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 2005. They do not recommend the payment of a dividend.
2005 2004
US$ US$
Total net assets US$55,400,903 US$59,313,864
Net assets per Participating Share 36.42 38.99
Total deficit)/income per Participating (2.57) 1.09
Share
Comment
In the twelve months to 31st December, 2005, the Funds Net Asset Value per share in US dollars fell 6.2% to $36.59
as calculated using mid market valuations. Over the same period, the Kuala Lumpur Stock Exchange Index expressed in US
dollars fell 0.3%. The reasons for this are much the same as six months ago when I last reported to Shareholders, and
have resulted from a further de-rating of smaller capitalisation stocks compared with their larger counterparts.
Malaysias economy grew steadily in 2005, expanding 5.3%. This is not a bad outcome during a time of slight fiscal
contraction, although it may feel unsatisfactory to Malaysians compared with the 7.1% rate of growth in 2004. In 2005
(and indeed for the last five years)the consumer has been generating much
of the impetus behind the expansion, helped more recently by growth in electronics exports and the price of oil.
Employment and interest rates (overnight policy rate) are steady and in low single digits.
Recent portfolio activity has tended to increase the proportion of smaller companies in the Fund. This is where the
better value is to be found, and it is also where growth is stronger. Largely beneath the radar of most outsiders, it is
noticeable that a number of Malaysian companies are buying back shares, and a
number are involved in mergers, so we are not alone in perceiving value among certain share prices. It is interesting in
this context that one of the Funds holdings, Southern Bank, has recently been the subject of the first aggressive
takeover bid that your Manager has seen in Malaysia.
By Order of the Board
GORDON YOUNG
Chairman
22nd March, 2005
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
FINANCIAL HIGHLIGHTS
31 December 31 December
2005 2004
US$ US$
Total net assets 55,400,903 59,313,864
Realised gains 2,663,262 2,925,098
Unrealised losses (6,845,061) (1,682,791)
Net exchange gains/(losses) 20,986 (4,483)
Income from dividends and interest 1,974,236 2,046,225
Gross (deficit)/ income (2,186,577) 3,284,049
Expenses (1,295,026) (1,180,944)
(Deficit)/income before taxation (3,481,603) 2,103,105
Taxation (431,358) (436,906)
Total(deficit)/income attributable to
Participating Shareholders (3,912,961) (1,666,199)
__________________________
Total(deficit)/gain per Participating Share (2.57) 1.09
Net Assets per Participating Share 36.42 38.99
STATEMENT OF CASH FLOWS
Investment income and interest received 1,533,971 1,653,223
Expenses paid out of revenue (487,010) (459,832)
Purchase of investments (12,436,338) (16,509,699)
Sale of investments 13,636,914 17,451,445
Expenses paid out of capital (545,836) (710,514)
GENESIS MALAYSIA MAJU FUND LIMITED
PRELIMINARY ANNOUNCEMENT (continued)
31 December 31 December
2005 2004
US$ US$
Net Cash Inflow from Operating
Activities for the Year 1,701,701 1,424,623
Exchange gain/(losses) 20,986 (4,483)
Net liquid funds at the
beginning of the year 2,590,431 1,170,291
Net liquid funds at the year end $4,313,118 $2,590,431
BALANCE SHEET
FIXED ASSETS
Investments at valuation 52,807,741 57,304,633
CURRENT ASSETS 4,392,525 2,660,963
CURRENT LIABILITIES (1,799,363) (651,732)
NET CURRENT ASSETS 2,593,162 2,009,231
NET ASSETS $55,400,903 $59,313,864
=========== ===========
CAPITAL AND RESERVES
Called-up Share Capital 26,000 26,000
Share premium 13,736,332 13,736,332
Capital Reserve 32,781,191 37,752,152
Revenue Account 8,857,380 7,799,380
SHAREHOLDERS' FUNDS $55,400,903 $59,313,864
=========== ===========
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