BW20030829002001 20030829T100949Z UTC
( BW)(ALTIN-AG)(AIA) Semi-Annual Report as at 30 June 2003
Business Editors
UK REGULATORY NEWS
LONDON--(BUSINESS WIRE)--Aug. 29, 2003--
ALTIN
Semi-Annual Report as at 30 June 2003 (unaudited)
Consolidated balance sheet as at 30 June 2003
(in thousands of US-Dollars)
6/30/03 12/31/02
-------------------------------------------------------------------------------
ASSETS USD USD
Current assets
Cash and cash equivalents 12,587 4,865
Available-for-sale securities
260,854 232,196
Other current assets 9,993 23,544
--------------------------------- ----------------------------------------------
283,434 260,605
---------------- ---------------
Total assets 283,434 260,605
--------------------------------- ----------------------------------------------
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities
Accounts payable 1,042 5,873
Short term loans 62,600 45,800
Taxes payable 24 23
Accrued liabilities 1,604 1,572
--------------------------------- ----------------------------------------------
65,270 53,268
---------------- ---------------
Shareholders' equity
Share capital 94,371 94,371
Legal reserves 31,849 31,638
Less treasury shares (13,016) (16,443)
Retained earnings 104,960 97,771
--------------------------------- ----------------------------------------------
218,164 207,337
---------------- ---------------
Total liabilities and
shareholders' equity 283,434 260,605
------------------------------------------------------------------------------------------------------------------------
Consolidated statement of income
January 1, - 30 June 2003
(in thousands of US-
Dollars)
01/01/ - 01/01/ -
6/30/03 6/30/02
-----------------------------------------------------------------------
INCOME
Interest income 45 76
Realised/unrealised gains
and losses
on available-for-sale-
securities 10,993 7,285
Other Income 3 227
Foreign exchange gain
(net) 10 87
-----------------------------------------------------------------------
11,051 7,675
-------------- --------------
EXPENSES
Interest expenses 670 727
Investment management fees 2,132 1,710
General administrative
expenses 1,036 670
Taxes 24 25
-----------------------------------------------------------------------
3,862 3,132
-------------- --------------
Net income 7,189 4,543
-----------------------------------------------------------------------
Earnings per share
Basic 1.60 0.96
------------------------------------------------------------------------------------------------------------------------
Consolidated statement .
of cash flows for the
reporting Period ended
30 June
(in thousands of US-
Dollars)
01.01. - 01.01. -
6/30/03 6/30/02
------------------------ ----------------------------------
Net income for the
period 7 189 4 543
Adjustments for :
Net unrealised
losses on
available-
for-sale
securities 130 ( 2 515)
Net realised
gain on
available-for-
sale
securities ( 11 123) ( 4 770)
Foreign
exchange gain ( 10) ( 87)
Tax expense 24 25
Interest
expense 670 727
Purchases of securities ( 100 336) ( 64 616)
Proceeds from sales of
securities 82 671 89 315
(Increase)/Decrease in
other current assets 13 550 ( 3 563)
Increase in accounts
payable and
accrued
liabilities ( 4 799) ( 1 555)
Tax paid ( 24) ( 25)
Interest paid ( 669) ( 806)
----------- ----------
Net cash from operating
activities ( 12 727) 16 673
----------- ----------
(Decrease)/increase of
bank loan 16 800 ( 3 145)
Purchases of treasury
shares ( 402) ( 24 419)
Sales of treasury shares 4 041 4 828
----------- ----------
Net cash used in
financing activities 20 439 ( 22 736)
----------- ----------
Net (decrease)/increase
in cash and cash
equivalents 7 712 ( 6 063)
----------- ----------
Effect of exchange rate
changes on cash and
cash equivalents 10 87
Cash and cash
equivalents at
beginning of year 4 865 15 500
----------- ----------
Cash and cash
equivalents at half-
year end 12 587 9 524
=========== ==========
Consolidated statement of changes in
equity as at 30 June 2003
(in thousands of US-Dollars)
Share Share Treasury Retained Total
capital premium shares earnings Equity
--------------------------------------------------------------------------
Balance at 1
January 2003 94 371 31 638 ( 16 443) 97 771 207 337
Purchases/sales
of treasury
shares - 211 3 427 - 3 638
Net income for
the period - - - 7 189 7 189
----------------- ----------------- --------- -------- ----------
Balance at 30
June 2003 94 371 31 849 ( 13 016) 104 960 218 164
----------------- ----------------- --------- -------- ----------
Balance at 1
January 2002 94 371 33 539 ( 5 891) 85 628 207 647
Purchases/sales
of treasury
shares - ( 1 094) ( 18 495) - ( 19 589)
Net income for
the period - - - 4 543 4 543
----------------- ----------------- --------- -------- ----------
Balance at 30
June 2002 94 371 32 445 ( 24 386) 90 171 192 601
----------------- ----------------- --------- -------- ----------
The following notes form an integral part of these consolidated financial statements
---------------------------------------------------------------------------------------------------
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
1. The Company
The Company was incorporated on April 2, 1892 under the laws of
Switzerland as "Societe Financiere Franco-Suisse" with its registered
office in Geneva (Switzerland). The extraordinary general meeting of
shareholders of August 13, 1996 resolved to change the name to "Altin
AG" and to transfer the Company's registered office to Baar
(Switzerland).
