Final Results
April 29 2005 - 8:34AM
UK Regulatory
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT
The Directors of Genesis Malaysia Maju Fund Limited announce results for the
year ended 31 December 2004 as follows:
2004 2003
US$ US$
Total net assets US$59,313,864 US$57,647,665
Net assets per Participating Share 38.99 37.89
Total return per Participating Share 1.09 9.99
Comment
The Funds Net Asset Value per share rose 2.9% in US dollars in 2004. This
performance was below the 14.3% increase in the Kuala Lumpur Composite Index in
the same period, and continued a trend that was perceptible in the first half of
the year that favoured large capitalisation stocks over smaller ones. We believe
this to be a temporary phenomenon and that the investment appeal of the smaller
companies in Malaysia remains undiminished.
The environment continues to be very supportive of private companies, whatever
their size. The economy has been powered by two engines, namely exports and
domestic demand, resulting in a rate of economic growth in 2004 that is likely
to exceed 7%. The main drivers in the domestic economy are nicely balanced
between continued consumer spending (particularly on real assets such as cars
and property) and investment, as suggested by indicators such as capital goods
imports and growth in loans to businesses.
Corporate results released so far for 2004 are in line or better than expected,
and 2005 promises to be another strong year, boosted in particular by the oil
and gas sector, demand for residential property and consumer spending. Corporate
activity is also starting to make itself felt, so far largely in the form of
restructuring, the buyout of minority interests and insider purchases. In other
words, we are not alone in finding the investment opportunities attractive.
By Order of the Board
GORDON YOUNG
Chairman
28 April, 2005
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
FINANCIAL HIGHLIGHTS
31 December 2004 31 December 2003
US$ US$
Total net assets 59,313,864 57,647,665
Dividends and bond interest 2,045,168 1,856,206
Deposit interest 1,057 73
Gross income 2,046,225 1,856,279
Revenue return for the year 1,145,775 890,334
Capital return for the year 520,424 14,302,876
Net assets per Participating Share 38.99 37.89
Total return per Participating Share 1.09 9.99
STATEMENT OF CASH FLOWS
Investment income and interest received 1,653,223 1,345,602
Expenses paid out of revenue (459,832) (415,652)
Purchase of investments (16,509,699) (31,386,615)
Sale of investments 17,451,445 30,867,055
Expenses paid out of capital (710,514) (585,029)
Net Cash (Outflow) Inflow
from Operating Activities for the Year 1,424,623 (174,639)
Exchange losses (4,483) (2,400)
Net liquid funds at the beginning of the year 1,170,291 1,347,330
Net liquid funds at the year end $2,590,431 $1,170,291
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
BALANCE SHEET
31 December 31 December
2004 2003
US$ US$
FIXED ASSETS
Investments at valuation 57,304,633 56,921,744
CURRENT ASSETS 2,660,963 1,581,334
CURRENT LIABILITIES (651,732) (855,413)
NET CURRENT ASSETS 2,009,231 725,921
NET ASSETS 59,313,864 57,647,665
__________ __________
CAPITAL AND RESERVES
Called-up Share Capital 26,000 26,000
Share premium 13,736,332 13,736,332
Capital Reserve 37,752,152 37,231,728
Revenue Account 7,799,380 6,653,605
SHAREHOLDERS' FUNDS 59,313,864 57,647,665
__________ __________
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