TIDMPJF
RNS Number : 7804M
Prospect Japan Fund Ld
29 August 2013
THE PROSPECT JAPAN FUND LIMITED
INTERIM RESULTS ANNOUNCEMENT
The financial information set out in this announcement does not
constitute the Company's statutory financial statements for the
period ended 30 June 2013. All figures are based on the 30 June
2013 unaudited financial statements, approved by the Board of
Directors on 28 August 2013.
The Company's statutory financial statements will shortly be
available for inspection at the UK Listing Authority's Document
Viewing Facility, which is located at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
CHAIRMAN'S REPORT
for the period from 1 January, 2013 to 30 June, 2013
Japan's equity market commenced the year strongly, reflecting
the strength of positive sentiment, confidence and belief in the
economy, generated by the significant win of the Liberal Democratic
Party (LDP) on 16 December 2012 and the appointment of Shinzo Abe
as Prime Minister (PM) and his commitment to reflation and growth.
More recently the major political event has been the LDP Coalition
gaining control of the upper house. The Government now has control
of the lower and upper house and PM Abe has the opportunity, after
many years of constant political change, to implement his wide
ranging reforms and expansionary policies.
The recovery in the economy has been underpinned with stronger
GDP growth and rising exports, supported by a depreciating Yen and
a determination to end deflation through targeted inflation
implemented by The Bank of Japan. Japanese companies continue to
build their cash rich balance sheets and their share buyback
programmes continue.
However there remain risks and uncertainties. Principally Japan
remains vulnerable to a slowdown in the global economy,
particularly with its major trading partners Europe and China, and
weakening risk appetite as demonstrated by recent performance in
emerging markets. While the Abe administration has agreed to join
free-trade negotiations, there is still uncertainty regarding the
pursuit of its commitment to economic reform following the July
upper house elections. Market sentiment will likely sour should
Japan back out of joining the Trans-Pacific Partnership.
On 1 August 2013 Gro-BeLS Co. Ltd. (Gro-Bels), a company in
which your company is an investor, announced that it had reached
agreement to acquire 100% ownership of Prospect Co. Ltd, the
ultimate parent company of your manager. The agreement was approved
by both groups of shareholders at the general shareholders'
meetings held on 26 June 2013.
In accordance with the Company's Articles of Incorporation a
Resolution to wind up the Company is required to be put to the
Shareholders at the end of the first 12 years of the Company's life
and every 3 years thereafter. The last such vote was at the AGM in
2011 and the next will be at the AGM in 2014. Given the investment
performance since that 2011 vote, the Advisor's continuing contact
with the major shareholders and the Company's ability to meet its
obligations as they fall due over the next year the Board has
decided that it remains appropriate for these financial statements
to be prepared on a going concern basis.
The Directors have reviewed the prospects for your Company
against the performance and reviews by your Investment Advisor. The
Investment Advisor reports in considerable detail on the portfolio
in its report within these Financial Statements. We believe these
prospects to be positive and offer opportunities against the
backdrop of the Government's reflationary plans. The Company has
performed strongly with its Net Asset Value (NAV) as at 30 June
2013 showing an increase of 13.9 percentage points for the period
against a 9.2 percentage points increase of the Topix Small Index
for the same period. As noted above, the Company will undergo a
continuation vote in 2014 and in the meantime the Board remains
fully supportive of the strategy pursued by the Investment
Advisor.
John Hawkins
Chairman
28 August 2013
INVESTMENT ADVISOR'S REPORT
for the period from 1 January, 2013 to 30 June, 2013
Market Performance (%), US$ NAV
YTD 01.01.13 1 Year 3 Year 5 Year
to 30.06.13
PROSPECT JAPAN FUND 13.9 19.8 42.0 (13.5)
Topix Small 9.2 13.0 35.0 2.66
Prospect Japan Fund inception date is 20 December 1994. Topix
Small is capitalization-weighted index designed to measure the
stocks not included in the Topix 500 Index that are listed on the
First Section of the Tokyo Stock Exchange. As of 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. Above performance of the Fund is net of
fees and expenses and includes reinvestment of dividends and
capital gains. (Source: Prospect Asset Management, Inc.) Topix
Small Index performance includes the reinvestment of dividends.
(Source: Bloomberg)
Investment Manager's Summary
The Prospect Japan Fund (the "Company") performed strongly
during H1 2013, gaining 13.9% during the period ending 30 June 2013
vs. the TOPIX Small Index's 9.2% gain. Following the December 2012
election, and the Liberal Democratic Party ("LDP") returning to
power under PM Shinzo Abe, Japan has seen a rapid pace of
expansionary policies known collectively as "Abenomics", with the
goal of ending persistent deflation and spurring economic
revitalization through 1) a Yen13.1 trillion fiscal stimulus
package 2) expanded monetary easing by the Bank of Japan ("BoJ"),
and 3) structural economic reform through regulation change and
incentives for investment and hiring.
The Abe administration lost no time in laying out fiscal
measures towards achieving its stated goal of reaching 2% real (3%
nominal) GDP growth required to trigger the planned 2014
consumption tax hike approved last year. The government approved a
Yen92.6 trillion draft budget for Fiscal Year 2013, to complement
the Yen13.1 trillion supplementary budget for the current fiscal
year. As expected, public works spending will serve as the key
stimulus measure, with Yen5.3 trillion allotted to infrastructure
repair spending (+Yen700 billion year-on-year), with the cost
offset by a reduction in grants to local governments.
Former Asian Development Bank President Haruhiko Kuroda was
confirmed as the new BoJ Governor. In his first appearance before
the Diet, Governor Kuroda reaffirmed the bank intention to reach
its 2% inflation goal within the next two years by engaging in bold
monetary easing in both the quantity and quality. Under its new
Governor, the BoJ terminated the Asset Purchase Program in favour
of "Quantitative and Qualitative" monetary easing, aimed at
lowering long-term interest rates and supporting asset prices in
pursuit of reaching its 2% inflation target within the next two
years. The Bank will now target up to an annual Yen60 - 70 trillion
expansion of the monetary base, achieved by 1) annual purchases of
Yen50 billion of Japanese Government Bonds ("JGB's") with
maturities up to 40 years, 2) annual purchases of ETF and J-REIT
units of Yen1 trillion and Yen30 billion respectively. JGB's
purchasing operations have been consolidated under the new program,
and the bank has suspended the "banknote principle" under which the
BoJ was prohibited from buying more than banknotes in
circulation.
