperception - companies with self-improving
credentials, with management initiatives to sustainably enhance operational
performance being under-appreciated by other investors.
2. Market oversight - undervalued companies, especially among
small and mid-caps where research coverage is less widespread, with strong and
defendable business franchises in niche product areas.
3. Short-term overreaction - ideas arising from abrupt but
transitory events which push valuations of quality companies temporarily to
unsustainably low levels.
Outside these three categories, the balance of the portfolio represents
"best in class" stocks with reasonable valuations. The weighting given to each
of these segments evolves over time, but a reasonable exposure to each
category ensures a good level of diversification for the portfolio as a whole.
Meanwhile, the approach tends to result in a bias towards value stocks(2) and
smaller companies, as well as an overall focus on quality.
The portfolio tends to exhibit a high "active share", which means that its
constituents deviate significantly from the benchmark index. Gearing
(financial leverage) typically ranges between 10% and 17.5%, allowing
shareholders to potentially benefit even more as the inefficiencies we have
identified become more appropriately priced by the market.
(1)Source: Morningstar, cum-income NAV with dividends reinvested, 31
January 2023 data, net of fees. Past performance is not a guide to future
performance and may not be repeated.
(2)The term 'Value stocks' refers to shares of a company that appears to trade
at a lower price relative to its fundamentals, such as dividends, earnings, or
sales, making it appealing to value investors.
Portfolio strategy
So, what does this mean for current portfolio strategy and
positioning? Currently, the biggest category within the portfolio is market
misperception which accounts for almost 40% of assets. This includes companies
such as Hitachi and Seven & i, where we see the prospect of sustainable
improvements in returns from management efforts that are not yet reflected in
valuations.
Almost 30% of the portfolio is in market oversights, such as Fukushima Galilei
and Hosokawa Micron, where we find highly competitive smaller businesses
trading at a significant discount to their large cap and global peers. 14% of
the portfolio is invested in short-term overreactions, including out-of-favour
technology opportunities such as NRI and Ibiden. These businesses are
beneficiaries of long-term structural tailwinds but their shares have been
sold down aggressively - in our view, too aggressively - over the last
eighteen months.
The remaining 20% of the portfolio is invested in what we consider to be
best-in-class operators, such as Toyota Motor and Sumitomo Mitsui Financial
Group.
From a sector perspective, this means a bias towards Information &
Communication, Machinery and Other Financing Business. As is typical, the
portfolio is also overweight towards small and mid-sized businesses, where
valuations look particularly attractive as the domestic Japanese economy
recovers.
Recent performance drivers
The Japanese stock market was volatile throughout the period, reflecting
global market concerns about the direction of US interest rates as the fight
against inflation intensified. In sterling terms, however, the market's return
over the first half of the Company's financial year was relatively strong.
Value stocks outperformed growth stocks and smaller companies generally did
better than larger caps. Meanwhile, there was a beneficial impact from the
Company's gearing, and helpful contributions to relative performance also came
from individual stocks. All these factors were helpful to performance during
the period, as reflected in the positive NAV return and the modest
outperformance of the benchmark.
The strongest market influence came from an unexpected change in monetary
policy announced by the Bank of Japan (BOJ), which widened the band within
which it has been maintaining 10-year bond yields. Although such a change to
the policy of "yield curve control" has long been recognised by investors as a
logical first step towards a more normal monetary policy environment, the
timing of the decision came as a surprise. The main beneficiaries of this
change were banks and other financials, because yield curve control has
suppressed net interest margins (the difference between the rate at which
banks borrow and lend money, which in turn influences how profitable they
are). Financial-related sectors therefore reacted positively to this change,
resulting in strong contributions for the Company from the portfolio's biggest
holding, Sumitomo Mitsui Financial Group, one of Japan's largest banks, and
T&D Holdings, a major life insurer. This was partly offset by a negative
contribution from not holding Mitsubishi Financial Group during the period.