The Company's objective is the investment of its assets and the
maximising of the long-term return to investors. The Company effects
the investment through its subsidiary, Altin (Cayman) Ltd., Grand
Cayman (the "Subsidiary") incorporated on July 26, 1996, which
allocates its assets to a range of alternative Fund Managers by using
a wide range of investment techniques and styles, mainly alternative
investment strategies, with the aim to achieve a diversified and
structured portfolio with a defined risk reward profile, a low
volatility and a low correlation to traditional financial markets.
Different styles of alternative investment strategies include
arbitrage, global macro, commodity trading advisors, long/short equity
funds and other styles.
The Subsidiary has in conjunction with the Company established
Investment Guidelines that set forth the investment objectives and
restrictions. Investment results may vary substantially over time and
there is no guarantee that the set forth objectives will be achieved.
The Board of Directors may alter at any time the Investment
Guidelines.
As of December 31, 2002 the Group employs 3 persons (2001: 3) on a
consultancy basis and is located at Neuhofstrasse 8, Baar
(Switzerland).
The Company is listed at the SWX Swiss Exchange since August 2, 1996
and at the London Stock Exchange since December 31, 2001.
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
Summary of significant
accounting policies
Basis of presentation
The consolidated half-yearly financial statements have been prepared
in accordance with the yearly financial statements and comply with
International Financial Reporting Standards (IFRS), especially IAS 34
(intermediary reporting). The consolidated financial statements are
prepared under the historical cost convention as modified by the
revaluation of available-for-sale securities and financial assets and
liabilities held for trading. Although the Company is registered in
Switzerland, the directors have adopted the US dollar rather than the
Swiss franc as the measurement and reporting currency because they
monitor the Company's performance against international US dollar
denominated benchmarks and most of the Group's assets are invested in
US dollar denominated funds.
Consolidation
The consolidated financial statements include the financial statements
of the Company and its wholly-owned subsidiary, Altin (Cayman) Ltd.,
Grand Cayman. All intercompany transactions, balances and unrealised
surpluses and deficits on transactions have been eliminated.
Translation of foreign currency amounts
Monetary assets and liabilities denominated in foreign currencies are
translated at the year-end exchange rates. Foreign currency
transactions are accounted for at the exchange rates prevailing at the
date of the transaction. Gains and losses resulting from the
settlement of such transactions and from the translation of monetary
assets and liabilities denominated in foreign currencies are
recognised in the income statement. Share capital increases are
recorded at the exchange rates prevailing at the date of the
transaction.
Available-for-sale securities
At January 1, 2001 the Company adopted IFRS 39 and classified all its
investment securities as "available-for-sale". Available-for-sale
securities are intended to be held for an indefinite period of time
and may be sold in response to needs for liquidity or changes in
interest rates, exchange rates or equity prices. Management determines
the appropriate classification of its investments at the time of the
purchase and re-evaluate such designation on a regular basis.
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
All investment securities are initially recognised at cost (which
includes transaction costs). Available-for-sale assets are
subsequently re-measured at fair value. Fair value is determined on
the following basis:
Investments in securities which are traded on recognised exchanges
(including bonds, equities, futures contracts, warrants and mutual
funds) are valued at the last reported bid price on the valuation
date. Investments in securities traded in the over-the-counter market
and listed securities for which no trade is reported on the valuation
date are valued at the last reported bid and asked price for long and
short positions, respectively.