The Bank's policy came under pressure as long-term bond yield
volatility spiked in the weeks following the announcement. BoJ
Governor Kuroda has stated his desire to avoid incremental moves in
response to market volatility, while affirming that the bank sees
improvements in the underlying economy. The Bank did offer some
stability by adjusting to more frequent, but smaller bond
purchases.
The Yen followed a weakening trend for much of the first half of
the year, falling as low as JPY/USD 103.5 level, from 86.6 at the
end of 2012. The Yen traded at JPY/USD 99.3 at the end of June.
The administration announced that it would join US-led
Trans-Pacific Partnership or T.P.P. negotiations, as Japan looks
for ways to spur growth. The government estimates that Japan's
participation could boost GDP by as much as Yen3.2 trillion (0.66
ppt), assuming elimination of all tariffs, though this outcome is
unlikely considering pushback from Japanese farmers and American
auto-makers. Other participants include the US, Canada, Mexico,
Australia, New Zealand, Vietnam, Singapore, Malaysia, Brunei, Peru
and Chile.
Among the 23 potential regulatory changes to be considered by
the government's panel for economic revitalization and industrial
competiveness is the adoption of special economic zones in the
nation's largest cities which would include 24-hour transit service
to attract business travellers and tourists. Other proposals are
for lower corporate tax rates for foreign firms, and loosening visa
restrictions for skilled immigrants.
Deregulation of Japan's power industry took an important step
towards reality with the administration's approval of a plan to
split utilities along power generation, distribution and retail
sales lines, with elimination of all pricing restrictions by
2018.
In June, the Abe cabinet approved measures that aim to remove
regulatory barriers to private enterprise and promote corporate
investments through tax and regulatory reform. Market reaction has
been tepid, as policy changes are not expected to go into effect
until this fall, in an effort to avoid political headwinds before
the July upper house elections. The changes to Japanese regulatory
and taxation policy are expected to be the key to Abenomic's
lasting success.
While the long-term impact of Abenomics is still unclear, it has
born some initial fruit for the real economy with revised 1Q GDP
growth of annualized 4.1% (from initial forecast of 3.5%), and the
current account surplus for April surprised on the upside at Yen750
billion vs. the estimated Yen350 billion. Japanese exports rose 10%
year on year in May, more than the 6.4% year on year rise
expected.
The quarterly Tankan business survey for the June-end quarter
also offered positive data, with large manufacturers' sentiment
turning positive for the first time since September 2011 (+4 vs. -8
reading for March 2013 quarter). The survey also showed large
companies across all industries reporting plans to increase capital
spending by 5.5% through March 2014.
Holdings that provided outsized contribution to positive
performance for the half included Shibusawa Warehouse (9304) and
Katakura Industries (3001) as investors focused on companies with
strong real estate holdings. Shibusawa Warehouse, which operates in
logistics and real estate, gained on the market's bullish stance on
Tokyo real estate. 71% of the company's Fiscal Year 2013 operating
profit was from real estate leasing activities, and the company has
rental real estate assets of Yen63.2 billion with unrealised gains
of Yen36.5 billion. Katakura Industries, a shopping mall operator
engaged in the manufacture and sale of textiles, pharmaceuticals
and auto parts, rose to a four year high. Katakura holds Yen99.2
billion in rental real estate assets with implied unrealised
capital gains of Yen77 billion.
Underperformers included Tri-Stage Inc, (2178) a marketing
consultant service provider, that announced weaker than expected 4Q
sales resulting in a large downward revision to full year parent
level forecasts. Q1 2014 results were released at the end of June,
showing high double-digit growth in consolidated profits, as the
company diversifies its operations through M&A.
Toho Real Estate has been the subject of a tender offer by Toho
Co which owned 58 per cent. of Toho Real Estate at a price of
Yen735 per share and was delisted. We believe that the true value
is considerably higher and have declined to tender our shares and
instead gone to arbitration. The results of that arbitration are
uncertain and accordingly valuing our investment for the purposes
of these Financial Statements has been challenging. After full
discussion with the Board, and taking into account the risks and
uncertainties of the arbitration process and after applying
discounts for the fact that the holding has been delisted and
therefore is no longer tradable and for the time value of money we
believe that a price 10% higher than the tender offer is an
appropriate fair value for this holding.
J-REIT Highlights
Tokyo Stock Exchange Market Data (Net Buyers/Sellers of
J-REITs)
J-REITs gained 10.5% in USD during the first half of 2013,
surrendering all of its Q1 outperformance versus the broader index
as expectations for lower debt financing rates, recovering office
occupancy and rents gave way to profit taking amid concerns over a
spike in long-term benchmark JGB volatility.
Since the beginning of its Asset Purchase Programme and under
the new monetary easing initiatives the Bank of Japan has purchased
Yen137.8 billion in J-REIT units, 98.4% of the total allotment for
the year. While the BoJ left the J-REIT allocation amount unchanged
after the June policy board meeting, Governor Kuroda has implied
that the BoJ is willing to continue support beyond the remaining
Yen1.3 billion left of the stated 2013 allocation.
J-REIT expansion has continued unabated by the market
correction, with H1 2013 host to four J-REIT IPO's, along with
nineteen public issuances of new shares. Thus far, J-REITs have
raised about Yen700 billion in new equity this year. J-REITs have
purchased over Yen1.4 trillion in new property this year.
Principal Risks and Uncertainties
Japan remains vulnerable to a slowdown in the global economy,
particularly in major trading partners Europe and China, and
weakening risk appetite as demonstrated by recent performance in
emerging markets.
While the Abe administration has agreed to join free-trade
negotiations, there is still uncertainly regarding the seriousness
of its commitment to economic reform following the July elections.