Among stocks held, the largest negative contribution came from Mitsui Fudosan,
a large cap real estate developer, which declined amid concern about how the
change in monetary policy may impact the Japanese property market.
Portfolio activity
We added INFRONEER Holdings, a mid-sized general construction company, to the
portfolio during the period. Its management team is evolving the business away
from road-paving and towards infrastructure management services, which should
enable it to deliver better earnings growth with less volatility. Ultimately,
this should translate into a premium valuation, but the shares currently trade
broadly in line with other construction companies. This market misperception
provides significant room for the stock to be re-rated over time.
We also participated in the initial public offering (IPO) of Daiei Kankyo, one
of Japan's largest vertically integrated waste management companies. Our
investment thesis is based on accelerating growth in revenue and profit from
various company-specific drivers, including capacity expansion and
acquisitions. Within a highly fragmented industry with relatively high
barriers to entry, we believe the company's strong market position, in terms
of scale, capacity and track record, provides relatively good visibility on
future earnings. The IPO price implied a meaningful valuation discount to
peers like Daiseki, which looks to us like a market oversight, allowing us to
build a position in a high-quality company at an attractive price.
In terms of exits, we sold the position in Hoya Corp, which is a manufacturer
of various electro-optical products. Our investment thesis for Hoya was that
there had been a short-term overreaction by the market when Covid-19 hit in
early 2020. This allowed us to increase our position in the company at a low
valuation. Since then, Hoya has quickly rebuilt its earnings, and its share
price has recovered, prompting us to start reducing the position gradually.
More recently, the risk of a cyclical slowdown in the global IT market has
emerged, which is likely to have a negative impact on Hoya's glass memory-disk
business. Since the valuation has now returned to its historical range, we
decided to sell out of the remaining position.
We also sold the position in ENEOS Holdings, an integrated energy holding
company that mainly operates refining and marketing businesses. We had
expected the company to maximise cash flow generation from its existing assets
and return that cash to shareholders. However, ENEOS continues to make fresh
investments including acquisitions, without adequately explaining the deal
rationale to shareholders. As a result, we have become increasingly concerned
about management's capital allocation discipline. Our engagements with the
business have suggested there is reluctance to change, so we have exited the
holding and recycled the proceeds into higher conviction opportunities, such
as those outlined above.
Outlook
Japan entered 2023 as a clear outlier among developed markets, in terms
of the outlook for economic growth, monetary policy and inflation. With the
domestic economy finally reopening, we see many companies well-positioned to
continue to grow profits in the coming year and the potential for Japan's GDP
to continue to grow above its long-term trend rate.
After decades of deflation, the Bank of Japan may be the one major central
bank that is happy to see some upward pressure on inflation. While producer
prices have been rising in Japan for some time, we are now seeing more
evidence of companies looking to pass on these increases to customers, despite
consumers remaining very price-sensitive after two decades of deflation.
Nevertheless, inflationary pressures remain lower in Japan than in the west,
which should allow interest rates to remain relatively low, providing support
for the domestic economy and indeed the stock market.
Our positive view on Japan for 2023 is also supported by continuing
improvements in corporate governance, which provides the scope to generate
real value for investors. This is partly a qualitative assessment through our
discussions with company managements, but there are also measurable impacts
such as improving returns on equity and a record level of share buybacks.
These factors improve potential returns for investors, as do continuing
revisions to the Corporate Governance Code and improving disclosure on
sustainability issues. Factors such as these should allow us to continue to
generate interesting stock ideas across the market-cap spectrum.
We should also note that Japan has entered 2023 with a slightly lower level of
political stability than expected. The strong result for the ruling Liberal
Democratic Party in the Upper House elections in July 2022 should have
provided a strong platform for Prime Minister Kishida. Since then, however,
his public approval rating has come under increasing pressure as a result of
internal party issues together with his handling of higher living costs. While
any change in prime minister is unlikely before the G7 summit in May, Mr
Kishida may find it harder to survive the second half of 2023. Nevertheless,
with the Liberal Democratic Party remaining dominant, we would expect any
successor to maintain the current policy mix.
