JPMORGAN EMERGING EUROPE, MIDDLE EAST & AFRICA SECURITIES PLC

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“In accordance with The Financial Reporting Council's guidance on going concern and liquidity risk, the Directors have undertaken a rigorous review of the Company's ability to continue as a going concern. The Directors have considered the Company's investment objective (see page 29), risk management policies (see pages 82 to 87), capital management (see note 21), the nature of the portfolio and expenditure projections. The Directors have also taken into account the continued market volatility and economic uncertainty resulting from ongoing geopolitical tensions and conflicts, including the war in Ukraine and fragile relations in the Middle East, on the revenue expected from underlying investments. The Company's assets outside of Russia, all of which are investments in quoted securities which are readily realisable, exceed its liabilities under all stress test scenarios reviewed by the Board. The Board further reviews the impact of market factors, structural and financial factors and operating factors. The Company's key third party suppliers, including its Manager, are not experiencing any operational difficulties to adversely affect their services to the Company. The Directors believe that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence to 31st January 2027, being at least 12 months from approving this annual report and financial statements. 12 months is considered an appropriate period because that mirrors the financial reporting cycle and frequency of the external audit of the Company.”

Significant events

• “Due to Russia's invasion of Ukraine on 24th February 2022 and subsequent closure of the Russian market to Western investors, the Board proposed a resolution to widen the Company's investment objective and policies, which was approved by shareholders on 23rd November 2022 as detailed above. The Company's name was changed to JPMorgan Emerging Europe, Middle East & Africa Securities plc on the same date. The revised objective has enabled the Company to hold investments that can be traded and generate income.”
• “The tragic events in Ukraine since Russia's military invasion on 24th February 2022 sadly continue whilst recent US led proposals for peace negotiations seem to have faltered.”
• “In view of the unknown outcome of the VTB and Sberbank cases, there has been no impact on the financial statements as at 31st October 2025. As at 31st October 2025 the Company's Russian investments amounted to 5.7% of the portfolio, although that figure should be considered in the context of the Company's share price premium to net asset value per share of 230.8% as detailed in the Discount Control section below and in the context of the considerable uncertainty attaching to the value of its Russian assets. All these developments reinforce that there is much uncertainty of these values ever being realisable by the Company. The Board has sought to keep shareholders informed of material developments arising in relation to the Company's holdings in its Russian stocks during this continuing difficult period.”
• “As mentioned by the Chairman in his latest statement, and in previous reporting, the Company's Russian holdings continue to be subject to strict sanctions, and their valuations have been discounted accordingly. In addition, the numerous Russian court cases including VTB's $439.5 million claim against eight J.P.Morgan legal entities and the Company continue as detailed in the Chairman's statement.”
• “The Directors have evaluated the period since the year end and have not noted any subsequent events. The hearing date for the appeal against the judgement in favour of VTB $439.5 million claim in the Russian court, as detailed in the Chairman's Statement, is now set for 16th February 2026.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.