Market sentiment will likely sour should Japan back out of joining
the Trans-Pacific Partnership.
Prospect Japan Fund Top 10 Holdings
30 June, 2013
Symbol Security % of Total
Assets
========= ============================== ===========
8205 SHAKLEE GLOBAL GROUP INC 12.7
1921 TOMOE CORP 10.1
6443 TOYO ENGINEERING WORKS LTD 10.1
8833 TOHO REAL ESTATE CO LTD 9.6
2178 TRI-STAGE INC 7.1
3227 MID (REIT) 6.7
3001 KATAKURA INDUSTRIES CO LTD 6.1
GODO KAISHA TAIHEIYO JISHO #1
gktaihei BOND 4.7
KENEDIX RESIDENTIAL INV CORP
3278 (REIT) 4.6
3528 GRO-BELS CO LTD 3.3
Sector Weighting
30 June, 2013
Advertising 7.1
Auto Manufacturers 1.4
Banks 0.3
Building Materials 12.7
Distribution/Wholesale 1.3
Diversified Financial Services 7.5
Engineering & Construction 10.7
Entertainment 0.1
Food 0.1
Internet 1.6
Real Estate 19.8
REITs 14.4
Retail 14.8
Storage/Warehousing 2.3
Textiles 0.4
Transportation 1.5
Percentage weightings are Prospect Asset Management's internal
calculations and have not been reconciled by the administrator.
Results of calculations as presented may not be exact due to
rounding and precision of stored values.
The Prospect Japan Fund is a closed-end investment company
incorporated in Guernsey, and listed on the London Stock Exchange.
The Company's investment objective is to achieve long-term capital
growth from a portfolio of securities primarily of smaller Japanese
companies Listed or traded on Japanese Stock Markets. Past
performance is no indication of future results.
Prospect Asset Management, Inc.
28 August, 2013
PORTFOLIO OF INVESTMENTS
as at 30 June, 2013
Number
of Fair Value Percentage
of Net Asset
Securities Investments in U.S. Dollars Value
Listed investments
Advertising
756,800 Tri-Stage Inc 7,703,150 7.02
7,703,150 7.02
Auto manufacturers
Showa Aircraft Industry
169,000 Co Ltd 1,559,448 1.42
1,559,448 1.42
Banks
1,000 The Daito Bank 779 -
452,000 Fukushima Bank 338,423 0.31
339,202 0.31
Building materials
107,400 Endo Lighting Corp 2,879,648 2.62
Toyo Engineering Works
2,008,000 Ltd 10,991,329 10.02
13,870,977 12.64
Distribution/Wholesale
183,700 Kamei Corp 1,403,283 1.28
1,403,283 1.28
Engineering and Construction
31,000 Ohmoto Gumi Co Ltd 122,952 0.11
44,000 Matsui Construction 146,912 0.13
2,700 Nissei ASB Machine 31,962 0.03
Sanyo Engineering & Construction
74,000 Inc 299,489 0.27
3,194,500 Tomoe Corp 11,021,647 10.05
11,622,962 10.59
Entertainment
49,000 Tokyo Theatres Co Inc 74,862 0.07
74,862 0.07
Food
Nippon Beet Sugar Manufacturing
35,000 Co Ltd 62,680 0.06
62,680 0.06
Internet
202,100 OPT Inc 1,686,978 1.54
1,686,978 1.54
Real Estate
6,608,000 Gro-Bels Co Ltd(+) 3,610,381 3.29
Katakura Industries Co
266,800 Ltd 6,615,349 6.03
Keihanshin Building Co
266,800 Ltd 1,481,997 1.35
1,000 MBK Co Ltd 941 -
67,600 Meiwa Estate Co Ltd 274,955 0.25
11,983,623 10.92
REITs
Heiwa Real Estate REIT
4,284 Inc 2,990,803 2.72
Invincible Investment
3,171 Corp 438,585 0.40
3,261 MID Reit Inc 7,288,460 6.63
Prospect Epicure J-REIT
7,898,895 Value Fund*# - -
Kenedix Residential Investment
2,294 Corp 4,990,236 4.55
15,708,084 14.30
Retail
46,700 Aeon Hokkaido Corporation 232,000 0.21
93,100 Matsuya Co Ltd 1,132,253 1.03
202,000 Sekichu Co Ltd 897,233 0.82
Shaklee Global Group
1,173,000 Inc 13,802,792 12.57
16,064,278 14.63
Storage/warehousing
267,300 Inui Warehouse Co Ltd 2,022,972 1.84
Maruhachi Warehouse Co
16,000 Ltd 39,015 0.04
Sugimura Warehouse Co
5,000 Ltd 10,978 0.01
46,295 Yasuda Warehouse Co Ltd 410,793 0.37
2,483,758 2.26
Textiles
242,000 Kurabo Industries Ltd 386,867 0.35
386,867 0.35
Transportation
Daiwa Motor Transportation
406,000 Co Ltd 1,565,093 1.43
Hokkaido Chuo Bus Co
3,000 Ltd 8,074 0.01
4,400 Tohbu Network Co Ltd 35,392 0.03
1,608,559 1.47
Total listed investments 86,558,711 78.86
Unlisted investments
Corporate bond
Godo Kaisha Taiheiyo
5,150,000 Jisho 5,800,632 5.28
300,000,000 Kidoh Capital Growth 3,035,362 2.77
315,700,000 Takefuji Corp 155,390 0.14
8,991,384 8.19
Real Estate
1,287,000 Toho Real Estate 10,528,047 9.59
10,528,047 9.59
Total unlisted investments 19,519,431 17.79
Total investments 106,078,142 96.64
Net current assets 3,683,066 3.36
NET ASSETS 109,761,208 100.00
+ Mr. Curtis Freeze, Director of Prospect Asset Management
(Channel Islands) Limited, the Manager of The Prospect Japan Fund
Limited is President of Gro-Bels Co Ltd.
* Prospect Epicure JREIT Value Fund is classed as a related
party as the fund shares the same Investment Advisor as the
Company.
