Annual Financial Report

RNS Number : 9763O

Genesis Emerging Markets Fund Ld

26 September 2013

 



GENESIS EMERGING MARKETS FUND LIMITED

(The "Company"; the "Fund")

(Registration Number : 20790)

STOCK EXCHANGE ANNOUNCEMENT

ANNUAL FINANCIAL REPORT

The Directors of Genesis Emerging Markets Fund Limited announce the Fund's results for the year ended 30^th June 2013.  The Annual Financial Report will shortly be available from the Manager's website www.giml.co.uk and also for inspection on the National Storage Mechanism, which is located at http://www.morningstar.co.uk/uk/NSM where users can access the regulated information provided by listed entities.

INVESTMENT APPROACH

The investment approach is to identify companies which are able to take advantage of growth opportunities in emerging markets for the benefit of shareholders, and invest in them when they are trading at an attractive discount to the Manager's assessment of their intrinsic value.

BENCHMARK

MSCI Emerging Markets (Total Return) Index.

RESULTS

	30th June 2013	30th June 2012
Published net asset value*	£757.6m	£693.1m
Published net asset value per Participating Preference Share*	£5.61	£5.14
Published net asset value per Participating Preference Share*†	$8.51	$8.06
Earnings per Participating Preference Share	$0.47	$(1.15)

* Figures are based on the last traded price for investments.

† A reconciliation to the net asset value per Participating Preference Share under International Financial Reporting Standards is shown in note 2.

CHAIRMAN'S STATEMENT

PERFORMANCE

Following the significant declines in equity markets that characterised the Fund's previous financial year, the most recent twelve-month period has seen emerging markets (in the form of the MSCI EM (TR) Index) produce a return of 6.8%.

In contrast the Fund's net asset value per share ("NAV") increased from £5.14 last June to £5.61 at the close of the year, generating a return for the Fund's shareholders of 9.3% over the period. (The NAV in fact had reached as high as £6.20 in mid-May before the more challenging markets of recent weeks saw it fall again.)

The Manager's Review - which follows this Directors' Report - elaborates on this performance environment and notes some of the investment activity in the Fund over the year.

The Fund's shareholders have benefited from the Manager's ability to outperform the index consistently over the last several years, through its selection of high quality companies in emerging markets. As Directors, a key part of our role is naturally to assess whether the Manager will be able to continue to generate satisfactory performance for shareholders in what may be an environment of sustained uncertainty and volatility, and especially one in which the returns available from emerging markets may be lower than in previous periods.

With that in mind, we continue to believe that the Manager's focus on identifying companies which it feels are high quality and which it assesses to be cheap relative to the market's valuation of them is an appropriate approach for investment in emerging markets. Accordingly my view - and that of my fellow Directors - remains that shareholders' interests continue to be served by the ongoing appointment of the Manager.

The average discount over the period was 4.9%, although there was unusually wide variation during the twelve-month period: the discount narrowed towards the end of 2012 and in fact the Fund traded at a small premium for a few weeks at the beginning of 2013, before widening again to over 10% in June. This volatility appeared to be the result of market activity by some of the larger shareholders (which also temporarily raised trading volumes too). Looking forward we would expect to see the discount re-assert a more typical range.

The widening of the discount over the year of course is also reflected in the relative underperformance of the Fund's share price to the NAV, which rose 4.9% over the year.

THE BOARD

The Notice convening the Annual General Meeting ('AGM') to be held on 31^stOctober 2013 will be found at the end of the Annual Financial Report. I would like to draw shareholders' attention to various items with respect to the Board of Directors, for which we request approval by vote as detailed on the Notice.

I would like to remind shareholders of the recent appointment of Sujit Banerji to the Board, effective from the date of the AGM.

An Indian national, Mr Banerji has had an extensive career in corporate strategy and mergers and acquisitions advice, particularly in the finance and technology sectors, with over 30 years experience at Citibank (where he was latterly Head of Strategy and Institutional M&A for Europe, Middle East and Africa) and more recently in an independent consultancy capacity. He has focused extensively on emerging markets during his career, having been based in Bangladesh, India and Thailand at various times and he is currently based in Singapore.

