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Hansa Trust PLC (HAN)

  Print      Mail a friend       Annual reports

Thursday 19 November, 2009

Hansa Trust PLC

Half Yearly Report

RNS Number : 8086C
Hansa Trust PLC
19 November 2009
 

HANSA TRUST PLC


Announcement of Half-Yearly Results

for the six months ended 30 September 2009


Hansa Trust PLC announces its Half-Yearly Results for the six months ended 30 September 2009.


Financial Highlights

Six months ended

30 September 2009

(unaudited)


Year ended

31 March 2009

(audited)




Net Asset Value - Total Return

40.1%

(30.2%)

Performance Benchmark

3.2%

6.7%

Capital return per equity share

236.3p

(294.8p)

Revenue return per equity share

14.8p

18.3p

Net asset value per equity share

871.6p

635.0p

Dividend per equity share

3.5p

18.0p




Total income (£000's)

4,491

6,479

Revenue before taxation (£000's)

3,562

4,474





An interim dividend of 3.5p per share (amounting to £840,000) is to be paid.


Ex-dividend date: 2 December 2009

Record date: 4 December 2009

Payment date: 18 December 2009


The following are attached:

  • Chairman's Statement

  • Condensed Group Income Statement

  • Condensed Statement of Changes in Equity

  • Condensed Group Balance Sheet

  • Condensed Group Cash Flow Statement

  • Notes

For further information please contact:


Peter Gardner        Hansa Capital Partners LLP        020 7647 5750



CHAIRMAN'S STATEMENT


THE FINANCIAL CRISIS


After the quite remarkable recovery in stock markets all over the world during the first half of our own year to 31 March 2010 - ranging all the way from Hungary which more than doubled in value (+106%) through to Brazil (+74%) and the UK (+33%) down to China (+5%) - it would be quite reasonable for the man from Mars to ask "what crisis?". Given the huge quantities of money thrown at the global economy by the world's central banks and the rescue of much of the world's banking system by tax payers, it should not have been - with the benefit of hindsight - surprising that what has happened, would happen. The money flows at first into the stock markets and thereafter into the various economies, so at the very least they have stopped receding. The issue that we have to question is whether or not it is sustainable and that John Alexander, our portfolio manager, addresses in his report which follows this brief statement.


THE HALF YEAR RESULTS


NAV:                      Ord sh:   871.6p                     “A” ord sh:           871.6p
Share Price            Ord sh:   755.0p                     “A” ord sh:           748.0p
Discount:               Ord sh:    13.4%                   “A” ord sh:            14.2%

                

The recovery referred to above has been reflected in the performance of our own net asset value, rising as it did from 635.0p per share to 871.6p per share - an increase of 37.3%. It should be remembered that these figures are struck after the payment of a 14.5p dividend, so that the total return was a rather greater 39.5%. The big driver behind it was, once again, our holding in Ocean Wilsons Holdings (its share price rose 53%); it made the largest contribution to the recovery in our net asset value, adding 114p of the 251.1p increase.  Brazil is very much in vogue amongst international investors and quite rightly so it would seem. The Brazilian economic barometer would seem to be set "fair".


However, the rest of the portfolio played its part in the increase in the net asset value rising by 137.1p per share. After accounting for the payment of the dividend, that increase amounted to circa 32%. A good number of our holdings made significant contributions to the improvement, led by Hargreaves Services (+14.2p), HSBC (+12.2p) and Cape (+11.6p).


It is pleasing to be able to report that the prices of the two classes of shares (the ordinary and the "A" ordinary) did even better rising by 48.0% and 52.7% over the six months with the result that the discounts narrowed from the very high levels at the end of March 19.7% & 22.8% respectively, down to a little more respectable 13.4% and 14.2%.


These improvements can be set against our benchmark (based on the return of a 5 year government bond) which returned 3.2% and also against the FTSE All-share Index (a proxy for the British stock market) of 32.8% and can, we believe, be regarded as reasonable in the circumstances.


DIVIDEND


Our revenue account produced a net income (for the purposes of paying dividends) of £3.6 million. Most of our income tends to be earned in the first half of the year so the final dividend, payable next August, will depend on what is earned in the balance of this financial year. The Board has declared an interim dividend of 3.5p per share.