# Currently in liquidation.
RESPONSIBILITY STATEMENT
for the period from 1 January, 2013 to 30 June, 2013
We confirm that to the best of our knowledge:
(a) the Interim Unaudited Condensed Financial Statements have
been prepared in accordance with IAS 34 - Interim Financial
Reporting as adopted in the European Union;
(b) the Chairman's Report, Interim Management Report and Notes
to the Unaudited Condensed Financial Statements include:
-- a fair review of the information required by DTR 4.2.7R
(indication of important events during the first six months and
description of principal risks and uncertainties for the remaining
six months of the year); and
-- a fair review of the information required by DTR 4.2.8R
(disclosure of related parties' transactions and changes
therein).
By order of the Board,
John Hawkins Richard Battey
Director Director
INDEPENDENT INTERIM REVIEW REPORT TO THE PROSPECT JAPAN FUND
LIMITED
Introduction
We have been engaged by the Company to review the Unaudited
Condensed Financial Statements in the half-yearly Financial Report
for the six months ended 30 June, 2013 which comprise the Statement
of Comprehensive Income, the Statement of Changes in Equity, the
Statement of Financial Position, the Statement of Cash Flows and
the related notes 1 to 12. We have read the other information
contained in the half-yearly Financial Report and considered
whether it contains any apparent misstatements or material
inconsistencies with the information in the Unaudited Condensed
Financial Statements.
This report is made solely to the Company in accordance with
guidance contained in ISRE 2410 (UK and Ireland) "Review of Interim
Financial Information Performed by the Independent Auditor of the
Entity" issued by the Auditing Practices Board. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the Company, for our work, for this report, or
for the conclusions we have formed.
Directors' Responsibilities
The half-yearly Financial Report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly Financial Report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
As disclosed in note 1, the Annual Financial Statements of the
Company are prepared in accordance with International Financial
Reporting Standards as adopted by the European Union. The Unaudited
Condensed Financial Statements included in this half-yearly
Financial Report have been prepared in accordance with
International Accounting Standard 34, "Interim Financial
Reporting", as adopted by the European Union.
Our Responsibility
Our responsibility is to express to the Company a conclusion on
the Unaudited Condensed Financial Statements in the half-yearly
Financial Report based on our review.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410, "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of Interim Financial Information
consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the Unaudited Condensed Financial
Statements in the half-yearly Financial Report for the six months
ended 30 June, 2013 are not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by
the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
Ernst & Young LLP
29 August, 2013
The Financial Statements are published on websites maintained by
the Investment Manager.
The maintenance and integrity of these websites are the
responsibility of the Investment Manager; 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.
STATEMENT OF COMPREHENSIVE INCOME (Unaudited)
for the period from 1 January, 2013 to 30 June, 2013
Revenue Capital Total Revenue Capital Total
01.01.2013 01.01.2013 01.01.2013 01.01.2012 01.01.2012 01.01.2012
to to to to to to
30.06.2013 30.06.2013 30.06.2013 30.06.2012 30.06.2012 30.06.2012
In U.S. In U.S. In U.S. In U.S. In U.S. In U.S.
Notes Dollars Dollars Dollars Dollars Dollars Dollars
Investment income 811,857 - 811,857 1,009,661 - 1,009,661
Interest income 202,563 - 202,563 118,567 - 118,567
Foreign exchange
movements 488,409 (3,116,826) (2,628,417) 278,424 376,635 655,059
Gain on financial
assets at fair
value through profit
or loss - 17,755,376 17,755,376 - 11,618,817 11,618,817
Total income 1,502,829 14,638,550 16,141,379 1,406,652 11,995,452 13,402,104
4 Management fee (794,383) - (794,383) (702,733) - (702,733)
5 Other expenses (351,027) - (351,027) (320,554) - (320,554)
Transaction costs - (719,620) (719,620) - (182,367) (182,367)
Total expenses (1,145,410) (719,620) (1,865,030) (1,023,287) (182,367) (1,205,654)
Gain for the period
before tax 357,419 13,918,930 14,276,349 383,365 11,813,085 12,196,450
3 Withholding tax (75,030) - (75,030) (70,676) - (70,676)
Gain for the period
after tax 282,389 13,918,930 14,201,319 312,689 11,813,085 12,125,774
Total comprehensive
income for the
period
282,389 13,918,930 14,201,319 312,689 11,813,085 12,125,774
Gain per Ordinary
Share - Basic &
2 Diluted
0.003 0.146 0.149 0.003 0.121 0.124
The 'Total' column of this statement represents the Company's
Statement of Comprehensive Income, prepared in accordance with IFRS
as adopted by the European Union. The supplementary 'Revenue' and
'Capital' columns are both prepared under guidance published by the
Association of Investment Companies.
All items in the above statement derive from continuing
operations.
STATEMENT OF CHANGES IN EQUITY (Unaudited)
for the period from 1 January, 2013 to 30 June, 2013
Capital
Capital Capital Capital Reserve/
Share Capital Redemption Redemption Revenue Reserve/ Reserve/ Exchange
Account Reserve Reserve Reserve Realised Unrealised Differences Total
In
U.S. In U.S. In U.S. In U.S. In U.S. In U.S. In U.S. In U.S.
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Balances at 1
January,
2013 95,278 320,231 88,581,476 (12,292,130) 26,903,132 (11,862,827) 4,054,386 95,799,546
Total comprehensive
income/(expense)
for the
period
Gain/(loss)
for
the period
after
tax - - - 282,389 7,276,651 9,759,105 (3,116,826) 14,201,319
Capital
activities
Repurchase of
shares* (255) 255 (239,657) - - - - (239,657)
Balances at
30
June, 2013 95,023 320,486 88,341,819 (12,009,741) 34,179,783 (2,103,722) 937,560 109,761,208
========= =========== =========== ============= =========== ============= ============ ============
for the period from 1 January, 2012 to 30 June, 2012
Capital
Capital Capital Capital Reserve/
Share Capital Redemption Redemption Revenue Reserve/ Reserve/ Exchange
Account Reserve Reserve Reserve Realised Unrealised Differences Total
In
U.S. In U.S. In U.S. In U.S. In U.S. In U.S. In U.S. In U.S.
