1st Quarter Results
Baillie Gifford Japan Trust PLC
12 December 2001
The Baillie Gifford Japan Trust PLC
Results for the three months to 30 November 2001
12 December 2001
THE BAILLIE GIFFORD JAPAN TRUST PLC
STATEMENT OF TOTAL RETURN
(unaudited and incorporating the revenue account*)
for the three months ended for the three months ended
30 November 2001 30 November 2000
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Realised - (3,007) (3,007) - 5,786 5,786
(losses)/
gains on
investments
Unrealised - (4,661) (4,661) - (34,438) (34,438)
losses on
investments
Currency - 56 56 - 228 228
gains/(losses)
(note 1)
Income 271 - 271 347 - 347
Investment (224) - (224) (350) - (350)
management fee
Other (42) - (42) (53) - (53)
administrative
expenses
Net return 5 (7,612) (7,607) (56) (28,424) (28,572)
before
finance costs
and taxation
Finance costs (34) - (34) (92) - (92)
of borrowings
Return on (29) (7,612) (7,641) (148) (28,424) (28,480)
ordinary
activities
before
taxation
Tax on (40) - (40) (51) - (51)
ordinary
activities
Return on (69) (7,612) (7,681) (199) (28,424) (28,623)
ordinary
activities
after taxation
Transfer from (69) (7,612) (7,681) (199) (28,424) (28,623)
reserves
Return per (0.11p) (11.96p) (12.07p) (0.31p) (44.59p) (44.90p)
ordinary
share (note 3)
for the year ended
31 August 2001
Revenue Capital Total
£'000 £'000 £'000
Realised (losses)/ gains on investments - (1,404) (1,404)
Unrealised losses on investments - (66,604) (66,604)
Currency gains/(losses) (note 1) - (982) (982)
Income 866 - 866
Investment management fee (1,168) - (1,168)
Other administrative expenses (207) - (207)
Net return before finance costs and (509) (68,990) (69,499)
taxation
Finance costs of borrowings (135) - (135)
Return on ordinary activities before (644) (68,990) (69,634)
taxation
Tax on ordinary activities (127) - (127)
Return on ordinary activities after (771) (68,990) (69,761)
taxation
Transfer from reserves (771) (68,990) (69,761)
Return per ordinary share (note 3) (1.21p) (108.22p) (109.43p)
* 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 2001
(unaudited)
30 November 2001 30 November 2000 31 August 2001
£'000 £'000 £'000
NET ASSETS
Listed overseas 84,501 117,555 91,047
equities
Unlisted equities
- traded on the 4,135 4,189 5,624
Japanese
OTC/Nasdaq Japan
markets
- Directors' 1,367 - 1,434
valuation
Total fixed asset 90,003 122,374 98,105
investments
Net liquid assets 7,999 20,679 8,449
Total assets 98,002 143,053 106,554
(before deduction
of bank loans)
Bank loans (note 4) (10,252) (6,368) (11,007)
87,750 136,685 95,547
CAPITAL AND
RESERVES
Called-up share 3,183 3,188 3,188
capital
Capital reserves 90,668 138,956 98,390
Revenue reserve (6,101) (5,459) (6,031)
EQUITY 87,750 136,685 95,547
SHAREHOLDERS' FUNDS
NET ASSET VALUE 137.8p 214.4p 149.9p
PER ORDINARY SHARE
Ordinary shares in 63,650,000 63,750,000 63,750,000
issue (note 5)
THE BAILLIE GIFFORD JAPAN TRUST PLC
SUMMARISED CASH FLOW STATEMENT
(unaudited)
Three Three
months to months to Year to
30 November 30 November 31 August
2001 2000 2001
£'000 £'000 £'000
NET CASH OUTFLOW (255) (413) (625)
FROM OPERATING
ACTIVITIES
NET CASH OUTFLOW (21) (93) (152)
FROM SERVICING OF
FINANCE
TOTAL TAX PAID (5) (4) (125)
FINANCIAL INVESTMENT
Acquisitions of (11,882) (12,433) (67,371)
investments
Disposals of 12,826 41,786 81,036
investments
Realised currency (132) 6 (1,740)
(losses)/gains
NET CASH INFLOW FROM 812 29,359 11,925
FINANCIAL INVESTMENT
NET CASH INFLOW 531 28,849 11,023
