1st Quarter Results
Baillie Gifford Japan Trust PLC
13 December 2000
The Baillie Gifford Japan Trust PLC
Results for the three months to 30 November 2000
13 December 2000
THE BAILLIE GIFFORD JAPAN TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)
for the three months for the three months ended
ended 30 November 1999
30 November 2000
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Realised gains on - 5,786 5,786 - 14,080 14,080
investments
Unrealised - (34,438) (34,438) - 33,104 33,104
(losses)/gains on
investments
Currency - 228 228 - (1,618) (1,618)
gains/(losses) (note
1)
Income 347 - 347 282 - 282
Investment (350) - (350) (446) - (446)
management fee
Other administrative (53) - (53) (38) - (38)
expenses
Net return before (56) (28,424) (28,480) (202) 45,566 45,364
finance costs and
taxation
Finance costs of (92) - (92) (91) - (91)
borrowings
Return on ordinary (148) (28,424) (28,572) (293) 45,566 45,273
activities before
taxation
Tax on ordinary (51) - (51) (41) - (41)
activities
Return on ordinary (199) (28,424) (28,623) (334) 45,566 45,232
activities after
taxation
Transfer (from)/to (199) (28,424) (28,623) (334) 45,566 45,232
reserves
Return per (0.31p) (44.59p) (44.90p) (0.52p)+ 71.47p+ 70.95p+
ordinary
share (note
3)
for the year ended
31 August 2000
Revenue Capital Total
£'000 £'000 £'000
Realised gains on investments - 48,117 48,117
Unrealised (losses)/gains on - (9,192) (9,192)
investments
Currency gains/(losses) (note 1) - (2,524) (2,524)
Income 866 - 866
Investment management fee (1,751) - (1,751)
Other administrative expenses (227) - (227)
Net return before finance costs (1,112) 36,401 35,289
and taxation
Finance costs of borrowings (360) - (360)
Return on ordinary activities (1,472) 36,401 34,929
before taxation
Tax on ordinary activities (125) - (125)
Return on ordinary activities (1,597) 36,401 34,804
after taxation
Transfer (from)/to reserves (1,597) 36,401 34,804
Return per ordinary share (note 3) (2.51p)+ 57.10p+ 54.59p+
* The revenue column of this statement is the profit and loss account of the
Company.
+ Restated for five for one share split (see note 5).
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 2000
(unaudited)
30 November 31 August
2000 2000
£'000 £'000
NET ASSETS
Listed overseas equities 117,555 165,805
Unlisted equities - traded on the 4,819 14,347
Japanese OTC market
Total fixed asset investments 122,374 180,152
Net liquid assets 20,679 11,581
Total assets (before deduction of bank 143,053 191,733
loans)
Bank loans (note 4) (6,368) (26,425)
136,685 165,308
CAPITAL AND RESERVES
Called-up share capital 3,188 3,188
Capital reserves 138,956 167,380
Revenue reserve (5,459) (5,260)
EQUITY SHAREHOLDERS' FUNDS 136,685 165,308
NET ASSET VALUE PER ORDINARY SHARE 214.4p 259.3p+
Ordinary shares in issue (note 5) 63,750,000 63,750,000+
+ Restated for five for one share split (see note 5).