Dollars Dollars Dollars Dollars Dollars Dollars Dollars Dollars
Balances at
1
January,
2012 98,198 317,311 90,963,192 (11,302,434) 22,472,199 (23,861,300) 3,517,624 82,204,790
Total comprehensive
income/(expense)
for the
period
Gain for the
period
after
tax - - - 312,689 3,783,044 7,653,406 376,635 12,125,774
Capital
activities
Repurchase
of
shares* (1,148) 1,148 (943,751) - - - - (943,751)
Balances at
30
June, 2012 97,050 318,459 90,019,441 (10,989,745) 26,255,243 (16,207,894) 3,894,259 93,386,813
========= =========== =========== ============= =========== ============= ============ ===========
* For details of the Company's share buy back programme, refer
to note 8.
STATEMENT OF FINANCIAL POSITION (Unaudited)
as at 30 June, 2013
30.06.2013 31.12.2012 30.06.2012
In U.S. In U.S. In U.S.
Notes Dollars Dollars Dollars
(Unaudited) (Audited) (Unaudited)
Non-current assets
Financial assets at fair value
6 through profit or loss 106,078,142 77,541,222 73,652,458
Current assets
Due from brokers - 884,904 947,494
Dividends and interest receivable 89,162 853,018 364,070
Other receivables 143,024 - 31,858
Cash and cash equivalents 9,147,417 16,945,485 23,086,836
Total current assets 9,379,603 18,683,407 24,430,258
------------ ----------- ------------
Current liabilities
Due to brokers 5,468,577 169,656 4,453,675
Other creditors 227,960 255,427 242,228
Net current assets 3,683,066 18,258,324 19,734,355
Net assets 109,761,208 95,799,546 93,386,813
Equity
8 Share capital account 95,023 95,278 97,050
8 Redemption reserve 88,341,819 88,581,476 90,019,441
8 Capital redemption reserve 320,486 320,231 318,459
Other reserves 21,003,880 6,802,561 2,951,863
Total equity 109,761,208 95,799,546 93,386,813
Ordinary Shares in issue 95,023,602 95,278,602 97,050,602
Net Asset Value per Ordinary
2 Share 1.16 1.01 0.96
The Financial Statements were approved by the Board of Directors
on 28 August, 2013 and signed on its behalf by:
John Hawkins Richard Battey
Director Director
STATEMENT OF CASH FLOWS (Unaudited)
for the period from 1 January, 2013 to 30 June, 2013
01.01.2013 01.01.2012
to to
30.06.2013 30.06.2012
In U.S. In U.S.
Notes Dollars Dollars
Cash flows from operating activities
Net cash (outflow)/inflow from
9 operating activities (2,934,778) 799,165
Cash flows from investing activities
Purchase of investments (158,676,772) (38,285,652)
Sale of investments 153,359,433 60,762,239
Net cash (outflow)/inflow from
investing activities (5,317,339) 22,476,587
Net cash (outflow)/inflow before
financing activities (8,252,117) 23,275,752
Cash flows from financing activities
Repurchase of shares (239,657) (943,751)
Net cash outflow from financing
activities (239,657) (943,751)
(Decrease)/increase in cash and
cash equivalents (8,491,774) 22,332,001
Reconciliation of net cash flow
to
movement in net funds
Net cash (outflow)/inflow (8,491,774) 22,332,001
Effects of foreign exchange rate
changes 693,706 268,002
Cash and cash equivalents at
beginning of period 16,945,485 486,833
Cash and cash equivalents at
end of period 9,147,417 23,086,836
NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS
Note 1 Principal Accounting Policies
Basis of Accounting
The Interim Unaudited Condensed Financial Statements for the six
months ended 30 June, 2013 have been prepared in accordance with
IAS 34 "Interim Financial Reporting" as adopted by the European
Union, the Listing Rules of the London Stock Exchange ("LSE") and
applicable legal and regulatory requirements of the Companies
(Guernsey) Law, 2008.
The Interim Unaudited Condensed Financial Statements do not
include all the information and disclosures required in the Annual
Financial Statements and should be read in conjunction with the
Company's Annual Report and Audited Financial Statements for the
year ended 31 December, 2012.
The accounting policies, presentation and methods of computation
followed in this Interim Unaudited Condensed set of Financial
Statements are consistent with those of the latest Annual Audited
Financial Statements for the year ended 31 December, 2012 which
were prepared in accordance with International Financial Reporting
Standards as adopted by the European Union, except for the adoption
of the new standards and interpretations effective as of 1 January,
2013 which had no impact on the financial position or performance
of the Company.
- IAS 34 - Interim Financial Reporting (amendments) - (effective
1 January, 2013)
- IFRS 13 - Fair Value Measurement - (effective 1 January,
2013)
IFRS 13 establishes a single source of guidance under IFRS for
all fair value measurements. IFRS 13 does not change when an entity
is required to use fair value, but rather provides guidance on how
to measure fair value under IFRS when fair value is required or
permitted. IFRS 13 also requires specific disclosures on fair
values, some of which replace existing disclosure requirements,
thereby affecting the Interim Unaudited Condensed Financial
Statements. The Company provides these disclosures in Note 7.
The preparation of the Interim Unaudited Condensed Financial
Statements requires management to make estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and
liabilities at the date of the Interim Unaudited Condensed
Financial Statements. The estimates and associated assumptions are
based on 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 carrying values
of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from those estimates.
Presentation of information
The Interim Unaudited Condensed Financial Statements have been
prepared on a going concern basis under the historical cost
convention adjusted to take account of the revaluation of the
Company's investments at fair value.
In order to better reflect the activities of an investment
Company and in accordance with the guidance issued by the
Association of Investment Companies, supplementary information
which analyses the Statement of Comprehensive Income between items
of a capital and revenue nature has been presented within the
Statement of Comprehensive Income.
Going Concern
The Directors believe that it is appropriate to continue to
adopt the going concern basis in preparing the Financial Statements
because the assets of the Company consist mainly of securities that
are readily realisable and, whilst the liquidity of these needs to
be managed, the Company has adequate financial resources to meet
its liabilities as they fall due.