BEFORE FINANCING
FINANCING
Net outflow from (568) (19,835) (14,660)
bank loans repaid
Shares purchased for (115) - -
cancellation
NET CASH OUTFLOW (683) (19,835) (14,660)
FROM FINANCING
(DECREASE)/INCREASE (152) 9,014 (3,637)
IN CASH
RECONCILIATION OF
NET CASH FLOW TO
MOVEMENT IN NET DEBT
(Decrease)/increase (152) 9,014 (3,637)
in cash in period
Net outflow from 568 19,835 14,660
bank loans
Exchange movement on 188 222 758
bank loans
MOVEMENT IN NET DEBT 604 29,071 11,781
NET DEBT AT 1 (2,772) (14,553) (14,553)
SEPTEMBER 2001
NET DEBT/(FUNDS) AT (2,168) 14,518 (2,772)
30 NOVEMBER 2001
THE BAILLIE GIFFORD JAPAN TRUST PLC
TWENTY LARGEST EQUITY HOLDINGS
at 30 November 2001
Name Business Market value % of total
£'000 assets
Promise Consumer finance 4,069 4.1
Takeda Chemical Pharmaceuticals 3,745 3.8
Industries
Aiful Consumer finance 3,192 3.3
Fast Retailing Casual wear retailer 3,122 3.2
Tostem Inax Holdings Housing materials 3,050 3.1
Funai Audio-visual outsourcing 2,990 3.0
Yamatake Corporation Control systems 2,871 2.9
Noritz Kitchen and bath 2,850 2.9
manufacturer
CSK Corporation Computer services 2,631 2.7
Nippon Broadcasting Radio and TV broadcasting 2,606 2.7
System
Yamada Denki Consumer electronics 2,598 2.6
retailer
Takuma Waste incinerator 2,569 2.6
manufacturer
NTT DoCoMo Mobile telecommunications 2,531 2.6
Kyocera Electronic components 2,521 2.6
Bandai Maker of toys and 2,482 2.5
character goods
Tokyu Diversified conglomerate 2,440 2.5
Kobayashi Household products 2,402 2.4
Pharmaceuticals
SMC Pneumatic control 2,347 2.4
equipment
Konica Films and cameras 2,247 2.3
C & S Convenience stores 2,219 2.3
55,482 56.5
THE BAILLIE GIFFORD JAPAN TRUST PLC
NOTES
30 November 2001 30 November 31 August 2001
£'000 2000 £'000
£'000
1.Currency
gains/(losses)
Realised exchange (428) (631) (2,377)
differences
Movement in unrealised 484 859 1,395
exchange differences
56 228 (982)
2. No interim dividend will be declared.
3. Return per ordinary share
Revenue return (69) (199) (771)
Capital return (7,612) (28,424) (68,990)
Return per ordinary share is based on the above totals of revenue and capital
and on 63,650,000 (30 November 2000 and 31 August 2000 - 63,750,000) ordinary
shares, being the weighted average number of ordinary shares in issue during
the period.
4. Bank loans of £10.3 million (Y1.8 billion) have been drawn down under yen
loan facilities which are repayable in August 2006 (31 August 2001 £11.0m
(Y1.9 billion),30 November 2000 £6.4 million (Y1.0 billion)).
5. During the period under review 100,000 ordinary shares with a nominal
value of £5,000 were bought back for a total consideration of £115,000 in
accordance with the authority granted at the AGM in November 2000.
At the AGM in November 2001 shareholders approved the renewal of the
Company's authority to buy back its own ordinary shares in respect of
9,541,135 ordinary shares of 5p each (equivalent to 14.99% of its share
capital at that date). At 30 November 2001 the Company's authority to buy
back its own shares remained unchanged at 9,541,135 ordinary shares of 5p
each.
6. The financial information for the year ended 31 August 2001 has been
extracted from the full accounts, which will be filed with the Registrar of
Companies and which contain an unqualified Auditor's Report.
7. The accounting policies applied in calculating the quarterly figures are
consistent with those used in the Annual Financial Statements.
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