Investments for which market quotations are not readily available are
valued at their fair value as determined in good faith by the
Directors in consultation with the Investment Manager. In this
respect, these investments are normally valued at the underlying net
asset value as advised by the Fund Managers or administrators of these
investment companies, unless the Directors are aware of good reasons
why such a valuation would not be the most appropriate indicator of
fair value. The market for unlisted companies is highly illiquid and
subject to significant volatility in prices. These fair valuations may
differ significantly from values that will be realised in future
periods, and the differences could be material.
Investment securities held by the Group are subject to individual
review by the Directors. If the Directors believe that the carrying
amount of the investments (as established by reference to underlying
net assets or market price if available) may be higher than the amount
that would be recovered if the Group would dispose or otherwise
liquidate its investment, such carrying value is reduced to the
estimated recoverable amount.
All realised and unrealised gains and losses arising on
available-for-sale securities are recognised in the income statement
as they arise.
Borrowings
Borrowings are recognised initially at the proceeds received, net of
transaction costs incurred. In subsequent periods, borrowings are
stated at amortised cost using the effective yield method; any
difference between proceeds (net of transaction costs) and the
redemption value is recognised in the income statement over the period
of the borrowings.
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
Revenue and expense recognition
Interest income is recognised in the income statement for all interest
bearing instruments on an accrual basis using the effective yield
method. Dividend income is accrued on the ex-dividend date and
recorded net of any applicable non-recoverable withholding tax.
Interest expense and asset based fees due under service contracts are
recognised on an accrual basis. All expenses are charged to the income
statement except for expenses incurred on the acquisition of an
investment security which are included within the cost of that
investment. Expenses arising on the disposal of investments are
deducted from the disposal proceeds.
Taxation
The Company is liable to cantonal/communal taxes on capital. The
Company intends to conduct most of its business through Altin (Cayman)
Ltd., Grand Cayman; at present, such activity will not be subject to
any income, withholding or capital gains taxes in the Cayman Islands.
Generally, the Company intends to conduct its affairs so as not to be
liable to taxation in any other jurisdiction; however, the Company or
its Subsidiary may invest in securities whose income is subject to
non-refundable foreign withholding taxes.
Cash and cash equivalents
For the purposes of the cash flow statement, cash and cash equivalents
comprise cash and short-term deposits with a maturity of three months
or less.
Treasury shares
Own shares of the Company held by the Company or its Subsidiary at the
balance sheet date are designated as treasury shares. These shares are
treated as a deduction from shareholders' equity. The gains and losses
on sales of own shares are charged to the share premium account.
Earnings per share, diluted earnings per share and net asset value per
share
Basic earnings per share is calculated by dividing the net income by
the weighted average number of registered shares in issue during the
year, excluding the average number of ordinary shares held as treasury
shares.
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
For diluted earnings per share the weighted average number of
registered shares in issue is adjusted to assume conversion of all
dilutive potential registered shares. Dilutive potential registered
shares include registered shares issuable under exercise of warrants.
A calculation is done to determine the number of shares that could
have been acquired at market price (determined as the average annual
share price of Company's shares) based on the exercise price of shares
issuable upon exercicse of warrants. This calculation serves to
determine the "unpurchased" registered shares outstanding for the
purposes of computing the dilution.
Net assets value per share is calculated by dividing the net assets at
the balance sheet date by the number of share outstanding at the
balance sheet date excluding treasury shares.
Available-for-sale securities
Most available-for-sale securities held during the period were
unlisted and invested with a number of non-traditional Fund Managers
using various investment strategies. Most of the assets are US Dollar
denominated. The securities have been pledged as security for bank
loan (Note 4).
The classifications of the available-for-sale securities between money
market, arbitrage, global macro, long/short equity and private equity
refer to the reporting period. Accordingly, there may be
reclassifications between categories from one year to another.