On balance, we expect the Japanese economy to be able to sustain its recovery
in 2023, but we do not expect any step change in its long-term growth rate.
Instead, we anticipate that continuing improvements in corporate governance
will lead to better capital allocation disciplines and corporate
restructurings which should, in turn, generate further improvements to
shareholder returns. By focusing the portfolio towards undervalued businesses
capable of delivering improving returns, and avoiding opportunities that are
less well-placed, we expect these factors to have a strong positive influence
on the Company in the years ahead.
Schroder Investment Management Limited
Principal risks and uncertainties
The principal risks and uncertainties with the Company's business
fall into the following risk categories: strategic; investment management;
financial and currency; custody; gearing and leverage; accounting, legal and
regulatory; service provider; and cyber. A detailed explanation of the risks
and uncertainties in each of these categories can be found on pages 18 and 19
of the Company's published annual report and accounts for the year ended 31
July 2022.
The Board has considered the Company's principal risks and uncertainties and
considers that the Company's existing principal risks and uncertainties are
sufficiently comprehensive.
The Company's principal risks and uncertainties have not materially changed
during the six months ended 31 January 2023.
Going concern
Having assessed the principal risks and uncertainties, and the
other matters discussed in connection with the viability statement as set out
on page 20 of the published annual report and accounts for the year ended 31
July 2022, the Directors consider it appropriate to adopt the going concern
basis in preparing the accounts.
Related party transactions
There have been no transactions with related parties that have
materially affected the financial position or the performance of the Company
during the six months ended 31 January 2023.
Directors' responsibility statement
The Directors confirm that, to the best of their knowledge, this
set of condensed financial statements has been prepared in accordance with
United Kingdom Generally Accepted Accounting Practice and, in particular with
Financial Reporting Standard 104 "Interim Financial Reporting" with the
Statement of Recommended Practice, "Financial Statements of Investment
Companies and Venture Capital Trusts" issued in July 2022 and that this
Interim Management Report includes a fair review of the information required
by 4.2.7R and 4.2.8R of the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules.
Income Statement
for the six months ended 31 January 2023 (unaudited)
(Unaudited) (Unaudited) (Audited)
For the six months For the six months For the year
ended 31 January 2023 ended 31 January 2022 ended 31 July 2022
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit or loss - 12,757 12,757 - 534 534 - (3,439) (3,439)
Net foreign currency (losses)/gains - (610) (610) - 465 465 - 2,076 2,076
Income from investments 4,198 - 4,198 3,921 - 3,921 8,208 - 8,208
Other interest receivable and similar income 5 - 5 - - - 3 - 3
Gross return/(loss) 4,203 12,147 16,350 3,921 999 4,920 8,211 (1,363) 6,848
Investment management fee (300) (700) (1,000) (308) (718) (1,026) (599) (1,399) (1,998)
Administrative expenses (314) - (314) (319) - (319) (637) - (637)
Net return/(loss) before finance costs and taxation 3,589 11,447 15,036 3,294 281 3,575 6,975 (2,762) 4,213
Finance costs (45) (106) (151) (37) (87) (124) (81) (189) (270)
Net return/(loss) before taxation 3,544 11,341 14,885 3,257 194 3,451 6,894 (2,951) 3,943
Taxation (note 3) (420) - (420) (392) - (392) (821) - (821)
Net return/(loss) after taxation 3,124 11,341 14,465 2,865 194 3,059 6,073 (2,951) 3,122
Return/(loss) per share (note 4) 2.57p 9.31p 11.88p 2.35p 0.16p 2.51p 4.97p (2.42)p 2.55p
The "Total" column of this statement is the profit and loss account of
the Company. The "Revenue" and "Capital" columns represent supplementary
information prepared under guidance issued by The Association of Investment
Companies. The Company has no other items of other comprehensive income and
therefore the net return/(loss) after taxation is also the total comprehensive
income/(loss) for the period.
