Final Results
05 April 2007 - 3:02AM
UK Regulatory
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 2006. They do not recommend the payment
of a dividend.
2006 2005
US$ US$
Total net assets US$79,792,385 US$55,400,903
Net assets per Participating 52.45 36.42
Share
Total (deficit)/income per 16,036 (2.57)
Participating Share
Comment
The Fund's net asset value per share increased by 43.4 per cent to US dollars
52.45 per share in the year ended 31 December 2006. This growth rate can be
compared with the rise in the Kuala Lumpur Stock Exchange Index of 30.4 per
cent, expressed in US Dollars for the same period. At the interim stage, I
reported the Fund had increased by 13.4 per cent per share so there has been
significant growth in the second half. This momentum appears to be continuing
in the current year but it would be unwise to make any predictions for the
future.
Since inception, the fund has grown by 424.5 per cent to the end of December
against the KLSE Index of 37.1 per cent. An impressive figure. The results do
endorse the fund manager's strategy and stock selection in small increase to
medium sized companies based in Malaysia. The discount to the Fund's net asset
value of the company's share price has fluctuated during the year to between two
and eight per cent. It is currently at six per cent.
In my statement with the interim figures, I paid tribute to the outstanding
contribution Jeremy Paulson-Ellis made to the company during his long tenure as
a director and chairman when he stepped down at the annual general meeting.
Otherwise, I am pleased to report no changes to the board, which now has four
directors based outside the UK of which three are based in Malaysia.
By Order of the Board
GORDON YOUNG
Chairman
30th March, 2007
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
FINANCIAL HIGHLIGHTS
31 December 31 December
2006 2005
US$ US$
Total net assets 79,792,385 55,400,903
Realised gains/(losses) (695,991) 2,663,262
Unrealised gains/(losses) 24,869,843 (6,845,061)
Net exchange gains/(losses) 104,807 20,986
Income from dividends and 2,189,989 1,974,236
interest
Gross income/(deficit) 26,468,648 (2,186,577)
Expenses (1,528,515) (1,295,026)
(Deficit)/income before 24,940,133 (3,481,603)
taxation
Taxation (548,651) (431,358)
Total (deficit)/income 24,391,482 (3,912,961)
attributable to
Participating Shareholders
Total (deficit)/gain per 16,036 (2.57)
Participating Share
Net Assets per Participating 52.45 36.42
Share
STATEMENT OF CASH FLOWS
Investment income and 1,587,968 1,533,971
interest received
Expenses paid out of revenue (682,564) (487,010)
Purchase of investments (17,953,277) (12,436,338)
Sale of investments 14,185,253 13,636,914
Expenses paid out of capital (797,275) (545,836)
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
31 December 31 December
2006 2005
$ $
Net Cash Inflow (3,659,895) 1,701,701
from Operating Activities for
the Year
Exchange gain 104,807 20,986
Net liquid funds at the 4,313,118 2,590,431
beginning of the year
Net liquid funds at the year $758,030 $4,313,118
end
BALANCE SHEET
FIXED ASSETS
Investments at valuation 79,387,939 52,807,741
CURRENT ASSETS 1,211,078 4,392,525
CURRENT LIABILITIES (806,632) (1,799,363)
NET CURRENT ASSETS 404,446 2,593,162
NET ASSETS $79,792,385 $55,400,903
CAPITAL AND RESERVES
Called-up Share Capital 26,000 26,000
Share premium 13,736,332 13,736,332
Capital Reserve 56,105,027 32,781,191
Revenue Account 9,925,026 8,857,380
SHAREHOLDERS' FUNDS $79,792,385 $55,400,903
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