PROSPECTS


As he always does, John has presented a good review in the investment manager's report of the outlook and there is not much more that we the Directors, through this Chairman's Statement, can add to it. I would add a note of caution to his comments with the concern that I - and many others have - being encapsulated in the question: how can the most severe financial crisis in circa 80 years be over in just six months? And yet, judging by the stock market euphoria of the last few months, it seems that much of the City is of that view. Opinions are rather more sharply divided on the outlook than they have been for many years - with the bulls saying that the pump priming has done the trick, we are back to the good old days (if from a lower base) and the bears saying that the fundamental causes of the crisis - living beyond our means (collectively), incompetent government, poor corporate governance and insatiable greed - are still largely intact and that another bubble/bust is in the offing down the line. You can take your pick but I think it fair to say that we are in uncharted waters. 


The final paragraph in John's report quite rightly concentrates on what has been going on in the corporate world. It is that which is important to both investors generally and to Hansa Trust's shareholders in particularHe reiterates comments made in previous reports about the strong getting stronger and about the excellent manner in which so many companies have cut costs to ensure survival in these difficult times. As is so often the case, the external environment is only half the issue; what we make of it is the other half. Our ability to identify and back those high quality companies with the characteristics he refers to, is what will earn us excellent returns over the longer term. We have done so in the past and we expect to do so in the future.


Alex Hammond-Chambers

Chairman

19 November 2009




CONDENSED GROUP INCOME STATEMENT

for the six months ended 30 September 2009




(Unaudited)

Six months ended

30 September 2009


(Unaudited )

Six months ended

30 September 2008

(Audited)

Year ended

31 March 2009


Revenue

Capital

Total

Revenue

Capital

Total

Revenue

Capital

Total


£000

£000

£000

£000

£000

£000

£000

£000

£000











Gain/(loss) on investments

(Loss)/gain on derivative

-

57,011

(304)

57,011

(304)

-

-

(28,475)

977

(28,475)

977

-

-

(72,631)

1,891

(72,631)

1,891

Currency exchange gains

-

-

-

-

1

1

-

1

1

Investment income (see note 2)

4,491

-

4,491

5,115

-

5,115

6,479

-

6,479












4,491

56,707

61,198

5,115

(27,497)

(22,382)

6,479

(70,739)

(64,260)











Investment management fees

(614)

-

(614)

(730)

-

(730)

(1,276)

-

(1,276)

Other operating expenses

(315)

-

(315)

(358)

-

(358)

(616)

-

(616)












(929)

-

(929)

(1,088)

-

(1,088)

(1,892)

-

(1,892)











Profit/(loss) before finance costs and taxation


3,562


56,707


60,269


4,027


(27,497)


(23,470)


4,587


(70,739)


(66,152)

Finance costs

-

-

-

(113)

-

(113)

(113)

-

(113)











Profit/(loss) before taxation

3,562

56,707

60,269

3,914

(27,497)

(23,583)

4,474

(70,739)

(66,265)











Taxation

(4)

-

(4)

(84)

-

(84)

(87)

-

(87)











Profit/(loss) for the period

3,558

56,707

60,265

3,830

(27,497)

(23,667)

4,387

(70,739)

(66,352)





















Return per Ordinary and 'A' non-voting Ordinary share (see note 3)


14.8p


236.3p



251.1p


16.0p


(114.6p)


(98.6p) 


18.3p


(294.8p)


(276.5p)












The Company does not have any income or expense that is not included in the profit for the year. Accordingly the "Profit for the year" is also the "Total comprehensive income for the year", as defined in IAS 1 (revised) and no separate Statement of Comprehensive Income has been presented.


All of the profit and total comprehensive income for the year is attributable to the owners of the Company.


The total column of the statement is the Income Statement of the Company prepared in accordance with IFRS. The supplementary revenue and capital columns are presented for information purposes as recommended by the Statement of Recommended Practice issued by the Association of Investment Companies.


The Statement above is regarded as being in a condensed form due to the fact that fewer explanatory notes are available than would be the case in the Annual Report.