All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.
Statement of Changes in Equity
For the six months ended 31 January 2023 (unaudited)
Called-up Share Capital Warrant Share Capital Revenue Total
share premium redemption exercise purchase reserves reserve £'000
capital £'000 reserve reserve reserve £'000 £'000
£'000 £'000 £'000 £'000
At 31 July 2022 12,200 7 301 3 91,237 170,347 7,334 281,429
Repurchase of the Company's
own shares for cancellation (38) - 38 - (750) - - (750)
Net return after taxation - - - - - 11,341 3,124 14,465
Dividend paid in the period (note 5) - - - - - - (5,961) (5,961)
At 31 January 2023 12,162 7 339 3 90,487 181,688 4,497 289,183
For the six months ended 31 January 2022 (unaudited)
Called-up Share Capital Warrant Share Capital Revenue Total
share premium redemption exercise purchase reserves reserve £'000
capital £'000 reserve reserve reserve £'000 £'000
£'000 £'000 £'000 £'000
At 31 July 2021 12,214 7 287 3 91,540 173,298 6,510 283,859
Repurchase of the Company's
own shares for cancellation (7) - 7 - (154) - - (154)
Net return after taxation - - - - - 194 2,865 3,059
Dividend paid in the period (note 5) - - - - - - (5,249) (5,249)
At 31 January 2022 12,207 7 294 3 91,386 173,492 4,126 281,515
For the year ended 31 July 2022 (audited)
Called-up Share Capital Warrant Share Capital Revenue Total
share premium redemption exercise purchase reserves reserve £'000
capital £'000 reserve reserve reserve £'000 £'000
£'000 £'000 £'000 £'000
At 31 July 2021 12,214 7 287 3 91,540 173,298 6,510 283,859
Repurchase of the Company's
own shares for cancellation (14) - 14 - (303) - - (303)
Net (loss)/return after taxation - - - - - (2,951) 6,073 3,122
Dividend paid in the year (note 5) - - - - - - (5,249) (5,249)
At 31 July 2022 12,200 7 301 3 91,237 170,347 7,334 281,429
Statement of Financial Position
at 31 January 2023 (unaudited)
(Unaudited) (Unaudited) (Audited)
At 31 January At 31 January At 31 July
2023 2022 2022
£'000 £'000 £'000
Fixed assets
Investments held at fair value through profit or loss 324,533 313,280 313,454
Current assets
Debtors 471 958 1,113
Cash at bank and in hand 2,718 7,263 5,626
3,189 8,221 6,739
Current liabilities
Creditors: amounts falling due within one year (note 6) (1,062) (1,174) (1,872)
Net current assets 2,127 7,047 4,867
Total assets less current liabilities 326,660 320,327 318,321
Creditors: amounts falling due after more than one year (note 7) (37,477) (38,812) (36,892)
Net assets 289,183 281,515 281,429
Capital and reserves
Called-up share capital (note 8) 12,162 12,207 12,200
Share premium 7 7 7
Capital redemption reserve 339 294 301
Warrant exercise reserve 3 3 3
Share purchase reserve 90,487 91,386 91,237
Capital reserves 181,688 173,492 170,347
Revenue reserve 4,497 4,126 7,334
Total equity shareholders' funds 289,183 281,515 281,429
Net asset value per share (note 9) 237.77p 230.61p 230.68p
Notes to the Accounts
1. Financial statements
The information contained within the accounts in this half year report
has not been audited or reviewed by the Company's independent auditor.
The figures and financial information for the year ended 31 July 2022 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 2006.