As with other recent appointments to the Board, Mr Banerji's is in line with our desire to have a group of Directors who represent a variety of different backgrounds. My fellow Directors and I feel that his broad experience working with companies across a number of the Fund's markets will make him an excellent addition to the Board.

Mr Banerji's appointment is, naturally, subject to shareholder approval at the AGM; I wholeheartedly endorse his election to the Board.

In accordance with regulatory requirements, four of the other five Directors of the Fund also offer themselves for re-election at the AGM. All have been extremely valuable members of the Board during their time as Directors, and I have no hesitation in recommending to shareholders that they continue to serve on the Board.

I hope that shareholders will also feel able to vote in favour of my re-election and allow me to continue to serve them as Chairman of the Board of Directors.

I am, however, very sorry to report that Dr. Geng Xiao will not be standing for re-election as a Director, as a result of increased commitments away from the Fund. As a highly-respected global macro-economist working with governments as well as in the corporate and academic world, Dr. Xiao has been a valuable member of the Board over the past two years, with his considerable experience providing significant insights into a number of areas; in particular that of Chinese economic policy. His presence will be  missed by his fellow Directors and we extend our thanks to him for his contribution.

We will also be holding an Information Meeting in London on 31^st October 2013, and we hope to see as many shareholders as possible at this event.

OUTLOOK

There are still many headwinds that emerging market businesses will face over the Fund's next financial year and beyond, notwithstanding the apparently improving sentiment amongst equity investors in recent weeks. The impact of slower Chinese growth on the world's markets - and how the authorities there will address it - continue to be the headline concern, but companies in many developing markets are having to address cost inflation (particularly in the mining sector), increased state intervention in the form of regulation and taxation (energy companies in Africa; banking in Brazil), and the rise of competition from foreign multinationals.

We have confidence, however, in the Manager's ability to identify those companies that are able to manage their businesses successfully through these issues. A great many companies in the developing world will be able to capitalise on improving trends in management, technology and infrastructure (as well as the underlying economic growth in emerging markets) to deliver value for their shareholders. Although parts of the emerging markets investment universe still appear expensive, there remain many businesses that offer attractive value to investors.

Along with my colleagues on the Board, I believe strongly that over the medium to long term the Fund is well positioned to continue to generate highly competitive returns for shareholders.

Coen Teulings

DIRECTORS' REPORT

RESULTS

The total gain for the year for the Fund amounted to $63,745,000 compared to a total loss of $155,642,000 in the previous year. The Directors do not recommend the payment of a dividend in respect of the year ended 30^th June 2013 (2012: nil).

CAPITAL VALUES

At 30^th June 2013, the value of Equity Shareholders' Funds was $1,145,305,000 (2012: $1,081,560,000), the Net Asset Value per Participating Preference Share was $8.48 (2012: $8.02).

PRINCIPAL RISKS AND UNCERTAINTIES

The investment objective of the Fund is to achieve capital growth over the medium to long term, primarily through investment in equity securities quoted on emerging markets. The main risks to the value of its assets arising from the Fund's investment in financial instruments are unanticipated adverse changes in market prices and foreign currency exchange rates and an absence of liquidity. The Board reviews and agrees with the Manager policies for managing each of these risks and they are summarised below. These policies have remained unchanged since the beginning of the period to which these financial statements relate.

The economies, currencies and the financial markets of a number of developing countries in which the Fund invests may be extremely volatile. To manage the risks posed by adverse price fluctuations the Fund's investments are geographically diversified, and will continue to be so. The Fund will not normally invest more than 25% of its assets (at the time the investment is made) in any one country. Further, the exposure to any one company or group (other than an investment company, unit trust or mutual fund) is unlikely to exceed 5% of the Fund's net assets at the time the investment is made. The Articles of Incorporation place a limit of 10% for securities issued by one company but the Directors use 5% for monitoring purposes.

The Fund's assets will be invested in securities of companies in various countries and income will be received by the Fund in a variety of currencies. However, the Fund will compute its net asset value and make any distributions in US dollars. The value of the assets of the Fund as measured in US dollars may be affected favourably or unfavourably by fluctuations in currency rates and exchange control regulations. Further, the Fund may incur costs in connection with conversions between various currencies.