Movements in available-for-sales securities were as follows :
3.1 Inventory of investments as at June 30, 2003
(in thousands of US-Dollars)
Number of Balance as Additions Withdrawals
Shares per Realised
31.12.2002 profits
Money market investment funds
CS Money Market Fund CHF 0.00 - - - -
CS Money Market Fund USD 15.00 40 - ( 34) -
40 - ( 34) -
Arbitrage
Funds
CND Volatility Opportunity, Cl. A 1000.00 985 - - -
Contrarian Cap Offshore, Cl. A Ser. 3 7389.37 743 - ( 772) 50
Cooperneff CNV Strategies USD Cl. 92541.18 10 452 - - -
Farallon Capital Offshore Cl. A 2426868.80 15 511 - ( 15 986) 7 335
Feingold O'Keefe, Cl. A Ser. 1 8000.00 8 650 - - -
Feingold O'Keefe, Cl. A Ser. 6 0.00 - 5 000 - -
Framework Asset Investors, Cl. B Ser. 1 Roll up 7000.00 7 169 - - -
Framework Asset Investors, Cl. B Ser. 3 0.00 - 5 000 - -
Framework Asset Investors, Cl. B Ser. 1 2003 0.00 - 3 000 - -
Kensington Global Strategies, Cl. A 10457.99 17 992 - - -
KBC Alpha SR Feeder Fd. Credit Arb., Cl. A 0.00 - 13 502 - -
Kingate Global Fund Ltd. 57115.00 15 816 - ( 12 474) 5 451
Marathon Special Opportunity, Cl. B 48806.09 13 335 - -
Pharo Arbitrage Fund Ltd. Ser. 1 6188.52 8 920 - ( 30) 9
Pharo Arbitrage Fund Ltd. Ser. 2 0.00 - 2 000 - -
Polygon Global Opportunities Fund 0.00 - 10 000 - -
ZLP Offshore Utility Cl. B 10441.80 3 846 - - -
ZLP Offshore Utility Cl. A 2088.02 957 - ( 316) 155
104 376 38 502 ( 29 578) 13 000
Global
Macro
Funds
Bluecrest Capital Internat. Ltd., Cl. F 40000.00 4 518 - ( 4 490) 480
Bluecrest Capital Internat. Ltd., Cl. D 77211.12 9 932 - ( 9 849) 1 095
Capital Fund Ltd., Equalization 132573.52 133 - ( 133) -
Capital
Fund Ltd. 3444.54 5 140 133 - -
Fountain Fund Ltd., Cl. A 0.00 - 11 628 - -
Fountain Fund Ltd., Equalisation Cl. A 0.00 - 371 - -
Graham Global Inv. Fund, FED Policy 58072.01 8 868 - - -
Graham Global Inv. Fund, K4 0.00 - 4 000 - -
Rubicon Global Fund, Ser. 1 63281.52 14 272 - - -
Tudor BVI Global F. Ltd. 229.63 11 225 - - -
54 088 16 132 ( 14 472) 1 575
Long/Short Equity Funds
Aries Select Ltd., Cl. A 48741.41 2 677 - - -
Attractor
Fund 5171.72 - - - -
Crabel Fund Ltd., Cl. C Ser. VI 5000.00 4 965 - ( 801) 1
Crabel Fund Ltd., Cl. C Ser. VII 0.00 - 5 000 - -
Eureka USD
Fund Ltd. 26276.62 7 224 - - -
Five Point Offsh. F. Ltd., C6 443.58 44 - - -
Five Point Offsh. F. Ltd., C10 1010.67 101 - - -
Five Point Offsh. F. Ltd., C12 504.93 51 - - -
Five Point Offsh. F. Ltd., C14 168.31 17 - - -
Five Point Offsh. F. Ltd., C17 603.34 15 - - -
Five Point Offsh. F. Ltd., C18 63.76 2 - - -
Five Point Offsh. F. Ltd., C19 531.03 53 - - -
Five Point Offsh. F. Ltd., C21 131.54 13 - - -
Five Point Offsh. F. Ltd., C22 145.58 15 - - -
Five Point Offsh. F. Ltd., C23 41.05 4 - - -
Five Point Offsh. F. Ltd., C24 197.77 20 - - -
Five Point Offsh. F. Ltd., C25 61.80 6 - - -
Five Point Offsh. F. Ltd., C26 576.40 58 - - -
Five Point Offsh. F. Ltd., C27 35.57 4 - - -
Five Point Offsh. F. Ltd., C28 28.19 3 - - -
Five Point Offsh. F. Ltd., C30 21.09 2 - - -
Five Point Offsh. F. Ltd., A2 33975.17 3 956 - - -
Genta
Inc. 0.00 - ( 2 641) 73
Lazard European Opport., Cl. A Ser. 13 35000.00 3 355 - ( 2 933) -