In accordance with the Company's Articles, the Board is required
every three years to include in the business to be considered by
shareholders at the Annual General Meeting a Special Resolution
that the Company should be wound up. This resolution requires 75%
of votes in favour for it to be passed. The next such resolution
will be tabled at the Eighteenth Annual General Meeting to be held
in 2014.
Note 2 Gain/(loss) per Ordinary Share - Basic & Diluted and
Net Asset Value per Ordinary Share - Basic & Diluted
The gain per Ordinary Share - Basic and Diluted has been
calculated based on the weighted average number of Ordinary Shares
of 95,226,926 and a net gain of US$14,201,319 (31 December, 2012:
97,028,307 Ordinary Shares and a net gain of US$15,976,472; 30
June, 2012: 97,747,405 Ordinary Shares and a net gain of
US$12,125,774).
There were no dilutive elements to shares issued or repurchased
during the period.
The Net Asset Value per Ordinary Share - Basic and Diluted has
been calculated based on the number of shares in existence at the
period end date of 95,023,602 (31 December, 2012: 95,278,602; 30
June, 2012: 97,050,602) and shareholders' funds attributable to
equity interests of US$109,761,208 (31 December, 2012:
US$95,799,546; 30 June, 2012: US$93,386,813).
The Company announces its Net Asset Value per Share to the
London Stock Exchange ("LSE") at each weekly and month end
valuation point.
Below is the Net Asset Value per Ordinary Share announced to the
LSE and as presented in these Interim Condensed Financial
Statements.
30.06.2013 31.12.2012 30.06.2012
In U.S.
Dollars In U.S. Dollars In U.S. Dollars
Net Asset Value per Ordinary
Share - Basic and Diluted 1.16 1.01 0.96
Note 3 Taxation
The Company is exempt from taxation in Guernsey under the terms
of The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989. Its
liability is an annual fee of GBP600.
The amount disclosed as withholding tax in the Statement of
Comprehensive Income relates solely to withholding tax suffered at
source, on income in the investing country, Japan.
Note 4 Management Fees
The management fee is payable to the Manager, Prospect Asset
Management (Channel Islands) Limited, monthly in arrears at a rate
of 1.5% per annum of the Net Asset Value, which is calculated as of
the last business day of each month. Total management fees for the
period amounted to US$794,383 (30 June, 2012: US$702,733) of which
US$125,374 (30 June, 2012: US$111,152) is due and payable at the
period end. The Management Agreement dated 1 December, 1994 remains
in force until determined by the Company or by the Manager giving
the other party not less than three months' notice in writing,
subject to additional provisions included in the agreement
regarding a breach by either party.
Note 5 Other Expenses
01.01.2013 01.01.2012
to to
30.06.2013 30.06.2012
In U.S. In U.S.
Dollars Dollars
Administration and secretarial fees* 132,397 117,122
General expenses 60,717 54,757
Directors' remuneration 65,120 68,201
Custodian's fees and charges** 65,096 59,415
Non-audit fees 9,834 9,200
Auditors' fees 17,863 11,859
351,027 320,554
*The administration and secretarial fees are payable to Northern
Trust International Fund Administration Services (Guernsey)
Limited, monthly in arrears and is 0.25% of the Net Asset Value of
the Company, which is calculated as of the last business day of
each month. Total administration and secretarial fees for the
period amounted to US$132,397 (30 June, 2012: US$117,122) of which
US$ 20,896 (30 June, 2012: US$18,525) is due and payable at the
period end.
**The custodian's fees and charges are payable to Northern Trust
(Guernsey) Limited monthly in arrears and are 0.08% of the value of
the Portfolio of the Company, and are calculated as of the last
business day of each month. Total custodian's fees and charges for
the period amounted to US$65,096 (30 June, 2012: US$59,415) of
which US$5,814 (30 June, 2012: US$4,656) is due and payable at the
period end.
Note 6 Financial Assets at Fair Value through Profit or Loss
01.01.2013 01.01.2012 01.01.2012
to to to
30.06.2013 31.12.2012 30.06.2012
In U.S. In U.S.
In U.S. Dollars Dollars Dollars
Opening book cost 89,404,049 105,041,226 105,041,226
Purchases at cost 163,591,704 76,435,294 42,399,169
Proceeds on sale (152,810,159) (96,823,967) (61,545,454)
Realised gain on sale 7,996,270 4,751,496 3,965,411
Closing book cost 108,181,864 89,404,049 89,860,352
Unrealised loss (2,103,722) (11,862,827) (16,207,894)
Fair value 106,078,142 77,541,222 73,652,458
Note 7 Fair Value Hierarchy
IFRS 7 requires the Company to classify fair value measurements
using a fair value hierarchy that reflects the significance of the
inputs used in making the measurements.
All financial instruments for which fair value is recognised or
disclosed are categorised within the fair value hierarchy,
described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
Level 1 - Quoted market prices (unadjusted) in an active market
for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is directly or
indirectly observable
Level 3 - Valuation techniques for which the lowest level input
that is significant to the fair value measurement is
unobservable
For financial instruments that are recognised at fair value on a
recurring basis, the Company determines whether transfers have
occurred between Levels in the hierarchy by re-assessing
categorisation, based on the lowest level input that is significant
to the fair value measurement as a whole, at the end of each
reporting period.
The following table analyses within the fair value hierarchy the
Company's financial assets and liabilities (by class) measured at
fair value for the period ended 30 June, 2013.
Level Level
Level 1 2 3 Total
In US In US
In US Dollars Dollars Dollars In US Dollars
Assets
Financial assets
at fair value
through profit
and loss:
-Equity Securities 86,558,711 - 10,528,047 97,086,758
-Debt Securities - - 8,991,384 8,991,384
Total assets as at
30 June, 2013 86,558,711 - 19,519,431 106,078,142
============== ========= =========== ==============
The following table presents the movement in level 3 instruments
for the period ended 30 June, 2013 by class of financial
instrument.