Trading volumes on the stock exchanges of developing countries can be substantially less than in the leading stock markets of the developed world. This lower level of liquidity exaggerates the fluctuations in the value of investments described previously. The restrictions on concentration and the diversification requirements detailed above also serve normally to protect the overall value of the Fund from the risks created by the lower level of liquidity in the markets in which the Fund operates.

The Fund is also exposed to operational risks such as custody risk. Custody risk is the risk of loss of securities held in custody occasioned by the insolvency or negligence of the Custodian. Although an appropriate legal framework is in place that eliminates the risk of loss of value of the securities held by the Custodian, in the event of its failure, the ability of the Fund to transfer the securities might be temporarily impaired. The day to day management of these risks is carried out by the Manager under policies approved by the Board.

MANAGER

In the opinion of the Directors, in order to achieve the investment objective of the Fund, and having taken into consideration the performance of the fund, the continuing appointment of the Manager is in the interest of the shareholders as a whole.  A more detailed commentary of important events that have occurred during the year and their impact on these accounts are contained in the Manager's Review.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the financial statements for each financial year so that they give a true and fair view, in accordance with applicable Guernsey Law and International Financial Reporting Standards as adopted by the European Union, of the state of affairs of the Fund and of the profit or loss of the Fund for that year.

In the preparation of these financial statements, the Directors are required to:

•     select suitable accounting policies and then apply them consistently;

•     make judgments and estimates that are reasonable and prudent;

•     ensure the financial statements are prepared on a going concern basis unless it is inappropriate to presume that the Fund will continue in business; and

•     state whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements.

The Directors confirm that they have complied with the above requirements in preparing the financial statements. The Directors are responsible for ensuring that the Fund keeps proper accounting records which disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the financial statements comply with The Guernsey Companies Law, 2008. They are also responsible for ensuring the safeguarding of the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The financial statements are published on the website, www.giml.co.uk, which is maintained by the Fund's Investment Adviser. The maintenance and integrity of the website is, so far as relates to the Fund, the responsibility of the Investment Adviser. The work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.

Legislation in Guernsey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

AUDITORS AND DISCLOSURE OF INFORMATION TO AUDITORS

In the case of each of the persons who are Directors at the time when the report is approved, the following applies:

•     so far as the Director is aware, there is no relevant audit information of which the Fund's auditors are unaware; and

•     they have taken all steps that ought to have been taken as a Director in order to make themselves aware of any relevant audit information and to establish that the Fund's auditors are aware of that information.

DIRECTORS' INTERESTS

The following Directors who served throughout the year under review (except Hélène Ploix who was elected on 2^nd November 2012) had a beneficial interest in the share capital of the Fund at 30^th June 2013:

Directors	Participating Preference Shares
Coen Teulings	40,000
Michael Hamson (including family interests)	8,700

MANAGER'S REVIEW

Recent months have been turbulent for emerging markets, with noisy public protests in Brazil, Egypt and Turkey. Greater democratic freedoms (aided by new media, outside of state control) are leading to calls for greater personal freedom and economic development, and a greater share of the national profit pool through higher subsidies, higher wages and less corruption.

Stock markets have correspondingly been suffering their own turbulence. The MSCI EM (TR) Index performed strongly during the first half of the financial year as investor risk appetite globally rose from the lows of last spring, but the market declines so far in 2013 have been driven by hints of tighter US monetary policy leading to higher bond yields and a less attractive outlook for equities. It seems that some global investors have been withdrawing money from the larger emerging markets as a result.

Over the Fund's financial year, the best-performing sectors have been the stable, higher-yielding consumer-related businesses (along with IT). Energy and commodities businesses have suffered in the more volatile and uncertain global economic environment. In terms of countries this has translated into strong performance from the consumer-focused markets of South East Asia while commodities exporters such as Brazil, South Africa and Russia have performed poorly in sterling terms.