  CONDENSED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 September 2009

(Unaudited)




Share 

Capital


Capital 

redemption

 reserve



Retained

Earnings




Total


£ 000


£ 000


£ 000


£ 000









Net assets at 1 April 2009

1,200


300


150,906


152,406

Profit for the period

-


-


60,265


60,265

Dividends paid

-


-


(3,480)


(3,480)









Balance at 30 September 2009

1,200


300


207,691


209,191




CONDENSED STATEMENT OF CHANGES IN EQUITY

for the six months ended 30 September 2008

(Unaudited)




Share 

Capital


Capital

redemption 

reserve



Retained

Earnings




Total


£ 000


£ 000


£ 000


£ 000









Net assets at 1 April 2008

1,200


300


220,378


221,878

Loss for the period

-


-


(23,667)


(23,667)

Dividends paid

-


-


(2,280)


(2,280)









Balance at 30 September 2008

1,200


300


194,431


195,931




CONDENSED STATEMENT OF CHANGES IN EQUITY

for the year ended 31 March 2009

(Audited)




Share

 Capital


Capital

redemption

 reserve



Retained

Earnings




Total


£ 000


£ 000


£ 000


£ 000









Net assets at 1 April 2008

1,200


300


220,378


221,878

Loss for the year

-


-


(66,352)


(66,352)

Dividends paid

-


-


(3,120)


(3,120)









Balance at 31 March 2009

1,200


300


150,906


152,406



The Statements above are regarded as being in a condensed form due to the fact that fewer explanatory notes are available than would be the case in the Annual Report.



CONDENSED GROUP BALANCE SHEET

as at 30 September 2009




(Unaudited)

30 September

2009



(Unaudited ) 

30 September

2008



(Audited )

31 March

2009


£000


£000


£000

Non - current investments






Investments held at fair value through profit and loss

204,706


180,169


139,027







Current Assets






Trade and other receivables

713


2,323


1,150

Cash and cash equivalents

4,128


13,736


12,452


4,841


16,059


13,602







Current Liabilities






Trade and other payables falling due within one year

(356)


(297)


(223)







Net current assets/(liabilities)

4,485


15,762


13,379







Net assets

209,191


195,931


152,406







Equity






Called up share capital

1,200


1,200


1,200

Capital redemption reserve

300


300


300

Retained earnings

207,691


194,431


150,906







Total equity shareholders' funds

209,191


195,931


152,406








Net asset value per Ordinary and

'A' non-voting Ordinary share (see note 5)


871.6p



816.4p



635.0p



The Statement above is regarded as being in a condensed form due to the fact that fewer explanatory notes are available than would be the case in the Annual Report.




CONDENSED GROUP CASH FLOW STATEMENT

For the six months ended 30 September 2009




(Unaudited)


(Unaudited)


(Audited)



Six months ended

30 September  


Six months ended 

30 September


Year ended

31 March 



2009 


2008 


2009 



£000


£000


£000









Profit/(loss) before finance costs and taxation

60,269


(23,470)


(66,152)


Adjustments for:







Realised gain/(loss) on investments

179


(13,181)


(13,181)


Unrealised (gain)/loss on investments

(57,190)


41,656


85,812


Effect of foreign exchange rate changes

-


(1)


(1)


Decrease in trade and other receivables

437


75


1,248


Increase/(decrease) in trade and other payables

133


(40)


(114)


Taxes paid

(4)


(84)


(87)


Purchase of non-current investments 

(8,668)


(3,960)


(6,974)


Sale of non-current investments

-


30,682


30,682









Net cash (outflow)/inflow from operating activities

(4,844)


31,677


31,233









Cash flows from financing activities







Interest paid on bank loans

-


(113)


(113)


Dividends paid

(3,480)


(2,280)


(3,120)


Repayment of loans

-


(15,800)


(15,800)









Net cash (outflow)/inflow from financing activities

(3,480)


(18,193)


(19,033)
















(Decrease)/increase in cash and cash equivalents

(8,324)


13,484


12,200


Cash and cash equivalent at 1 April

12,452


251


251


Effect of foreign exchange rate changes

-


1


1









Cash and cash equivalents at end of period

4,128


13,736


12,452










The Statement above is regarded as being in a condensed form due to the fact that no explanatory notes are available as would be the case in the Annual Report.




Notes:

 

    1.  This Announcement is not the Company's Half-Yearly accounts. It is an abridged version of the Company's full Half-Yearly accounts for the six 
         months
 ended 30 September 2009, which have not yet been approved or distributed to shareholders.

 

    2.  The full Half-Yearly accounts for the six months ended 30 September 2009 have been prepared in accordance with International Financial Reporting 
         Standards ("IFRS") and using the same accounting policies as those in the last published annual accounts, being those to 31 March 200
9.

 

    3   Statutory accounts for the 12 months ended 31 March 2009 have been delivered to the Registrar of Companies and received an audit report which was 
         unqualified,
 did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain statements 
         under Section 237 (2) and (3) of the Companies Act 1985.


Hansa Capital Partners LLP - Company Secretary

19 November 2009


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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