Fthr re 6 Mths Rslts-31/10/00
Atlantis Japan Growth Fund Ld
17 January 2001
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED BALANCE SHEET
AS AT 31ST OCTOBER 2000
2000 1999
Notes $ $
FIXED ASSETS
Investments at market value
2(d) (cost $295,670,222 1999 - $223,989,525) 247,499,332 316,158,168
CURRENT ASSETS
Due from brokers 1,862,778 1,916,331
2(b) Dividends and interest receivable 573,668 402,931
Debtors 2,305 68,138
Bank balances 21,341,767 4,372,764
23,780,518 6,760,164
CURRENT LIABILITIES
Due to brokers 2,572,230 3,027,554
Creditors and accrued expenses 566,334 516,596
5 Loan payable 27,496,448 14,389,870
2(e) Unsettled forward foreign exchange - 3,341,414
30,635,012 21,275,434
NET CURRENT LIABILITIES (6,854,494) (14,515,270)
TOTAL NET ASSETS $240,644,838 $301,642,898
Represented by:
CAPITAL AND RESERVES
3(b) Called-up share capital 200,176 200,092
3(b) Share premium 187,303,927 187,219,621
4 Warrant reserve 10,947,332 10,947,332
Other reserves 42,193,403 103,275,853
TOTAL SHAREHOLDERS' FUNDS $240,644,838 $301,642,898
NET ASSET VALUE PER ORDINARY SHARE: $12.02 $15.08
Based on 20,017,619 Ordinary shares (1999 - 20,009,180)
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED CASH FLOW STATEMENT
FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000
2000 1999
Notes $ $
OPERATING ACTIVITIES
6 Net cash outflow from operating activities (430,020) (911,256)
SERVICING OF FINANCE
Interest paid (112,305) (254,095)
FINANCIAL INVESTMENT
Purchase of investments (117,068,468) (119,174,587)
Sale of investments 123,150,099 123,697,147
Forward currency contracts (1,070,884) (12,391,512)
Net cash inflow (outflow) from investing
activities 5,010,747 (7,868,952)
FINANCING
Repayment of loans (13,804,528) (37,684,817)
Drawdown of loans 27,612,868 34,357,441
Exercise of warrants 84,390 -
Net cash inflow (outflow) from
financing 13,892,730 (3,327,376)
Increase (decrease) in cash 18,361,152 (12,361,679)
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET (DEBT) FUNDS
Increase (decrease) in cash as above 18,361,152 (12,361,679)
Cash flow on loans (13,808,340) (3,327,376)
Change in net cash (debt) 4,552,812 (9,034,303)
Exchange movements 678,111 (1,588,102)
Movement in net funds in the period 5,230,923 (10,622,405)
Net (debt) cash 1st May (11,385,604) 605,299
7 Net debt at 31st October $(6,154,681) $(10,017,106)
ALANTIS JAPAN GROWTH FUND LIMITED
NOTES TO THE ACCOUNTS
FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000
1. GENERAL
Atlantis Japan Growth Fund (the Company) was incorporated in Guernsey on 13th
March 1996. The Company commenced activities on 10th May, 1996.
2. ACCOUNTING POLICIES
a) Basis of Accounting
The accounts have been prepared under the historical cost convention as modified
by the revaluation of investments. The accounts have been prepared in accordance
with applicable accounting standards in the United Kingdom and on the basis that
all activities are continuing and on the assumption that the Company will be
approved by the Inland Revenue as an investment trust for the purposes of
section 842 of the Income and Corporation Taxes Act 1988.
b) Income Recognition
Dividends arising on the Company's investments are accounted for on an
ex-dividend basis. Deposit interest and interest on short-term paper is accrued
on a day-to-day basis.
c) Expenses
All expenses have been charged against revenue.
d) Investments
Investments are valued at the mid-market prices ruling at the balance sheet
date, and the resulting unrealised gains and losses are included in capital
reserve. Realised gains and losses on the disposal of investments are calculated
by reference to the net proceeds received on disposal and the average cost
attributable to those investments; they are also included in capital reserve.
e) Foreign Currency Translation
Foreign currency assets and liabilities have been translated into United States
dollars at the exchange rates ruling at the balance sheet date. Realised and
unrealised gains and losses on capital items are dealt with through the capital
reserve.
Foreign currency income and expenditure have been translated into the reporting
currency at the exchange rates ruling at the date of the transaction. Realised
and unrealised gains and losses on revenue items are dealt with through the
revenue account. Forward currency contracts entered into for hedging purposes
are valued at the appropriate forward rate ruling at the balance sheet date.
Gains or losses an the revaluation of open positions are dealt with through the
capital reserve.
3. SHARE CAPITAL AND SHARE PREMIUM
a) Authorised
24,000,000 Ordinary Shares of US$0,01 each $240,00
The rights which the ordinary shares convey upon the holders thereof are as
follows:
Voting Rights
i) On a show of hands, every Member who is present shall have one vote; and
ii) on a poll a Member present in person or by proxy shall be entitled to one
vote per ordinary share held.
Entitlement to Dividends
The Company may declare dividends in respect of the ordinary shares.
Rights in a Winding-up
The holders of ordinary shares will be entitled to share in the net asset value
of the Company as determined by the Liquidator.
Warrants
The holders of the warrants have the right to convert their warrants into
ordinary shares, one ordinary share per warrant, at a cost of $10 per share,
in accordance with the Scheme Particulars.
The warrants convey no other rights on the holders thereof.
b) Issued
Ordinary Shares Number of Share Share
Shares Capital Premium
$ $
Balance at 1st May 2000 20,009,18 200,092 187,219,621
Issued during the period 8,439 84 84,306
Balance at 31st October 2000 20,017,619 $200,176 $187,303,927
4. WARRANT RESERVE Number of Warrant
Warrants Reserve
$
Balance at 1st May 2000 3,989,706 10,947,332
Warrants exercised during the period (8,439) -
Balance at 31st October 2000 3,981,267 $10,947,332
THE LAST DATE FOR THE EXERCISE OF WARRANTS IS 30TH APRIL 2001.
5. LOAN PAYABLE
The Company entered into a three year Committed Revolving Credit Facility of
JPY1,500,000,000, with ING Barings, on 29th July 1999, maturing on 29th July
2002. This replaced the interest bearing loan of JFY500,000,000 maturing on
5th November 1999.
Borrowings drawn down at the period end amounted to JPY1,500,000,000, are
unsecured and bear interest at an initial rate of 1.55%.
A further loan was taken out on 2nd May 2000. This loan was for an amount of
JPY1,500,000,000 and bears an interest rate of 0.9% and will mature on 4th
June 2001.
6. RECONCILIATION OF OPERATING REVENUE TO 2000 1999
NET CASH OUTFLOW FROM OPERATING ACTIVITIES $ $
Net deficit before taxation (1,397,434) (1,083,778)
Interest paid 177,716 67,171
Decrease in debtors and accrued income 1,024,848 78,753
(Decrease) increase in creditors (14,025) 139,436
Tax on overseas investment income deducted
at source (221,125) (112,838)
$(430,020) $(911,256)
7. ANALYSIS OF CHANGES IN NET DEBT
1st May Exchange 31st October
2000 Cashflow movement 2000
$ $ $ $
Bank balances 2,498,785 18,361,152 481,830 21,341,767
Loan payable (13,884,389) (13,808,340) 196,281 (27,496,448)
$(11,385,604) $4,552,812 $678,111 $(6,154,681)
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