Further Re Interim Results

Atlantis Japan Growth Fund Ld
25 January 2002



RELEASED BY MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED 

ATLANTIS JAPAN GROWTH FUND LIMITED 

PRELIMINARY ANNOUNCEMENT - ADDITIONAL FINANCIAL INFORMATION 

THE BOARD OF DIRECTORS OF THE ATLANTIS JAPAN GROWTH FUND LIMITED ANNOUNCE 
RESULTS FOR THE SIX MONTHS ENDED 31st OCTOBER, 2001: 
 

                        ATLANTIS JAPAN GROWTH FUND LIMITED 
     UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the Revenue Account) 
                        FOR THE SIX MONTHS ENDED 31ST OCTOBER 2001 

                                                                                                       
                                          Revenue        Capital          Total         
                                               $               $            $             
Realised loss on sales of investments          -       (20,038,903)     (20,038,903)  
Unrealised appreciation of investments         -        11,867,802       11,867,802    
Exchange loss                            (12,699)      ( 1,768,856)      (1,781,555)   
Investment income                      1,091,510               -          1,091,510     
Bond interest                              4,579               -              4,579         
Deposit interest                          29,822               -             29,822        
                                       
                                       1,113,212        (9,939,957)      (8,826,745)   
                

Investment management fee              1,621,472               -          1,621,472     
Administration fees                      136,376               -            136,376                       
Custodian fees                           125,748               -            125,748       
Directors' fees and expenses              66,144               -             66,144        
Registrar and transfer agent fees         17,280               -             17,280                        
Interest expense and bank charges         94,417               -             94,417                        
Insurance fees                            10,301               -             10,301        
Audit fee                                 10,414               -             10,414                        
Printing and advertising fees             27,434               -             27,434                        
Legal and professional fees               23,758               -             23,758        
Listing fees                                  -                -                 -             
Miscellaneous expenses                       923               -                923           
            
                                       2,134,267                -         2,134,267     
DEFICIT ON ORDINARY                                                                    
ACTIVITIES BEFORE TAX                 (1,021,055)       (9,939,957)     (10,961,012)  
                
Tax on ordinary activities              (218,302)               -          (218,302)                     
                
DEFICIT ATTRIBUTABLE TO                                                                
EQUITY SHAREHOLDERS                   (1,239,357)       (9,939,957)     (11,179,314)  
 
DEFICIT PER                              $(0.061)          $(0.486)         $(0.547)
ORDINARY SHARE: 

(Based on 20,435,627 Ordinary Shares and the Deficit attributable to Equity 
                  Shareholders noted above) 

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 
 
                         ATLANTIS JAPAN GROWTH FUND LIMITED 
      UNAUDITED STATEMENT OF TOTAL RETURN (incorporating the Revenue Account) 
                        FOR THE SIX MONTHS ENDED 31ST OCTOBER 2000 

                                                                                                        
                                            Revenue            Capital         Total         
                                                 $                  $               $             
Realised gain on sales of investments                       26,997,052      26,997,052    
Unrealised depreciation of investments                     (82,288,344)    (82,288,344)  
Exchange loss                                  (5,731)         483,687         477,956       
Investment income                            1,436,041              -        1,436,041     
Bond interest                                   30,117              -           30,117        
Deposit interest                                10,756              -           10,756        
        
                                             1,471,183     (54,807,605)    (53,336,422)  

Investment management fee                    2,075,166                       2,075,166     
Administration fees                            133,752              -          133,752       
Custodian fees                                 336,884                         336,884       
Directors' fees and expenses                    64,595              -           64,595        
Registrar and transfer agent fees                2,590              -            2,590         
Interest expense and bank charges              183,254              -          183,254       
Insurance                                       11,333              -           11,333        
Audit fee                                        8,690              -            8,690         
Printing and advertising                        25,142              -           25,142        
Legal and professional                          24,566              -           24,566        
Listing fees                                     1,094              -            1,094         
Miscellaneous expenses                           1,551              -            1,551         
                              
                                             2,868,617                       2,868,617     
 
DEFICIT ON ORDINARY
ACTIVITIES BEFORE TAX                       (1,397,434)    (54,807,605)    (56,205,039)