2. Accounting policies
Basis of accounting
The accounts have been prepared in accordance with United Kingdom
Generally Accepted Accounting Practice, in particular with Financial Reporting
Standard 104 "Interim Financial Reporting" and with the Statement of
Recommended Practice "Financial Statements of Investment Trust Companies and
Venture Capital Trusts" issued by the Association of Investment Companies in
July 2022.
All of the Company's operations are of a continuing nature.
The accounting policies applied to these accounts are consistent with those
applied in the accounts for the year ended 31 July 2022.
3. Taxation on ordinary activities
The Company's effective corporation tax rate is nil, as deductible
expenses exceed taxable income. The tax charge comprises irrecoverable
overseas withholding tax.
4. Return/(loss) per share
(Unaudited) (Unaudited) (Audited)
Six months Six months Year ended
ended ended 31 July
31 January 31 January 2022
2023 2022 £'000
£'000 £'000
Revenue return 3,124 2,865 6,073
Capital return/(loss) 11,341 194 (2,951)
Total return 14,465 3,059 3,122
Weighted average number of shares in issue during the period 121,782,314 122,089,911 122,078,782
Revenue return per share 2.57p 2.35p 4.97p
Capital return/(loss) per share 9.31p 0.16p (2.42)p
Total return per share 11.88p 2.51p 2.55p
5. Dividends paid
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 January 31 January 31 July
2023 2022 2022
£'000 £'000 £'000
2022 final dividend paid of 4.9p (2021: 4.3p) 5,961 5,249 5,249
No interim dividend has been declared in respect of the six months ended
31 January 2023 (2022: nil).
6. Creditors: amounts falling due within one year
(Unaudited) (Unaudited) (Audited)
31 January 31 January 31 July
2023 2022 2022
£'000 £'000 £'000
Securities purchased awaiting settlement 422 479 1,177
Other creditors and accruals 640 695 695
1,062 1,174 1,872
7. Creditors: amounts falling due after more than one year
(Unaudited) (Unaudited) (Audited)
ended ended Year ended
31 January 31 January 31 July
2023 2022 2022
£'000 £'000 £'000
Bank Loan 37,477 38,812 36,892
The bank loan is a yen 6.0 billion three-year term loan from SMBC Bank
International plc (formerly Sumitomo Mitsui banking Corporation Europe
Limited), expiring in January 2025 and carrying a floating interest rate,
calculated at the daily Compounded Risk Free Rate, plus a margin.
8. Called-up share capital
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 January 31 January 31 July
2023 2022 2022
£'000 £'000 £'000
Opening balance of ordinary shares of 10p each 12,200 12,214 12,214
Repurchase and cancellation of shares (38) (7) (14)
Closing balance of ordinary shares of 10p each 12,162 12,207 12,200
Changes in the number of shares in issue during the period were as follows:
(Unaudited) (Unaudited)
Six months Six months (Audited)
ended ended Year ended
31 January 31 January 31 July
2023 2022 2022
Ordinary shares of 10p each, allotted, called-up and fully paid
Opening balance of shares in issue 122,000,562 122,143,262 122,143,262
Repurchase and cancellation of shares (375,690) (67,700) (142,700)
Closing balance of shares in issue 121,624,872 122,075,562 122,000,562
9. Net asset value per share
Net asset value per share is calculated by dividing shareholders' funds
by the number of shares in issue of 121,624,872 (31 January 2022: 122,075,562
and 31 July 2022: 122,000,562).
10. Financial instruments measured at fair value
The Company's financial instruments that are held at fair value comprise
its investment portfolio. At 31 January 2023, all investments in the Company's
portfolio were categorised as Level 1 in accordance with the criteria set out
in paragraph 34.22 (amended) of FRS 102. That is, they are all valued using
unadjusted quoted prices in active markets for identical assets (31 January
2022 and 31 July 2022: same).
11. Events after the interim period that have not been reflected
in the financial statements for the interim period
The Directors have evaluated the period since the interim date and have
not noted any significant events which have not been reflected in the
financial statements.
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