THE BAILLIE GIFFORD JAPAN TRUST PLC
SUMMARISED CASH FLOW STATEMENT
(unaudited)
Three months to Year to
30 November 2000 31 August 2000
£'000 £'000 £'000 £'000
NET CASH OUTFLOW FROM OPERATING ACTIVITIES (413) (1,067)
NET CASH OUTFLOW FROM SERVICING OF FINANCE (93) (356)
TOTAL TAX PAID (4) (23)
FINANCIAL INVESTMENT
Acquisitions of investments (12,433) (87,110)
Disposals of investments 41,786 100,559
Realised currency gains 6 217
NET CASH INFLOW FROM FINANCIAL INVESTMENT 29,359 13,666
NET CASH INFLOW BEFORE FINANCING 28,849 12,220
FINANCING
Net (outflow)/inflow from bank loans
(repaid) (19,835) 12
/drawn down
Shares purchased for cancellation - (881)
NET CASH OUTFLOW FROM FINANCING (19,835) (869)
INCREASE IN CASH 9,014 11,351
RECONCILIATION OF NET CASH FLOW TO MOVEMENT
IN NET FUNDS/(DEBT)
Increase in cash in period 9,014 11,351
Net outflow/(inflow) from bank loans 19,835 (12)
Exchange movement on bank loans 222 (3,158)
MOVEMENT IN NET FUNDS/(DEBT) 29,071 8,181
NET DEBT AT 1 SEPTEMBER 2000 (14,553) (22,734)
NET FUNDS/(DEBT) AT 30 NOVEMBER 2000
14,518 (14,553)
THE BAILLIE GIFFORD JAPAN TRUST PLC
TWENTY LARGEST EQUITY HOLDINGS
at 30 November 2000
Business Market % of
value total
Name
£'000 assets
Fast Retailing Casual wear retailer 6,888 4.8
Rohm Specialist semiconductors 6,201 4.3
Promise Consumer finance 5,529 3.9
Kyocera Telecoms and electronics 4,432 3.1
Takeda Chemical Industries Pharmaceutical manufacturer 4,369 3.0
Nippon Broadcasting System Radio and TV broadcasting 4,183 2.9
Sumitomo Bakelite Specialist electronic 3,926 2.7
materials
Fuji Heavy Industries Maker of Subaru brand 3,874 2.7
automobiles
Capcom Games software 3,850 2.7
Yamatake Corporation Control systems 3,821 2.7
Fanuc Robot and equipment 3,696 2.6
manufacturer
Kobayashi Pharmaceutical Household products 3,688 2.6
Nippon Electric Glass Specialist glass 3,553 2.5
Murata Manufacturing Electrical components 3,536 2.5
Yamada Denki Consumer electronics retailer 3,399 2.4
Minebea Miniature bearings 3,394 2.4
* Toys R Us Japan Toy retail chain 3,095 2.2
Noritz Kitchen and bath manufacturer 2,955 2.1
Matsushita Kotobuki HDD manufacturer 2,797 2.0
Electronics
Kuraya Sanseido Inc. Pharmaceutical wholesaler 2,721 1.9
79,907 56.0
* Denotes holding traded on the Japanese OTC market.
THE BAILLIE GIFFORD JAPAN TRUST PLC
NOTES
30 November 2000 30 November 1999 31 August 2000
£'000 £'000 £'000
1. Currency gains/
(losses)
Realised exchange (631) 319 646
differences
Movement in 859 (1,937) (3,170)
unrealised exchange
differences
228 (1,618) (2,524)
2. No interim dividend will be declared.
3. Return per ordinary share
Revenue return (199) (334) (1,597)
Capital return (28,424) 45,566 36,401
Return per ordinary share is based on the above totals of revenue and
capital and on 63,750,000 (30 November 1999 and 31 August 2000 -
63,750,000) ordinary shares, being the weighted average number of ordinary
shares in issue during the period (see note 5).
4. A bank loan of £6.4 million (Y1.0 billion) has been drawn down under a yen
loan facility, which is repayable in November 2001 (31 August 2000 - £26.4
million (Y4.1 billion)).
5. At the AGM in November 2000 shareholders approved a resolution to
sub-divide each of the Company's ordinary shares of 25p each into five
ordinary shares of 5p each, which increased the number of ordinary shares
in issue from 12,750,000 to 63,750,000. The net asset value per share and
the return per share figures for the prior periods have been restated.
6. At the AGM shareholders also approved the renewal of the Company's
authority to buy back its own ordinary shares in respect of 9,556,125
ordinary shares of 5p each (equivalent to 14.99% of its share capital at
that date). No ordinary share were bought back in the period under review
and, therefore, at 30 November 2000 the Company's authority to buy back
its own shares remained unchanged at 9,556,125 ordinary shares of 5p each.
7. The financial information for the year ended 31 August 2000 has been
extracted from the full accounts, which will be filed with the Registrar
of Companies and which contain an unqualified Auditor's Report.
8. The accounting policies applied in calculating the quarterly figures are
consistent with those used in the Annual Financial Statements.
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