RNS Number:9060R
Prospect Japan Fund Ld
28 September 2005
THE PROSPECT JAPAN FUND LIMITED
UNAUDITED PRELIMINARY PROFIT ANNOUNCEMENT
For the period from 1 January 2005 to 30 June 2005
Market Performance, % Change in USD NAV
1 Year 3 Year 5 Year
PROSPECT JAPAN FUND -6.49 67.47 43.81
TOPIX SMALL 5.24 68.73 15.72
TSE2 8.03 115.52 37.97
In August 2003, the benchmark of the Prospect Japan Fund changed from TSE2 to
Topix Small since its characteristics with respect to average market
capitalization more closely resemble the investment strategy pursued by the
portfolio. The performance of the Fund is net of fees and expenses and includes
reinvestment of dividends and capital gains. Topix Small and TSE2 performance
does not include reinvestment of dividends and capital gains.
Economic Recovery
We continue to be encouraged by the signs that the general environment for
consumer spending and retail is turning for the better.
Exhibit 1: Number of Full-Time Workers Recovers (% change over a year earlier)
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Source: Bloomberg, Ministry of Health, Labour and Welfare
Note: Establishments with five employees or more
April began with the announcement that wages rose for the first time since
November 2000. Though the increase was a mere 0.3% this change of trend
reflected a rise of 1.1% in the number of full-time employees - the first better
than 1% increase since early 1995 (see Exhibit 1). At the same time, part-time
employees fell 1.1% - the first decrease since June 1995.
Other encouraging data was housing starts - up 3% in May. Also the Shoko Chukin
survey of small and medium sized business sentiment - a survey carrying
important implications for Prospect's positions - indicated that lender business
sentiment improved in June.
Since the end of the period under review, the election results have led to a
much improved market sentiment.
The Prospect Japan Fund is a closed-end investment company incorporated in
Guernsey, and listed on the London Stock Exchange. The Fund invests in Japanese
smaller companies, focusing on those with superior earnings at below-average
valuations. Past performance is no indication of future results. It should not
be assumed that recommendations made in the future will be profitable or will
equal the projected performance noted in this presentation.
UNAUDITED STATEMENT OF TOTAL RETURN
for the period from 1 January 2005 to 30 June 2005
Revenue Capital Total Revenue Capital Total
01.01.2005 01.01.2005 01.01.2005 01.01.2004 01.01.2004 01.01.2004
to to to to to to
30.06.2005 30.06.2005 30.06.2005 30.06.2004 30.06.2004 30.06.2004
In U.S. In U.S. In U.S. In U.S. In U.S. In U.S.
Dollars Dollars Dollars Dollars Dollars Dollars
Gains on
investments - 4,793,865 4,793,865 - 58,216,830 58,216,830
Other gains /
(losses) 8,501 (701,412) (692,911) - (337,759) (337,759)
Investment
income:
Dividends 1,077,518 - 1,077,518 1,160,818 - 1,160,818
Interest 14,772 - 14,772 37,548 - 37,548
--------- --------- --------- --------- --------- ---------
1,100,791 4,092,453 5,193,244 1,198,366 57,879,071 59,077,437
Management fee (1,368,900) - (1,368,900) (1,344,698) - (1,344,698)
Other expenses (803,609) - ( 803,609) (436,778) - (436,778)
--------- --------- --------- --------- --------- ---------
(Deficit) / return on
ordinary
activities
before tax (1,071,718) 4,092,453 3,020,735 (583,110) 57,879,071 57,295,961
--------- --------- --------- --------- --------- ---------
Withholding
tax (75,426) - (75,426) (71,024) - (71,024)
--------- --------- --------- --------- --------- ---------
(Deficit) / return on
ordinary
activities for
the period (1,147,144) 4,092,453 2,945,309 (654,134) 57,879,071 57,224,937
========= ========= ========= ========= ========= =========
(Deficit) /
return per
Ordinary Share (0.011) 0.039 0.028 (0.006) 0.536 0.530
========= ========= ========= ========= ========= =========
The above results relate to continuing operations of the Company.
The figures contained in this announcement are unaudited.
UNAUDITED BALANCE SHEET
as at 30 June 2005
30.06.2005 30.06.2004
In U.S. Dollars In U.S. Dollars
Investments 180,926,568 186,370,999
Current assets
Debtors 4,385,437 1,039,892
Bank deposits 425,064 15,792,510
---------- ----------
4,810,501 16,832,402
---------- ----------
Total assets 185,737,069 203,203,401
========== ==========
Equity
Share capital 90,028 107,413
Redemption reserve 102,150,386 105,453,178
Capital redemption reserve 325,481 308,096
Other reserves 79,770,659 92,933,721
---------- ----------
Total equity 182,336,554 198,802,408
Liabilities
Creditors 3,400,515 4,400,993
---------- ----------
Total liabilities 3,400,515 4,400,993
---------- ----------
Shareholders' funds attributable to
equity interests 185,737,069 203,203,401
========== ==========
Ordinary Shares in issue 105,359,520 107,413,020
========== ==========
Net Asset Value per Ordinary Share 1.76 1.89
========== ==========
Restated Net Asset Value per Ordinary
Share 1.76 1.89
========== ==========
UNAUDITED CASH FLOW STATEMENT
for the period from 1 January 2005 to 30 June 2005
01.01.2005 to 01.01.2004 to
30.06.2005 30.06.2004
In U.S. Dollars In U.S. Dollars
Operating activities
Investment income received (net of
withholding tax) 675,231 957,799
Bank interest received 19,202 29,962
Management fee paid (1,368,449) (1,418,413)
Other cash payments (564,226) (456,459)
--------- ---------
Net cash outflow from operating
activities (1,238,242) (887,111)
--------- ---------
Financial investment
Purchase of investments (63,750,778) (42,266,645)
Sale of investments 59,047,045 52,117,162
---------- ----------
Net cash (outflow) / inflow from
financial investment (4,703,733) 9,850,517
Net cash (outflow) / inflow before
financing (5,941,975) 8,963,406
Financing
Repurchase of shares (2,755,700) (2,152,500)
---------- ----------
Net cash outflow from financing (2,755,700) (2,152,500)
---------- ----------
(Decrease) / increase in cash (8,697,675) 6,810,906
========== =========
Reconciliation of net cash (outflow) / inflow to movement
in net funds
Net cash (outflow) / inflow (8,697,675) 6,810,906
Effects of foreign exchange rate
changes (701,412) (337,759)
Net funds at beginning of period 9,824,151 9,319,363
---------- ---------
Net funds at end of period 425,064 15,792,510
========== =========
This information is provided by RNS
The company news service from the London Stock Exchange
END
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