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Name | Symbol | Market | Type |
---|---|---|---|
Genesis Maly.Pf | LSE:BB40 | London | Preference Share |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 32.50 | 0 | 01:00:00 |
GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT The Directors of Genesis Malaysia Maju Fund Limited announce the following results for the year ended 31 December 2005. They do not recommend the payment of a dividend. 2005 2004 US$ US$ Total net assets US$55,400,903 US$59,313,864 Net assets per Participating 36.42 38.99 Share Total (deficit)/income per (2.57) 1.09 Participating Share Comment In the twelve months to 31st December, 2005, the Funds Net Asset Value per share in US dollars fell 6.2% to $36.59 as calculated using mid market valuations. Over the same period, the Kuala Lumpur Stock Exchange Index expressed in US dollars fell 0.3%. The reasons for this are much the same as six months ago when I last reported to Shareholders, and have resulted from a further de-rating of smaller capitalisation stocks compared with their larger counterparts. Malaysias economy grew steadily in 2005, expanding 5.3%. This is not a bad outcome during a time of slight fiscal contraction, although it may feel unsatisfactory to Malaysians compared with the 7.1% rate of growth in 2004. In 2005 (and indeed for the last five years) the consumer has been generating much of the impetus behind the expansion, helped more recently by growth in electronics exports and the price of oil. Employment and interest rates (overnight policy rate) are steady and in low single digits. Recent portfolio activity has tended to increase the proportion of smaller companies in the Fund. This is where the better value is to be found, and it is also where growth is stronger. Largely beneath the radar of most outsiders, it is noticeable that a number of Malaysian companies are buying back shares, and a number are involved in mergers, so we are not alone in perceiving value among certain share prices. It is interesting in this context that one of the Funds holdings, Southern Bank, has recently been the subject of the first aggressive takeover bid that your Manager has seen in Malaysia. By Order of the Board GORDON YOUNG Chairman 22nd March, 2005 GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT (continued) FINANCIAL HIGHLIGHTS 31 December 31 December 2005 2004 US$ US$ Total net assets 55,400,903 59,313,864 Realised gains 2,663,262 2,925,098 Unrealised losses (6,845,061) (1,682,791) Net exchange gains/(losses) 20,986 (4,483) Income from dividends and 1,974,236 2,046,225 interest (2,186,577) 3,284,049 Gross (deficit)/ income (1,295,026) (1,180,944) Expenses (3,481,603) 2,103,105 (Deficit)/income before taxation (431,358) (436,906) Taxation (3,912,961) (1,666,199) Total (deficit)/income attributable to Participating Shareholders (2.57) 1.09 Total (deficit)/gain per 36.42 38.99 Participating Share Net Assets per Participating Share 1,533,971 1,653,223 STATEMENT OF CASH FLOWS (487,010) (459,832) Investment income and (12,436,338) (16,509,699) interest received 13,636,914 17,451,445 Expenses paid out of revenue (545,836) (710,514) Purchase of investments Sale of investments Expenses paid out of capital GENESIS MALAYSIA MAJU FUND LIMITED PRELIMINARY ANNOUNCEMENT (continued) 31 December 31 December 2005 2004 $ $ Net Cash Inflow 1,701,701 1,424,623 from Operating Activities for the Year 20,986 (4,483) Exchange gain/(losses) 2,590,431 1,170,291 Net liquid funds at the beginning of the year $4,313,118 $2,590,431 Net liquid funds at the year end BALANCE SHEET FIXED ASSETS Investments at valuation 52,807,741 57,304,633 CURRENT ASSETS 4,392,525 2,660,963 CURRENT LIABILITIES (1,799,363) (651,732) NET CURRENT ASSETS 2,593,162 2,009,231 NET ASSETS $55,400,903 $59,313,864 CAPITAL AND RESERVES Called-up Share Capital 26,000 26,000 Share premium 13,736,332 13,736,332 Capital Reserve 32,781,191 37,752,152 Revenue Account 8,857,380 7,799,380 SHAREHOLDERS' FUNDS $55,400,903 $59,313,864
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