Third Quarter Report

Baillie Gifford Japan Trust PLC 9 June 2000 THE BAILLIE GIFFORD JAPAN TRUST PLC THIRD QUARTER REPORT STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the nine months ended 31 May 2000 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains on investments - 46,679 46,679 Unrealised (losses)/gains on investments - (6,815) (6,815) Currency losses (note 1) - (1,966) (1,966) Income 797 - 797 Investment management fee (1,352) - (1,352) Other administrative expenses (176) - (176) ---------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION (731) 37,898 37,167 Finance costs of borrowings (268) - (268) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION (999) 37,898 36,899 Tax on ordinary activities (118) - (118) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION (1,117) 37,898 36,781 ======================================== TRANSFER (FROM)/TO RESERVES (1,117) 37,898 36,781 ======================================== RETURN PER ORDINARY SHARE (note 3) (8.76p) 297.24p 288.48p ======================================== STATEMENT OF TOTAL RETURN (unaudited and incorporating the revenue account*) For the nine months ended 31 May 1999 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains on investments - 885 885 Unrealised (losses)/gains on investments - 28,571 28,571 Currency losses (note 1) - (1,608) (1,608) Income 1,099 - 1,099 Investment management fee (603) - (603) Other administrative expenses (162) - (162) ---------------------------------------- NET RETURN BEFORE FINANCE COSTS AND TAXATION 334 27,848 28,182 Finance costs of borrowings (167) - (167) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES BEFORE TAXATION 167 27,848 28,015 Tax on ordinary activities (78) - (78) ---------------------------------------- RETURN ON ORDINARY ACTIVITIES AFTER TAXATION 89 27,848 27,937 ======================================== TRANSFER (FROM)/TO RESERVES 89 27,848 27,937 ======================================== RETURN PER ORDINARY SHARE (note 3) 0.67p 210.97p 211.64p ======================================== STATEMENT OF TOTAL RETURN (incorporating the revenue account*) For the year ended 31 August 1999 ============================================================================== Revenue Capital Total £'000 £'000 £'000 ============================================================================== Realised gains on investments - 3,356 3,356 Unrealised (losses)/gains on investments - 75,737 75,737 Currency losses (note 1) - (4,009) (4,009) Income 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 3) (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 31 May 2000 (unaudited) ============================================================================== 31 MAY 2000 31 AUGUST 1999 £'000 £'000 ============================================================================== NET ASSETS Listed overseas equities 155,346 139,230 Unlisted equities - traded on the Japanese OTC market 15,513 15,386 ---------------- -------------- Total fixed asset investments (note 4) 170,859 154,616 Net liquid assets/(liabilities) 21,901 (857) ---------------- -------------- Total assets (before deduction of bank loans) 192,760 153,759 Bank loans (note 5) (25,475) (23,255) ---------------- -------------- 167,285 130,504 ================ ============== CAPITAL AND RESERVES Called-up share capital 3,188 3,188 Capital reserves 168,877 130,979 Revenue reserve (4,780) (3,663) ---------------- -------------- EQUITY SHAREHOLDERS' FUNDS 167,285 130,504 ================ ============== NET ASSET VALUE PER ORDINARY SHARE 1,312.0p 1,023.6p Ordinary shares in issue (note 6) 12,750,000 12,750,000 THE BAILLIE GIFFORD JAPAN TRUST PLC TWENTY LARGEST EQUITY HOLDINGS at 31 May 2000 ============================================================================== % OF MARKET VALUE TOTAL NAME BUSINESS £'000 ASSETS ============================================================================== 1. Fast Retailing Casual wear retailer 7,138 3.7 2. Taiyo Yuden Capacitors and electronic parts 6,912 3.6 3. DDI Telecom operator 6,151 3.2 4. Promise Consumer finance 