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
Latest directors dealings
- 3 hours ago Johnson Matthey
- 4 hours ago Galliford Try
- 4 hours ago Galliford Try
- 4 hours ago Centrica
- 5 hours ago Smith & Nephew