MAIL.L Regulatory News (MAIL)

28 Sep 2005 18:17

Man Alternative Investments Ld28 September 2005 Man Alternative Investments Limited Preliminary Announcement of Annual Results For the year ended 31 May 2005 This is the preliminary announcement of unaudited financial statements for theyear ended 31 May 2005. The directors expect that the audited report andaccounts will be dispatched to shareholders on, or about, 28 November. Consolidated income statement (Expressed in Pounds Sterling) Year ended Year ended 31 May 2005 31 May 2004 GBP GBPIncomeInterest income 10,206 7,102 --------------- ---------------ExpensesAudit fees 16,000 13,806Custodian and safekeeping fees 10,898 11,228Directors' fees and expenses 33,452 34,936Foreign currency exchange (gains)/ losses (199,031) 2,918,557Loan costs 202,050 42,862Management fees 340,558 350,872Miscellaneous expenses 44,887 91,489 --------------- --------------- 448,814 3,463,750 --------------- ---------------Income less expenses (438,608) (3,456,648) --------------- --------------- Net investment gains Net realised gains/(losses) on saleof investments in otherinvestment companies and limitedpartnerships - availablefor sale 1,090,747 (220,883)Change in unrealised gains onrevaluation of investmentsin other investment companies andlimited partnerships- available for sale (426,234) 1,624,557Net realised gains on hedge instrument 1,785,354 -Change in unrealised losses on hedge instrument (1,496,873) 191,805 --------------- --------------- 952,994 1,595,479 --------------- ---------------Net income/(loss) for the year 514,386 (1,861,169) =============== =============== Basic and diluted income/(loss) per ordinary share 1.56p (5.64p) =============== =============== No dividend has been declared for the year ended 31 May 2005 Consolidated statement of changes in equity For the year ended 31 May 2005 (Expressed in Pounds Sterling) Year ended Year ended 31 May 2005 31 May 2004 GBP GBP Balance at beginning of year 27,002,166 28,863,335 Net income/(loss) for the year 514,386 (1,861,169) ----------------- ---------------Balance at end of year 27,516,552 27,002,166 ================= =============== Consolidated balance sheet As at 31 May 2005 (Expressed in Pounds Sterling) 2005 2004 GBP GBPAssets Non-current assetsInvestments in other investmentcompanies and limited partnerships at fair value - available for sale 33,451,369 30,944,436Unrealised (loss)/gain on hedge instrument (1,305,068) 191,805 ----------------- ----------------- 32,146,301 31,136,241Current assetsCash and cash equivalents 369,160 81,377Debtors 1,155,588 1,113,179 ----------------- ----------------- 1,524,748 1,194,556 ----------------- -----------------Current liabilities (6,154,497) (5,328,631) ----------------- -----------------Net assets 27,516,552 27,002,166 ================= =================Which are represented by: Shareholders' equity Called up share capital 33,000 33,000Share premium 581,496 581,496Capital reserve 32,000,000 32,000,000Accumulated losses (5,097,944) (5,612,330) ----------------- -----------------Total shareholders' equity 27,516,552 27,002,166 ================= ================= Net asset value per ordinary share 83.38p 81.82p Number of ordinary shares 33,000,000 33,000,000 Consolidated statement of cash flows For the year ended 31 May 2005 (Expressed in Pounds Sterling) Year ended Year ended 31 May 2005 31 May 2004 GBP GBPCash flows from operating activities Interest income received 8,220 8,729Operating expenses (437,741) (494,457) ------------- ---------------Net cash used in operating activities a (429,521) (485,728) ------------- ---------------Cash flows from investing activitiesPurchases of investments in otherinvestment companies and limited partnerships (16,107,403) (10,255,550)Sales of investments in other investmentcompanies and limited partnerships 14,411,262 6,615,190Foreign exchange hedge 1,785,354 59,994 --------------- ---------------Net cash provided by/(used in) investing activities 89,213 (3,580,366) --------------- ---------------Cash flows from financing activitiesIncrease in loan from Man Investments AG 820,168 2,721,779Loan facility fees (13,492) (14,683)Interest expense paid (178,585) (24,245) --------------- ---------------Net cash provided by financing activities 628,091 2,682,851 --------------- ---------------Increase/(decrease) in cash and cash equivalents b 287,783 (1,383,243) =============== =============== Notes a.Reconciliation of net cash used in operating activities Income less expenses (438,608) (3,456,648) Add back: Foreign currency exchange (gains)/losses (199,031) 2,918,557 Add back: Loan facility fees 13,492 14,683 Add back: Interest expense paid 178,585 24,245 Decrease in prepayments and sundry debtors 10,343 1,260 Increase in accruals 5,698 12,175 --------------- --------------- (429,521) (485,728) =============== =============== b.Analysis of changes in cash and cash equivalents Cash at beginning of year 81,377 1,464,620 Increase/(decrease) in cash and cash equivalents 287,783 (1,383,243) --------------- --------------- Cash and cash equivalents at end of year 369,160 81,377 =============== =============== Chairman's Statement I am pleased to report on our fourth year of trading. The poor performance seen in hedge funds generally during the first half of 2004came to an end at about the same time as the currency hedge started to impact onthe fund performance. Six months of modest increases in value came to an abruptend in April 2005 when concerns over decelerating growth in China and high oilprices caused declines in stock markets worldwide. The effect of the declines inMarch and April was that the increase in NAV for the year was pared back to 1.9%overall. The improved performance helped to reduce the discount and it has beenpleasing to see this fall from more than 11% in December to just over 7% at theend of the period. The portfolio has changed its strategy split considerably during the year asGlenwood's continued active management has made itself felt. This, coupled withthe reduced volatility and the continued reduction in the discount leads me tobe cautiously optimistic for the future performance of the fund. Once again, as required under the Articles of Association of the Company, thebusiness to be proposed at the Annual General Meeting includesa resolution proposing the continuation of the Company. The Board isrecommending to shareholders that they vote in favour of continuation at theMeeting. The Board joins me in thanking our shareholders for their support over this lastyear and we look forward to the future with enthusiasm. Sir Brian RichardsChairman This information is provided by RNS The company news service from the London Stock Exchange