Prism Offshore Fd. Ltd., Cl. A Ser. 1 42221.37 8 297 - - -
Sprott Offshore Fund Ltd., Cl A Ser. 100 10000.00 923 - - -
Sprott Offshore Fund Ltd., Cl A Ser. 010 30000.00 3 078 2 003 - -
Sprott Offshore Fund Ltd., Cl A Ser. 0203 0.00 - 1 000 - -
Standard Pacific Cap Offshore, Cl. B 27071.28 7 505 - ( 7 503) 328
Stanfield Offshore Leveraged, Cl. A 0.00 - 1 005 - -
Symmetry Europe Ltd., Cl. A Ser. 4 60000.00 5 246 - ( 5 246) -
Verus Investment Fund Ltd., Cl. A Ser. 1 0.00 - 7 000 - -
Verus Investment Fund Ltd., Cl. A Ser. 2 0.00 - 2 000
Viking Global Equities Ltd., Cl A Ser. 1E 481.87 1 471 - ( 1) -
Wellington Mgt. Inv., Cl. A Ser. 14 300000.00 - - - -
Wellington Mgt. Inv., Cl. A Ser. 15 300000.00 - - - -
Wellington Mgt. Inv., Cl. A Ser. 1 2003 600000.00 6 327 3 782 - -
Wellington Mgt. Inv., Cl. A Ser. 16 0.00 - 1 000 - -
Wellington Mgt. Inv., Cl. A Ser. 17 0.00 - 1 005 - -
ZLP Offshore Utility F. Cl. A Ser. 1 14170.92 5 175 - - -
ZLP Offshore Utility F. Cl. A11 9594.34 1 269 - - -
ZLP Offshore Utility F. Cl. C3 73.93 1 - - -
ZLP Offshore Utility F. Cl. C4 73.92 2 - - -
ZLP Offshore Utility F. Cl. C5 36.15 1 - - -
ZLP Offshore Utility F. Cl. C6 26.09 1 - - -
ZLP Offshore Utility F. Cl. C7 15.42 - - - -
ZLP Offshore Utility F. Cl. C8 32.39 - - - -
ZLP Offshore Utility F. Cl. C9 110.90 11 - - -
61 892 23 795 ( 19 125) 402
Private
Equity *
Cerberus Asia Partners 2340000.00 4 554 12 338 ( 10 419) -
Infinity
Investors 679.16 - - - -
Internet Partnership Gr. 115.00 - - - -
Kiwi II Venture, common shares 100.00 - - - -
MPM Bio
Ventures
II 9000.00 6 428 7 335 ( 6 930) -
Moore
Technology 1109.53 216 - - -
Tudor
Venture II
Ltd. 1244.44 280 1 628 ( 1 548) -
Venture Capital accel. 42.00 322 606 ( 565) -
---------
11 800 21 907 ( 19 462) -
--------- ---------- ---------- ---------
Total 232 196 100 336 ( 82 671) 14 977
========= ========== ========== =========
*These investments may be regarded as long-term investments as they
have redemption restrictions of more than one year and are therefore
not readily marketable and not readily realisable.
3.1 Inventory of investments as at June
30, 2003
(in thousands of US-Dollars)
Balance as per Number of shares
Positive Realized Negative 30.06.2003
reversals losses reversals
in unrealised in unrealized
profits losses
Money market investment funds
CS Money Market
Fund CHF - - - - 0.00
CS Money Market
Fund USD - ( 1) ( 5) - 0.00
- ( 1) ( 5) -
Arbitrage
Funds
CND Volatility
Opportunity, Cl.
A - - ( 86) 899 1000.00
Contrarian Cap
Offshore, Cl. A
Ser. 3 - - ( 21) - 0.00
Cooperneff CNV
Strategies USD
Cl. 358 - - 10 810 92541.18
Farallon Capital
Offshore Cl. A - - ( 6 860) - 0.00
Feingold O'Keefe,
Cl. A Ser. 1 761 - - 9 411 8000.00
Feingold O'Keefe,
Cl. A Ser. 6 440 - - 5 440 5000.00
Framework Asset
Investors, Cl. B
Ser. 1 Roll up - - ( 70) 7 099 6956.54
Framework Asset
Investors, Cl. B
Ser. 3 - - ( 342) 4 658 5000.00
Framework Asset
Investors, Cl. B
Ser. 1 2003 - - ( 29) 2 971 3000.00
Kensington Global
Strategies, Cl. A 1 213 - - 19 205 10457.99
KBC Alpha SR
Feeder Fd. Credit
Arb., Cl. A 582 - - 14 084 12066.42
Kingate Global
Fund Ltd. - - ( 5 189) 3 604 12543.00
Marathon Special
Opportunity, Cl.