Tax on ordinary activities                    (287,208)             -         (287,208) 

DEFICIT ATTRIBUTABLE TO
EQUITY SHAREHOLDERS                         (1,684,642)    (54,807,605)    (56,492,247) 

DEFICIT PER 
ORDINARY SHARE :                               $(0.084)        $(2.738)        $(2.822)

(Based on 20,017,619 Ordinary Shares and the Deficit attributable to Equity 
                         Shareholders noted above) 

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 
 
 
                          ATLANTIS JAPAN GROWTH FUND LIMITED 
                                UNAUDITED BALANCE SHEET 
                                AS AT 31ST OCTOBER 2001 

                                                                                                 
                                                            2001            2000                                        
                                                              $                $             
FIXED ASSETS                                                              
Investments at market value                                               
(cost $259,623,053; 2000 - $295,670,222)             226,899,751     247,499,332   

CURRENT ASSETS                                                            
Due from brokers                                       1,689,397       1,862,778     
Dividends and interest receivable                        584,884         573,668       
Debtors                                                       -            2,305         
Bank balances                                          9,330,865      21,341,767    

                                                      11,605,146      23,780,518    

CURRENT LIABILITIES                                                       
Due to brokers                                         2,263,776       2,572,230     
Creditors and accrued expenses                           471,540        566, 334       
Loan payable                                          24,480,803      27,496,448    
Unsettled forward foreign exchange                     1,833,123               -             
                                           
                                                      29,049,242      30,635,012    
NET CURRENT LIABILITIES                              (17,444,096)     (6,854,494)   
TOTAL NET ASSETS                                    $209,455,655    $240,644,838  

Represented by:                                                           
CAPITAL AND RESERVES                                                                                          
Called-up share capital                                  204,356         200,176       
Share premium                                        192,649,953     187,303,927   
Warrant reserve                                               -       10,947,332    
Other reserves                                        16,601,346      42,193,403    
                       

TOTAL SHAREHOLDERS' FUNDS                           $209,455,655    $240,644,838  
                       
NET ASSET VALUE PER ORDINARY SHARE:                       $10.25          $12.02        

(Based on 20,435,627 (2000 - 20,017,619) ordinary shares and a Net Asset Value
                      of $209,455,655 (2000 - $240,644,838) 

DILUTED NET ASSET VALUE PER ORDINARY SHARE                $10.25          $12.38

 
(Based on 20,435,627 (2000 - 24,003,420) ordinary shares (including exercise of
       warrants and a Net Asset Value of $209,455,655 (2000 - $297,052,695) 


                       ATLANTIS JAPAN GROWTH FUND LIMITED 
                          UNAUDITED CASHFLOW STATEMENT 
                  FOR THE SIX MONTHS ENDED 31ST OCTOBER 2001 

                                                    2001                    2000
                                            $               $          $               $
OPERATING ACTIVITIES                                           
Net cash outflow from operating                     (531,600)                      (430,020)
activities

SERVICING OF FINANCE 
Interest paid                                       (111,849)                      (112,305)

FINANCIAL INVESTMENT 
Purchase of investments          (101,347,100)                     (117,068,468)
Sale of investments                98,332,002                       123,150,099 
Forward currency contracts                  -                        (1,070,884)
Net cash (outflow) inflow from                                       
investing activities                               (3,015,098)                     5,010,747          
 

FINANCING 
Subscription of shares                 85,976                                -
Repayment of loans                          -                       (13,804,528)
Drawdown of loans                           -                        27,612,868
Exercise of warrants                        -                            84,390                  
Net cash inflow from financing                         85,976                     13,892,730

(Decrease) increase in cash                        (3,572,571)                    18,361,152 

RECONCILIATION OF NET CASH FLOW TO 
MOVEMENT IN NET DEBT 
Decrease (increase) in cash as above                (3,572,571)                    18,361,152 
Cash flow on loans                                          -                     (13,808,340) 
Change in net (debt) cash                           (3,572,571)                     4,552,812
Exchange movements                                   4,059,141                        678,111
Movement in net cash in the period                     486,570                      5,230,923 
Net debt at 1st May                                (15,636,508)                   (11,385,604)
Net debt at 31st October                          $(15,149,938)                   $(6,154,681)


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