Looking at the Fund's twelve-month relative performance in this light, the major negative contributors over the year were South African mining company Anglo American (for whom company-specific issues detracted from performance, on top of the poor environment for mining firms generally) and energy companies Tullow Oil and OGX. These were outweighed by positive contributions from consumer stocks in Thailand (Central Pattana, Thai Beverage) and healthcare companies in India (Sun Pharmaceutical, Lupin) as well as from TSMC in Taiwan and bank holdings in Nigeria.

In terms of market allocations, the Fund's weight in India has been one of the bigger increases over the year as we added to the holdings in Cognizant and Maruti Suzuki in late 2012. In contrast, we have been reducing the weight in various Indonesian companies (Telkom Indonesia and Bank Rakyat were removed from the portfolio entirely) as well as Samsung Electronics and Kepco in Korea, all following relatively strong performance.

A number of new positions have been introduced so far in the portfolio in recent months, including several in China: for example, medical equipment manufacturer Mindray and online services provider Tencent and since the year end, Beijing Yanjing Brewery, a second-tier beer company in China which constitutes the Fund's first position in the local A-share market. The Fund also took new positions in Brazilian retailer Grupo Pão de Açúcar and in various financial companies: African Bank Investments and Capitec (both in South Africa), BTG Pactual (Brazil) and TMB Bank (Thailand). Amil and OGX (both in Brazil) and China Shenhua Energy were sold from the Fund's portfolio.

In spite of the generally negative investor sentiment over recent months, there are a number of reasons to be positive on the outlook for some of the major markets represented in the portfolio. In India, ahead of next year's election, there is political urgency to revive growth, control the fiscal deficit and contain inflation (even though it seems paradoxical that all this can be attempted at once). Having said that, most commentators expect economic growth to continue to slow this year as a consequence of the Central Bank's hike in short term interest rates to try and stabilize the currency following an 11% depreciation over the last two months. And it is also the case that valuations (especially the banking sector) have corrected significantly reflecting the slower growth in the near term.

Looking forward, we have found Brazil returning to the familiar debate of "inflation or growth". 2013 expectations are for 3% growth with inflation around 6.5%, the top of the Central Bank's target band. The situation is complicated by their electoral cycle too, as campaigning has effectively begun for the October 2014 elections.

As is so often the case, however, the Chinese economy dominates the emerging markets landscape. Our perception of the risks of a hard landing here has increased a little although the financial resources of the Chinese system suggest a disorderly growth slowdown is unlikely in the next three years. The most likely outcome remains that the government continues to retain control over the economy, but with growth slowing - perhaps to 6-7% over the next three years.

Growth in China over the subsequent five years, however, will depend on policy choices made in the short-term over which it is difficult to have much confidence. If the government is able to implement a more aggressive reform agenda than they appear to be currently planning, short-run growth may suffer, but will allow the economy to sustain higher growth for a longer period subsequently. The new holdings we have added in the Chinese market represent businesses that we think will be able to cope successfully with this uncertainty, to the benefit of shareholders.

Overall, however, we feel that the investments held by the Fund represent those businesses that can maintain their competitive position and continue to grow whatever headwinds they may face in the global economy or their domestic environment. Generally, attractive stocks in our markets do not feel too expensive, and we remain confident that the Fund's holdings will continue to deliver attractive returns to its shareholders over the medium to long-term.

Genesis Asset Managers, LLP

August 2013

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

as at 30^th June 2013

	Note	2013 $'000		2012 $'000
ASSETS
Current assets
Financial assets at fair value through profit or loss		1,134,380		1,068,101
Amounts due from brokers		4,067		3,952
Dividends receivable		1,845		2,810
Other receivables and prepayments		167		160
Cash and cash equivalents		9,389		10,407
TOTAL ASSETS		1,149,848		1,085,430
LIABILITIES
Current Liabilities
Amounts due to brokers		2,216		160
Capital gains tax payable		247		1,664
Payables and accrued expenses		2,080		2,046
TOTAL LIABILITIES		4,543		3,870
TOTAL NET ASSETS		1,145,305		1,081,560
EQUITY
Share premium		134,349		134,349
Capital reserve		982,168		916,195
Revenue account		28,788		31,016
TOTAL EQUITY		1,145,305		1,081,560
NET ASSET VALUE PER PARTICIPATING PREFERNCE SHARE	2	$8.48		$8.02

* Calculated on an average number of 134,963,060 Participating Preference Shares outstanding (2012: 134,963,060).