B 2 690 - - 16 025 49219.82
Pharo Arbitrage
Fund Ltd. Ser. 1 958 - - 9 857 6169.20
Pharo Arbitrage
Fund Ltd. Ser. 2 190 - - 2 190 1370.93
Polygon Global
Opportunities
Fund 75 - - 10 075 100000.00
ZLP Offshore
Utility Cl. B 406 - - 4 252 10441.80
ZLP Offshore
Utility Cl. A - - ( 67) 729 1432.66
7 673 - ( 12 664) 121 309
Global
Macro
Funds
Bluecrest Capital
Internat. Ltd.,
Cl. F - - ( 508) - 0.00
Bluecrest Capital
Internat. Ltd.,
Cl. D - - ( 1 178) - 0.00
Capital Fund Ltd.,
Equalization - - - - 0.00
Capital
Fund Ltd. 298 - - 5 571 3533.38
Fountain Fund
Ltd., Cl. A - - ( 850) 10 778 10141.76
Fountain Fund
Ltd.,
Equalisation Cl.
A - - ( 348) 23 371634.53
Graham Global Inv.
Fund, FED Policy 227 - - 9 095 58072.01
Graham Global Inv.
Fund, K4 501 - - 4 501 26780.93
Rubicon Global
Fund, Ser. 1 2 114 - - 16 386 63281.52
Tudor BVI Global
F. Ltd. 1 443 - - 12 668 229.63
Long/Short Equity Funds 4 583 - ( 2 884) 59 022
Aries Select Ltd.,
Cl. A 1 514 - - 4 191 48741.41
Attractor
Fund - - - - 5171.72
Crabel Fund Ltd.,
Cl. C Ser. VI 53 - - 4 218 4200.00
Crabel Fund Ltd.,
Cl. C Ser. VII 49 - - 5 049 5000.00
Eureka USD
Fund Ltd. 118 - - 7 342 26276.62
Five Point Offsh.
F. Ltd., C6 - - - 44 443.58
Five Point Offsh.
F. Ltd., C10 - - ( 101) - 1010.67
Five Point Offsh.
F. Ltd., C12 - - - 51 504.93
Five Point Offsh.
F. Ltd., C14 - - ( 17) - 168.31
Five Point Offsh.
F. Ltd., C17 - - - 15 603.34
Five Point Offsh.
F. Ltd., C18 - - - 2 63.76
Five Point Offsh.
F. Ltd., C19 - - - 53 531.03
Five Point Offsh.
F. Ltd., C21 - - ( 13) - 131.54
Five Point Offsh.
F. Ltd., C22 - - - 15 145.58
Five Point Offsh.
F. Ltd., C23 - - ( 4) - 41.05
Five Point Offsh.
F. Ltd., C24 - - ( 20) - 197.77
Five Point Offsh.
F. Ltd., C25 - - - 6 61.80
Five Point Offsh.
F. Ltd., C26 - - - 58 576.40
Five Point Offsh.
F. Ltd., C27 - - - 4 35.57
Five Point Offsh.
F. Ltd., C28 - - ( 3) - 28.19
Five Point Offsh.
F. Ltd., C30 - - - 2 21.09
Five Point Offsh.
F. Ltd., A2 68 - - 4 024 33975.17
Genta
Inc. ( 92) ( 2 660) -200000.00
Lazard European
Opport., Cl. A
Ser. 13 163 ( 585) - - 0.00
Prism Offshore Fd.
Ltd., Cl. A Ser.
1 - - ( 522) 7 775 42221.37
Sprott Offshore
Fund Ltd., Cl A
Ser. 100 - - ( 132) 791 10000.00
Sprott Offshore
Fund Ltd., Cl A
Ser. 010 - - ( 728) 4 353 30816.87
Sprott Offshore
Fund Ltd., Cl A
Ser. 0203 - - ( 168) 832 10000.00
Standard Pacific
Cap Offshore, Cl.
B - - ( 330) - 0.00
Stanfield Offshore
Leveraged, Cl. A - - ( 5) 1 000 821.23
Symmetry Europe
Ltd., Cl. A Ser.
