1st Quarter Report

Baillie Gifford Japan Trust PLC 7 December 1999 THE BAILLIE GIFFORD JAPAN TRUST PLC FIRST QUARTER REPORT STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the three months ended 30 November 1999 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains/(losses) on investments - 14,080 14,080 Unrealised gains on investments - 33,104 33,104 Currency losses (note 1) - (1,618) (1,618) Income (note 2) 282 - 282 Investment management fee (446) - (446) Other administrative expenses (38) - (38) ---------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION (202) 45,566 45,364 Finance costs of borrowings (91) - (91) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION (293) 45,566 45,273 Tax on ordinary activities (41) - (41) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION (334) 45,566 45,232 ======================================== TRANSFER (FROM)/TO RESERVES (334) 45,566 45,232 ======================================== RETURN PER ORDINARY SHARE (note 4) (2.62p) 357.38p 354.76p ======================================== STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the three months ended 30 November 1998 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains/(losses) on investments - (1,104) (1,104) Unrealised gains on investments - 10,060 10,060 Currency losses (note 1) - (1,597) (1,597) Income (note 2) 486 - 486 Investment management fee (172) - (172) Other administrative expenses (112) - (112) ---------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION 202 7,359 7,561 Finance costs of borrowings (52) - (52) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 150 7,359 7,509 Tax on ordinary activities (27) - (27) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 123 7,359 7,482 ======================================== TRANSFER (FROM)/TO RESERVES 123 7,359 7,482 ======================================== RETURN PER ORDINARY SHARE (note 4) 0.93p 55.75p 56.68p ======================================== STATEMENT OF TOTAL RETURN (incorporating the revenue account*) For the year ended 31 August 1999 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains/(losses) on investments - 3,356 3,356 Unrealised gains on investments - 75,737 75,737 Currency losses (note 1) - (4,009) (4,009) Income (note 2) 1,149 - 1,149 Investment management fee (933) - (933) Other administrative expenses (213) - (213) ---------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION 3 75,084 75,087 Finance costs of borrowings (243) - (243) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION (240) 75,084 74,844 Tax on ordinary activities (85) - (85) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION (325) 75,084 74,759 ======================================== TRANSFER (FROM)/TO RESERVES (325) 75,084 74,759 ======================================== RETURN PER ORDINARY SHARE (note 4) (2.47p) 571.16p 568.69p ======================================== * The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. THE BAILLIE GIFFORD JAPAN TRUST PLC SUMMARISED BALANCE SHEET at 30 November 1999 (unaudited) ============================================================================== 30 NOVEMBER 1999 31 AUGUST 1999 £'000 £'000 ============================================================================== NET ASSETS Listed overseas equities 179,590 139,230 Unlisted equities - traded on the Japanese OTC market 14,644 15,386 ---------------- -------------- Total fixed asset investments (note 5) 194,234 154,616 Net liquid assets/(liabilities) 6,694 (857) ---------------- -------------- Total assets (before deduction of bank loans) 200,928 153,759 Bank loans (note 6) (25,192) (23,255) ---------------- -------------- 175,736 130,504 ================ ============== CAPITAL AND RESERVES Called-up share capital 3,188 3,188 Capital reserves 176,545 130,979 Revenue reserve (3,997) (3,663) ---------------- -------------- EQUITY SHAREHOLDERS' FUNDS 175,736 130,504 ================ ============== NET ASSET VALUE PER ORDINARY SHARE 1,378.3p 1,023.6p Ordinary shares in issue (note 7) 12,750,000 12,750,000 THE BAILLIE GIFFORD JAPAN TRUST PLC TWENTY LARGEST EQUITY HOLDINGS at 30 November 1999 ============================================================================== % OF MARKET VALUE TOTAL NAME BUSINESS £000's ASSETS ============================================================================== 1. Hikari Tsushin Mobile phone retailer 15,730 7.8 2. NTT DoCoMo Mobile telecommunications 12,318 6.1 3. Benesse Education by correspondence 9,025 4.5 4. * H.I.S Discount travel agency 6,776 3.4 5. Shohkoh Fund Business finance 6,433 3.2 6. Softbank Diverse Internet business 6,340 3.2 7. Taiyo Yuden Capacitors and electronic parts 6,029 3.0 8. Fast Retailing Casual wear retailer 5,837 2.9 9. Matsushita Communications Mobile phone manufacturer 5,781 2.9 10. Takefuji Consumer finance 5,266 2.6 11. Nihon Unisys Computers and software 5,045 2.5 12. World Women's apparel manufacturer 5,003 2.5 13. Rohm Specialist semiconductors 4,731 2.4 14. Kobayashi Pharmaceutical Household products 4,544 2.3 15. Japan Telecom Telecom operator 4,424 2.2 16. +Kojima Consumer electronics retailer 4,252 2.1 17. Ito En Tea and soft drinks producer 3,813 1.9 18. Nichicon Capacitors 3,472 1.7 19.*+Yamada Denki Consumer electronics retailer 3,327 1.7 20. Yamanouchi Pharmaceuticals Pharmaceutical manufacturer 3,281 1.6 -------- ------ 121,427 60.5 ======== ====== * denotes holding traded on the Japanese OTC market + denotes holding partly in convertible loan stock THE BAILLIE GIFFORD JAPAN TRUST PLC NOTES ============================================================================== 30 NOVEMBER 1999 30 NOVEMBER 1998 31 AUGUST 1999 £'000 £'000 £'000 ============================================================================== 1.Currency losses Realised exchange differences 319 (8) (69) Movement in unrealised exchange differences (1,937) (1,589) (3,940) --------- --------- --------- (1,618) (1,597) (4,009) ========= ========= ========= 2.Income Income from investments and interest receivable 282 486 1,149 Other income Nil Nil Nil 3.No interim dividend will be declared. 4.Return per ordinary share Revenue return (334) 123 (325) Capital return 45,566 7,359 75,084 Return per ordinary share is based on the above totals for revenue and capital and on 12,750,000 (30 November 1998 - 13,200,000; 31 August 1999 - 13,146,027) ordinary shares, being the weighted average number of shares in issue during the period. 5.Total fixed asset investment include £6,264,000 (31 August 1999 - £5,334,000) of convertible issues. 6.Bank loans of £25.2 million (Y4.1 billion) have been drawn down under yen loan facilities which are repayable between November 2000 and November 2001 (31 August 1999 - £23.3 million (Y4.1 billion)). 7.At the AGM in November 1998 authority was granted to the Company to buy back 1,978,680 ordinary shares (equivalent to 14.99% of its issued share capital at that date). No ordinary shares were bought back in the period under review. At 30 November 1999 the Company had authority to buy back a further 1,528,680 ordinary shares. 8.The financial information for the year ended 31 August 1999 has been extracted from the full accounts, which will be filed with the Registrar of Companies and which contain an unqualified Auditors' Report. 9.The accounting policies applied in calculating the quarterly figures are consistent with those used in the Annual Financial Statements. Managers, Secretaries and Registered Office Baillie Gifford & Co 1 Rutland Court EDINBURGH EH3 8EY

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