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

for the year ended 30^th June 2013

		2013 $'000		2012 $'000
INCOME
Net change in financial assets at fair value through profit or loss		66,311		(152,351)
Net exchange losses		(338)		(182)
Dividend income		20,694		19,504
Deposit interest		-		7
Miscellaneous income		130		98
		86,797		(132,924)
EXPENSES
Management fees		(17,927)		(16,598)
Custodian fees		(1,386)		(1,406)
Transaction costs		(1,350)		(1,275)
Directors' fees and expenses		(332)		(289)
Administration fees		(181)		(198)
Audit fees		(95)		(88)
Other expenses		(191)		(140)
TOTAL OPERATING EXPENSES		(21,462)		(19,994)
OPERATING PROFIT/(LOSS)		65,335		(152,918)
FINANCE COSTS
Bank charges		(1)		(1)
TOTAL FINANCE COSTS		(1)		(1)
Capital gains tax		701		(923)
Withholding taxes		(2,290)		(1,800)
		(1,589)		(2,723)
PROFIT/(LOSS) AFTER TAX FOR THE YEAR ATTRIBUTABLE TO PARTICIPATING PREFERENCE SHARES		63,745		(155,642)
Other Comprehensive Income		-		-
TOTAL COMPREHENSIVE INCOME/(LOSS)		63,745		(155,642)
EARNINGS PER PARTICIPATING PREFERENCE SHARE		$0.47		$(1.15)

* Calculated on an average number of 134,963,060 Participating Preference Shares outstanding (2012: 134,963,060).

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

for the year ended 30^th June 2013

	2013
	Share Premium $'000		Capital Reserve $'000		Revenue Account $'000		Total $'000
Balance at the beginning of the year	134,349		916,195		31,016		1,081,560
Total Comprehensive Income	-		-		63,745		63,745
Transfer to Capital Reserve	-		65,973		(65,973)		-
Balance at the end of the year	134,349		982,168		28,788		1,145,305
	2012
	Share Premium $'000		Capital Reserve $'000		Revenue Account $'000		Total $'000
Balance at the beginning of the year	134,349		1,068,728		34,125		1,237,202
Total Comprehensive Loss	-		-		(155,642)		(155,642)
Transfer to Capital Reserve	-		(152,533)		152,533		-
Balance at the end of the year	134,349		916,195		31,016		1,081,560

CONSOLIDATED STATEMENT OF CASH FLOWS

for the year ended 30^th June 2013

			2013 $'000			2012 $'000
OPERATING ACTIVITIES
Dividends received		21,789				21,795
Taxation paid		(3,006)				(3,112)
Purchase of investments		(227,597)				(208,526)
Proceeds from sale of investments		229,572				206,911
Interest received		-				7
Operating expenses paid		(21,438)				(19,981)
NET CASH OUTFLOW FROM OPERATING ACTIVITIES		(680)				(2,906)
Effect of exchange losses on cash and cash equivalents		(338)				(182)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(1,018)				(3,088)
Net cash and cash equivalents at the beginning of the year		10,407				13,495
NET CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR		9,389				10,407
Comprising: Cash and cash equivalents		9,389				10,407

1.   BASIS OF PREPARATION

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated.

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ('IFRS') and interpretations by the International Financial Reporting Interpretations Committee of the International Accounting Standards Board.

The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss.

The preparation of consolidated financial statements in conformity with IFRS may require management to make critical accounting judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions about the future which are made by management relating to unlisted securities, are made using models generally recognised as standard within the industry and inputs are based on the historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

2.   RECONCILIATION OF PUBLISHED NET ASSET VALUE ATTRIBUTABLE TO EQUITY SHAREHOLDERS TO THE IFRS EQUIVALENT

	2013 Total $'000		Per Participating Preference Share $
Published net asset value	1,148,987		8.51
Change from last traded price to bid pricing for investments	(3,682)		(0.03)
Net asset value under IFRS	1,145,305		8.48

	2012 Total $'000		Per Participating Preference Share $
Published net asset value	1,087,287		8.06
Change from last traded price to bid pricing for investments	(5,727)		(0.04)
Net asset value under IFRS	1,081,560		8.02

3.   SIGNIFICANT AGREEMENTS AND RELATED PARTIES

MANAGER'S REMUNERATION AND TERMS OF APPOINTMENT

The Manager's appointment is under a rolling contract which may be terminated by three months' written notice given by the Fund, and twelve months' written notice given by the Manager.