4 754 ( 754) - - 0.00
Verus Investment
Fund Ltd., Cl. A
Ser. 1 - - ( 1 394) 5 606 700.00
Verus Investment
Fund Ltd., Cl. A
Ser. 2 ( 391) 1 609 200.00
Viking Global
Equities Ltd., Cl
A Ser. 1E - ( 1 436) ( 34) - 0.00
Wellington Mgt.
Inv., Cl. A Ser.
14 - - - - 0.00
Wellington Mgt.
Inv., Cl. A Ser.
15 - - - - 0.00
Wellington Mgt.
Inv., Cl. A Ser.
1 2003 2 023 - - 12 132 312730.62
Wellington Mgt.
Inv., Cl. A Ser.
16 171 - - 1 171 100000.00
Wellington Mgt.
Inv., Cl. A Ser.
17 174 - - 1 179 100000.00
ZLP Offshore
Utility F. Cl. A
Ser. 1 2 148 - - 7 323 18126.71
ZLP Offshore
Utility F. Cl.
A11 115 - - 1 384 9594.34
ZLP Offshore
Utility F. Cl. C3 - - - 1 73.93
ZLP Offshore
Utility F. Cl. C4 - - - 2 73.92
ZLP Offshore
Utility F. Cl. C5 - - - 1 36.15
ZLP Offshore
Utility F. Cl. C6 - - - 1 26.09
ZLP Offshore
Utility F. Cl. C7 - - - - 15.42
ZLP Offshore
Utility F. Cl. C8 - - - - 32.39
ZLP Offshore
Utility F. Cl. C9 - - ( 11) - 110.90
7 350 ( 2 775) ( 3 965) 67 574
Private
Equity *
Cerberus Asia
Partners - - ( 438) 6 035 2340000.00
Infinity
Investors - - - - 679.16
Internet
Partnership Gr. - - - - 115.00
Kiwi II Venture,
common shares 1 078 ( 1 078) - - 0.00
MPM Bio
Ventures
II - - ( 816) 6 017 9000.00
Moore
Technology - - ( 42) 174 1109.53
Tudor
Venture II
Ltd. - - - 360 0.00
Venture Capital
accel. - - - 363 0.00
----------
1 078 ( 1 078) ( 1 296) 12 949
-------------------- ------------------- --------------------- ----------
Total 20 684 ( 3 854) ( 20 814) 260 854
==================== =================== ===================== ==========
*These investments may be regarded as long-term investments as they
have redemption restrictions of more than one year and are therefore
not readily marketable and not readily realisable.
------------------------------------------------------------------------------------------------------------------------
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
4. Bank loan
The group maintains various credit lines
with a
number of banks up to a total amount of
USD
70,000. Total used credit lines as at June
30, 2003
amounted to USD 62,600.
The group pledged its investment portfolio
amounting
to USD 260,854 as security under the terms
of these credit
agreements.
5. Share Capital
4,965,598 registered shares of nominal
value
94 371 of CHF 23
6. Net asset value per share
(excluding treasury shares)
218 164 Net assets
Number of shares outstanding (excluding
treasury
4 524 931 shares)
48.21 Net Asset Value per share
(excluding treasury shares)
7. Earnings/(Loss) per share
7 189 Net income for the period
Weighted average number of registered
shares
4 494 in issue (in thousands)
1.60 Basic earnings per share
Notes to the consolidated financial
statements as per June 30, 2003
(in thousands of US-Dollars)
8. Treasury shares
Durchschn.
Av. Price
Number Total costs in USD
Number of shares
held by the Company - -
--------- -----------
Number of shares held
by the subsidiary
as at December 31, 2002 530 667 16 443
Additions
April 10 000 402 40.23
Disposals
January ( 40 000) ( 1 531) 38.29
March ( 20 000) ( 766) 38.29
April ( 20 000) ( 766) 38.29
May ( 20 000) ( 766) 38.29
--------- -----------
As at June 30, 2003 440 667 13 016
Total held by
--------- -----------
the Group 440 667 13 016
========= ===========
The full English and German version is available under:
http://www.altin.ch/filedownload.lbl?uid=2225FCF3-7360-4FAF-A4CA-FF8CD8C0B8A2
Short Name: Altin AG
Category Code: MSC
Sequence Number: 00009031
Time of Receipt (offset from UTC): 20030829T090008+0100
--30--ZW/uk*
CONTACT: Altin AG
KEYWORD: UNITED KINGDOM SWITZERLAND INTERNATIONAL EUROPE
INDUSTRY KEYWORD: BANKING
SOURCE: Altin AG
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