5,983 3.1 5. Nippon Broadcasting System Radio and TV broadcasting 5,501 2.9 6. Kyocera Telecoms equipment 5,333 2.8 7. Rohm Specialist semiconductors 5,085 2.6 8. Credit Saison Retail credit cards 5,045 2.6 9. *H.I.S. Discount travel agency 5,018 2.6 10. Matsumotokiyoshi Chemist chain 4,871 2.5 11. Nichicon Capacitors 4,862 2.5 12. Sumitomo Bakelite Specialist electronic materials 4,511 2.3 13. Kobayashi Pharmaceutical Household products 4,450 2.3 14. Japan Telecom Telecom operator 4,408 2.3 15. Chugai Pharmaceutical Pharmaceutical manufacturer 4,356 2.2 16. Takefuji Consumer finance 4,158 2.2 17. Noritz Kitchen and bath manufacturer 4,157 2.2 18. Yamatake Corporation Control systems 3,989 2.1 19. Onward Kashiyama Apparel manufacturer 3,883 2.0 20. Fuji Heavy Industries Maker of Subaru brand automobiles 3,862 2.0 -------- ------ 99,673 51.7 ======== ====== * denotes holding traded on the Japanese OTC market THE BAILLIE GIFFORD JAPAN TRUST PLC SUMMARISED CASH FLOW STATEMENT (unaudited) ============================================================================== NINE MONTHS TO YEAR TO 31 MAY 2000 31 AUGUST 1999 £'000 £'000 £'000 £'000 ============================================================================== NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITIES (1,056) 465 NET CASH OUTFLOW FROM SERVICING OF FINANCE (227) (269) TOTAL TAX REPAID/(PAID) 45 (184) FINANCIAL INVESTMENT Acquisitions of investments (62,894) (48,812) Disposals of investments 86,106 39,136 Realised currency (losses)/gains (176) 390 -------- -------- NET CASH INFLOW/(OUTFLOW) FROM FINANCIAL INVESTMENT 23,036 (9,286) -------- -------- NET CASH INFLOW/(OUTFLOW) BEFORE FINANCING 21,798 (9,274) FINANCING Net proceeds from bank loans drawn down 12 9,968 Shares purchased for cancellation (881) (2,650) --------- -------- NET CASH (OUTFLOW)/INFLOW FROM FINANCING (869) 7,318 -------- -------- INCREASE/(DECREASE) IN CASH 20,929 (1,956) -------- -------- RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Increase/(decrease) in cash in period 20,929 (1,956) Net cash received from bank loans (12) (9,968) Exchange movement on bank loans (2,208) (3,982) ---------- -------- MOVEMENT IN NET DEBT 18,709 15,906 NET DEBT AT 1 SEPTEMBER 1999 (22,734) (6,828) -------- -------- NET DEBT AT 31 MAY 2000 (4,025) (22,734) ======== ======== THE BAILLIE GIFFORD JAPAN TRUST PLC NOTES ============================================================================== 31 MAY 2000 31 MAY 1999 31 AUGUST 1999 £'000 £'000 £'000 ============================================================================== 1.Currency losses Realised exchange differences 254 301 (69) Movement in unrealised exchange differences (2,220) (1,909) (3,940) --------- --------- --------- (1,966) (1,608) (4,009) ========= ========= ========= 2.No interim dividend will be declared. 3.Return per ordinary share Revenue return (1,117) 89 (325) Capital return 37,898 27,848 75,084 Return per ordinary share is based on the above totals for revenue and capital and on 12,750,000 (31 May 1999 - 13,200,000; 31 August 1999 - 13,146,027) ordinary shares, being the weighted average number of ordinary shares in issue during the period. 4.Total fixed asset investments include £5,675,000 (31 August 1999 - £5,334,000) of convertible issues. 5.Bank loans of £25.5 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)). 6.At the AGM in November 1999 authority was granted to the Company to buy back 1,911,225 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 and, therefore, at 31 May 2000 the Company's authority to buy back its own shares remained unchanged at 1,911,225 shares. During the year to 31 August 1999 450,000 ordinary shares were bought back in accordance with the authority granted at the AGM in November 1998. 7.The financial information for the year ended 31 August 1999 has been extracted from the full accounts, which have been filed with the Registrar of Companies and which contain an unqualified Auditors' Report. 8.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

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