Under the Management Agreement, the Manager is entitled to receive a management fee from the Fund, payable monthly in arrears and is equal to 1.5% per annum, calculated and accrued on the Net Asset Value of the Fund as at each weekly Valuation Day, except for investments in Investee Funds, where the Manager will absorb the expenses of the management of such funds to a maximum of 1% per annum of the value of the Fund's holding in the relevant fund at the relevant time. The effective management fee on the average Net Assets of the Fund was 1.50% (2012: 1.49%). Where, in order to gain access to a particular market, investment is made in a vehicle directly managed by Genesis, no fee will be payable by the Fund on that proportion of its assets so invested, unless no management fee is charged to that vehicle.

ADMINISTRATION FEES

The Administrator is entitled to receive a fee, payable monthly, based on time incurred. During the year, the administration of the fund moved from HSBC Securities Services (Guernsey) Limited to JPM Administration Services (CI) Limited. Administration fees for the year were $181,000 being $141,000 charged by HSBC Securities Services (Guernsey) and $40,000 charged by JPM Administration Services (CI) Limited (2012: $198,000).

CUSTODIAN FEE

Under the Custodian Agreement, the Custodian to the Fund is entitled to receive a fee payable monthly, based on the Net Asset Value of the Fund. During the year the custodian for the Fund changed from HSBC Custody Services (Guernsey) Limited to JP Morgan Chase Bank. Previously under the agreement between the Custodian and the Sub-Custodian, JP Morgan Chase Bank, the latter would be entitled to receive a fee calculated on the same basis as the Custodian's fee. All custody services are now performed by JP Morgan Chase Bank and therefore a sub-custodian arrangement is no longer required.

The Fund also reimburses the charges and expenses of other organisations with whom securities are held. The total of all Custodian fees for the year represented approximately 0.12% (2012: 0.13%) per annum of the average Net Assets of the Fund.

DIRECTORS' FEES AND EXPENSES

Included in Directors' fees and expenses are Directors' fees for the year of $193,000 (2012: $173,000). Also included are travelling, hotel and other expenses which the Directors are entitled to when properly incurred by them in travelling to, attending and returning from meetings and while on other business of the Fund.

RELATED PARTIES

The Genesis Indian Investment Company Limited and Genesis Smaller Companies SICAV are related parties of the Fund by virtue of having a common Manager in Genesis Asset Managers, LLP. The Fund's holdings in these funds are summarised in the portfolio statement of the Annual Financial Report, subscriptions and redemptions during the year under review are detailed in the table below. No dividends were received from these funds during the year (2012: nil). There were no other transactions between the Fund and such related parties during the year except as noted above and there were no outstanding balances between these entities at 30^th June 2013.

	2013
	Subscriptions $'000		Redemptions $'000
Genesis Indian Investment Company Limited	-		13,279
Genesis Smaller Companies SICAV	370		26,345
	2012
	Subscriptions $'000		Redemptions $'000
Genesis Indian Investment Company Limited	-		24,085
Genesis Smaller Companies SICAV	1,639		7,218

This Annual Financial Report announcement does not constitute the Company's statutory accounts for the years ended 30^th June 2013 and 30^th June 2012 but is derived from those accounts.

The audited Annual Financial Report for the year ended 30^th June 2013 will be sent to shareholders shortly and will be available for inspection at the registered office: 1^st Floor, Les Echelons Court, Les Echelons, South Esplanade, St. Peter Port, Guernsey GY1 6JB, Channel Islands.

For Genesis Emerging Markets Fund Limited

JPM Administration Services (CI) Limited

26^th September 2013

 

END

 

 

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