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
Grafico Azioni Genesis Maly.Pf (LSE:BB40)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Genesis Maly.Pf (LSE:BB40)
Storico
Da Lug 2023 a Lug 2024