Equity Debt
Securities Securities Total
In US Dollars In US Dollars In US Dollars
Opening balance - 7,067,416 7,067,416
Purchases - 3,419,796 3,419,796
Sales - (1,533,586) (1,533,586)
Losses recognised in
profit and loss - (346,585) (346,585)
Transfers into level
3 10,528,047 - 10,528,047
Unrealised gains during
the period - 384,343 384,343
Closing balance 10,528,047 8,991,384 19,519,431
============== ============== ==============
Net unrealised gain for
the period included in the
Statement of Comprehensive
Income for level 3 Investments
held at 30 June, 2013 (134,432) 1,637,789 1,503,357
============== ============== ==============
The following table analyses within the fair value hierarchy the
Company's financial assets and liabilities (by class) measured at
fair value for the year ended 31 December, 2012.
Level Level
Level 1 2 3 Total
In US In US
In US Dollars Dollars Dollars In US Dollars
Assets
Financial assets
at fair value
through profit
and loss:
-Equity Securities 70,473,806 - - 70,473,806
-Debt Securities - 7,067,416 7,067,416
Total assets as at
31 December, 2012 70,473,806 - 7,067,416 77,541,222
============== ========= ========== ==============
The following table presents the movement in level 3 instruments
for the year ended 31 December, 2012 by class of financial
instrument.
Equity Debt
Securities Securities Total
In US Dollars In US Dollars In US Dollars
Opening balance - 134,228 134,228
Purchases - 8,283,617 8,283,617
Losses recognised in profit
and loss - (1,350,429) (1,350,429)
Closing balance - 7,067,416 7,067,416
============== ============== ==============
Net unrealised gain for the
year included in the Statement
of Comprehensive Income for
level 3 Investments held at
31 December, 2012 - 624,230 624,230
============== ============== ==============
Assets categorised as level 3 were based on valuations of
comparable convertible bonds.
During the period ended 30 June, 2013, there were the following
transfers between Level 1 and Level 3:
Transfers from
level 1 to level
3
In US Dollars
Assets
Financial assets at fair value
through profit and loss:
-Equity Securities 10,528,047
-Debt Securities -
Total level 3 assets as at 30
June, 2013 10,528,047
=================
Toho Real Estate has been the subject of a tender offer by Toho
Co which owned 58 per cent. of Toho Real Estate at a price of
Yen735 per share and was delisted. We believe that the true value
is considerably higher and have declined to tender our shares and
instead gone to arbitration. The results of that arbitration are
uncertain and accordingly valuing our investment for the purposes
of these Financial Statements has been challenging. After full
discussion with the Board, and taking into account the risks and
uncertainties of the arbitration process and after applying
discounts for the fact that the holding has been delisted and
therefore is no longer tradable and for the time value of money we
believe that a price 10% higher than the tender offer is an
appropriate fair value for this holding.
Note 8 Share Capital, Redemption Reserve & Capital Redemption Reserve
Authorised Share
Capital 30.06.2013 30.06.2012
In U.S. In U.S.
Number of shares Dollars Dollars
Ordinary Shares of US$0.001
150,000,000 each 150,000 150,000
"C" Ordinary Shares
60,000,000 of US$0.01 each 600,000 600,000
As approved at the AGM on 21 June, 2013, the Company may
purchase a maximum of 14,275,516 Ordinary Shares, equivalent to
14.99% of the Issued share capital of the Company as at the date of
the AGM. During the period, 255,000 shares with a value of
US$239,657 were purchased and cancelled by the Company of which
US$NIL remained payable at the period end.
Capital
Redemption Redemption
Ordinary Shares Share Capital Reserve Reserve
In U.S. In U.S. In U.S.
Number of shares Dollars Dollars Dollars
Balance at 31 December,
95,278,602 2012 95,278 88,581,476 320,231
Shares repurchased
and
cancelled during
(255,000) the period (255) (239,657) 255
Balance at 30 June,
95,023,602 2013 95,023 88,341,819 320,486
The Redemption Reserve account is a distributable reserve
account which can be used for among other things the payment of
dividends, if any.
The Capital Redemption Reserve is used to cancel the nominal
shares of the Company when they are redeemed or there is a share
buy back.
Ordinary Shares carry the right to vote at general meetings of
the Company and to receive dividends and, in a winding-up will
participate in any surplus assets remaining after settlement of any
outstanding liabilities of the Company.
Note 9 Reconciliation of Return on Ordinary Activities to Net
Cash (Outflow)/Inflow from Operating Activities
30.06.2013 30.06.2012
In U.S. In U.S.
Dollars Dollars
Return on ordinary activities
for the period 282,389 312,689
(Increase)/decrease in dividends receivable
and other receivables 620,832 384,074
Decrease in other
creditors (27,467) (6,231)
Foreign exchange
(loss)/gain (3,810,532) 108,633
Net cash (outflow)/inflow from operating
activities (2,934,778) 799,165
Note 10 Related Party Transactions
Parties are considered to be related if one party has the
ability to control the other party or exercise significant
influence over the other party in making financial or operational
decisions.
The Directors are responsible for the determination of the
investment policy of the Company and have overall responsibility
for the Company's activities. The Company's investment portfolio is
managed by Prospect Asset Management (Channel Islands) Limited
whose parent company is Prospect Company Limited (Kabushiki Kaisha
Prospect ("KKP"), a Japanese Company).
Mr Rupert Evans is a Director of the Manager.
Directors' fees are disclosed in Note 5. The basic fee payable
to Directors in 2013 is GBP20,000, the Chairman of the Audit
Committee GBP22,500 and the Chairman of the Board GBP25,000 per
annum.
At 30 June, 2013 Chris Sherwell held beneficial interests of
9,940 (2012: 9,940) Ordinary Shares in the Company. No other
Directors holding office at 30 June, 2013, or their associates, had
any beneficial interest in the Company's shares. There have been no
changes in these interests between the end of the period and up to
the date of this report.
Mr. Curtis Freeze, Director of Prospect Asset Management
(Channel Islands) Limited, the Manager of The Prospect Japan Fund
Limited is President of Gro-Bels Co Ltd. Effective 1 August, 2013,
Gro-Bels Co Ltd acquired the entire issued share capital of KKP,
the owner of Prospect Asset Management Inc. ("PAMI").
