Further Re Interim Results
Atlantis Japan Growth Fund Ld
25 January 2002
RELEASED BY MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED
ATLANTIS JAPAN GROWTH FUND LIMITED
PRELIMINARY ANNOUNCEMENT - ADDITIONAL FINANCIAL INFORMATION
THE BOARD OF DIRECTORS OF THE ATLANTIS JAPAN GROWTH FUND LIMITED ANNOUNCE
RESULTS FOR THE SIX MONTHS ENDED 31st OCTOBER, 2001:
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)
FOR THE SIX MONTHS ENDED 31ST OCTOBER 2001
Revenue Capital Total
$ $ $
Realised loss on sales of investments - (20,038,903) (20,038,903)
Unrealised appreciation of investments - 11,867,802 11,867,802
Exchange loss (12,699) ( 1,768,856) (1,781,555)
Investment income 1,091,510 - 1,091,510
Bond interest 4,579 - 4,579
Deposit interest 29,822 - 29,822
1,113,212 (9,939,957) (8,826,745)
Investment management fee 1,621,472 - 1,621,472
Administration fees 136,376 - 136,376
Custodian fees 125,748 - 125,748
Directors' fees and expenses 66,144 - 66,144
Registrar and transfer agent fees 17,280 - 17,280
Interest expense and bank charges 94,417 - 94,417
Insurance fees 10,301 - 10,301
Audit fee 10,414 - 10,414
Printing and advertising fees 27,434 - 27,434
Legal and professional fees 23,758 - 23,758
Listing fees - - -
Miscellaneous expenses 923 - 923
2,134,267 - 2,134,267
DEFICIT ON ORDINARY
ACTIVITIES BEFORE TAX (1,021,055) (9,939,957) (10,961,012)
Tax on ordinary activities (218,302) - (218,302)
DEFICIT ATTRIBUTABLE TO
EQUITY SHAREHOLDERS (1,239,357) (9,939,957) (11,179,314)
DEFICIT PER $(0.061) $(0.486) $(0.547)
ORDINARY SHARE:
(Based on 20,435,627 Ordinary Shares and the Deficit attributable to Equity
Shareholders noted above)
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
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the Revenue Account)
FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000
Revenue Capital Total
$ $ $
Realised gain on sales of investments 26,997,052 26,997,052
Unrealised depreciation of investments (82,288,344) (82,288,344)
Exchange loss (5,731) 483,687 477,956
Investment income 1,436,041 - 1,436,041
Bond interest 30,117 - 30,117
Deposit interest 10,756 - 10,756
1,471,183 (54,807,605) (53,336,422)
Investment management fee 2,075,166 2,075,166
Administration fees 133,752 - 133,752
Custodian fees 336,884 336,884
Directors' fees and expenses 64,595 - 64,595
Registrar and transfer agent fees 2,590 - 2,590
Interest expense and bank charges 183,254 - 183,254
Insurance 11,333 - 11,333
Audit fee 8,690 - 8,690
Printing and advertising 25,142 - 25,142
Legal and professional 24,566 - 24,566
Listing fees 1,094 - 1,094
Miscellaneous expenses 1,551 - 1,551
2,868,617 2,868,617
DEFICIT ON ORDINARY
ACTIVITIES BEFORE TAX (1,397,434) (54,807,605) (56,205,039)
Tax on ordinary activities (287,208) - (287,208)
DEFICIT ATTRIBUTABLE TO
EQUITY SHAREHOLDERS (1,684,642) (54,807,605) (56,492,247)
DEFICIT PER
ORDINARY SHARE : $(0.084) $(2.738) $(2.822)
(Based on 20,017,619 Ordinary Shares and the Deficit attributable to Equity
Shareholders noted above)
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
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED BALANCE SHEET
AS AT 31ST OCTOBER 2001
2001 2000
$ $
FIXED ASSETS
Investments at market value
(cost $259,623,053; 2000 - $295,670,222) 226,899,751 247,499,332
CURRENT ASSETS
Due from brokers 1,689,397 1,862,778
Dividends and interest receivable 584,884 573,668
Debtors - 2,305
Bank balances 9,330,865 21,341,767
11,605,146 23,780,518
CURRENT LIABILITIES
Due to brokers 2,263,776 2,572,230
Creditors and accrued expenses 471,540 566, 334
Loan payable 24,480,803 27,496,448
Unsettled forward foreign exchange 1,833,123 -
29,049,242 30,635,012
NET CURRENT LIABILITIES (17,444,096) (6,854,494)
TOTAL NET ASSETS $209,455,655 $240,644,838
Represented by:
CAPITAL AND RESERVES
Called-up share capital 204,356 200,176
Share premium 192,649,953 187,303,927
Warrant reserve - 10,947,332
Other reserves 16,601,346 42,193,403
TOTAL SHAREHOLDERS' FUNDS $209,455,655 $240,644,838
NET ASSET VALUE PER ORDINARY SHARE: $10.25 $12.02
(Based on 20,435,627 (2000 - 20,017,619) ordinary shares and a Net Asset Value
of $209,455,655 (2000 - $240,644,838)
DILUTED NET ASSET VALUE PER ORDINARY SHARE $10.25 $12.38
(Based on 20,435,627 (2000 - 24,003,420) ordinary shares (including exercise of
warrants and a Net Asset Value of $209,455,655 (2000 - $297,052,695)
ATLANTIS JAPAN GROWTH FUND LIMITED
UNAUDITED CASHFLOW STATEMENT
FOR THE SIX MONTHS ENDED 31ST OCTOBER 2001
2001 2000
$ $ $ $
OPERATING ACTIVITIES
Net cash outflow from operating (531,600) (430,020)
activities
SERVICING OF FINANCE
Interest paid (111,849) (112,305)
FINANCIAL INVESTMENT
Purchase of investments (101,347,100) (117,068,468)
Sale of investments 98,332,002 123,150,099
Forward currency contracts - (1,070,884)
Net cash (outflow) inflow from
investing activities (3,015,098) 5,010,747
FINANCING
Subscription of shares 85,976 -
Repayment of loans - (13,804,528)
Drawdown of loans - 27,612,868
Exercise of warrants - 84,390
Net cash inflow from financing 85,976 13,892,730
(Decrease) increase in cash (3,572,571) 18,361,152
RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT
Decrease (increase) in cash as above (3,572,571) 18,361,152
Cash flow on loans - (13,808,340)
Change in net (debt) cash (3,572,571) 4,552,812
Exchange movements 4,059,141 678,111
Movement in net cash in the period 486,570 5,230,923
Net debt at 1st May (15,636,508) (11,385,604)
Net debt at 31st October $(15,149,938) $(6,154,681)
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