Prospect Epicure JREIT Value Fund is classed as a related party
as the fund shares the same Investment Advisor as the Company. The
Company did not receive income (2012: Nil) during the year from
Prospect Epicure JREIT Value Fund.
Note 11 Segmental Reporting
The Board is responsible for the Company's entire portfolio and
considers the business to have a single operating and geographical
segment. The Board's asset allocation decisions are based on a
single, integrated investment strategy, and the Company's
performance is evaluated on an overall basis.
The Company invests in a diversified portfolio of Japanese
investments. The total fair value of the financial instruments held
by the Company and the equivalent percentages of the total value of
the Company are reported in the Portfolio Statement.
Revenue earned is reported separately on the face of the
Statement of Comprehensive Income as investment income being
dividend income received from equities, and interest income being
interest earned from convertible and corporate bonds.
Note 12 Subsequent Events
These Financial Statements were approved for issuance by the
Board on 28 August, 2013. Subsequent events have been evaluated
until this date.
GENERAL INFORMATION
General
The Company is a closed-ended investment company incorporated in
Guernsey in November 1994 and was launched in December 1994 with an
initial asset value of US$70 million. There are 95,023,602 Ordinary
Shares in issue as at 30 June, 2013. The Company's Ordinary Shares
are listed on the London Stock Exchange.
The Ordinary Shares of the Company have not been registered
under the United States Securities Act of 1933 or the United States
Investment Companies Act of 1940. Accordingly, none of the Ordinary
Shares may be offered or sold directly or indirectly in the United
States or to any United States persons [as defined in Regulation
'S' under the 1933 Act] other than in accordance with certain
exemptions. Investment in the Company is suitable only for
sophisticated investors and should be regarded as long-term. Past
performance is no indication of future results.
Investment Objective
The Company was established to invest substantially all of its
assets in securities issued by smaller Japanese companies. The
objective of the Company is to achieve long-term capital growth
from an actively managed portfolio of securities primarily of
smaller Japanese companies listed or traded on Japanese Stock
Markets.
Investment Restrictions
The following investment restrictions have been adopted:
(i) the Company may not invest in securities carrying unlimited liability; or
(ii) the Company may not deal short in securities; or
(iii) the Company may not take legal or management control in investments in its portfolio; or
(iv) the Company may not invest in any commodities, land or interests in land; or
(v) the Company may not invest or lend more than 10% of its
assets in securities of any one company or single issuer (other
than obligations of the Japanese Government or its agencies or of
the US Government or its agencies); or
(vi) the Company may not invest more than 10% of its assets in
non-corporate investments or securities not listed or quoted on any
recognised stock exchange, for which purpose securities quoted on
any of the Japanese Stock Markets will be treated as securities
quoted on a recognised stock exchange; or
(vii) the Company may not invest more than 5% of its assets in
unit trusts, shares or other forms of participation in managed
open-ended investment vehicles; or
(viii) the Company may not commit its assets in the purchase of
foreign exchange contracts, financial futures contracts, put or
call options or in the purchase of securities on margin other than
in connection with or for the purpose of hedging transactions
effected on behalf of the Company.
NAV and Share Price Information
The prices of Ordinary Shares and the latest NAV are published
daily in the Financial Times. Prices (in Sterling terms) of the
Ordinary Shares appear within the section of the London Share
Service entitled "Investment Companies".
Life of the Company
From inception the Directors have believed that Shareholders
should be able to review the progress of the Company so that a
decision can be taken as to whether Shareholders should have an
opportunity of realising the Company's underlying investments.
Accordingly, at the twelfth Annual General Meeting of the Company
held on 21 August, 2011, the Board included in the business to be
considered by Shareholders a Special Resolution that the Company
should be wound up. As the resolution was not passed, the Board
shall include a similar resolution in the business to be considered
at every third Annual General Meeting held. The next such
resolution will be tabled at the Annual General Meeting to be held
in 2014.
Directors
Brief biographical details of the Directors are as follows:
Rupert Evans, age 75, is a Guernsey advocate and former partner
in the firm of the Guernsey legal advisors, Mourant Ozannes. He is
now a consultant to Mourant Ozannes. He is a non-executive director
of the Manager and of a number of investment companies. Mr Evans is
resident in Guernsey. Mr Evans was appointed to the Board on 18
November, 1994.
John Hawkins, age 70, is a Fellow of the Institute of Chartered
Accountants in England and Wales. He was formerly Executive Vice
President and a member of the Corporate Office of The Bank of
Bermuda Limited, with whom he spent many years in Asia. He retired
from the Bank of Bermuda in 2001 after 25 years with the Group. He
is a director of a range of funds which include hedge funds and
equity funds investing in Japan and Asia. Mr Hawkins was appointed
to the Board on 4 April, 2004.
Christopher Sherwell, age 65, was Managing Director of Schroders
(C.I.) Limited from 2000 to 2003, and was Investment Director with
Schroders (C.I.) Limited from 1993 to 2000. Prior to joining
Schroders (C.I.) Limited, Mr Sherwell was Far East Regional
Strategist with Smith New Court Securities, and from 1977 to 1990
worked as a journalist on the Financial Times, including seven
years as a foreign correspondent in the Far East and Australia from
1983 to 1990. Mr Sherwell was appointed to the Board on 27
September, 2004.
Richard Battey, age 61, is a Fellow of the Institute of
Chartered Accountants in England and Wales. He is a non-executive
director of a number of investment companies and funds. Mr Battey
joined the Schroder Group in December 1977 and was a director of
Schroders (C.I.) Limited from April 1994 to December 2004, where he
served as Finance Director and Chief Operating Officer, and was a
director of Schroder Group Guernsey companies before retiring from
his last Schroder directorship in December 2008. Mr Battey was
appointed to the Board on 10 February, 2010.
Taxation Status
The Company has obtained exemption from Guernsey Income Tax
under The Income Tax (Exempt Bodies) (Guernsey) Ordinance, 1989.
There is no capital gains tax in Guernsey.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ZMGZRFLKGFZM
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