Interim Results
Hansa Trust PLC
29 November 2002
HANSA TRUST PLC
Announcement of Interim Results for
six months ended 30 September 2002
Hansa Trust PLC today announces its interim results for six months ended 30
September 2002.
Financial Highlights
(Unaudited) (Audited)
Six months ended Year ended
30 September 31 March
2002 2002
£'000 £'000
Total income 1,591 2,584
Return on ordinary activities before taxation 898 1,144
Net asset value per Ordinary share 288.2p 371.5p
Net asset value per 'A' Ordinary share 288.2p 371.5p
Capital return per share (85.2)p (42.4)p
Revenue return per share 3.7p 4.9p
Dividend per Ordinary and 'A' Ordinary share 1.8p 5.0p
The following are attached:
• Chairman's Statement
• Consolidated Statement of Total Return
• Consolidated Balance Sheet
• Consolidated Cash Flow Statement
• Notes to the interim accounts
For further information please contact:
Peter Gardner Hansa Capital Limited 020 7647 5750
David Haggie Haggie Financial Limited 020 7417 8989
HANSA TRUST PLC
CHAIRMAN'S STATEMENT
PERFORMANCE
During the six months to 30 September 2002, the net asset value per share fell
by 22.4% from 371.5p to 288.2p, compared to a fall of 29.6% for the Company's
benchmark, the FTSE All share Index.
The comparative figures for the medium and long term are as follows: over one
year the Company's net asset value per share fell by 14.9% compared to a fall of
23.0%, over three years the Company's net asset value per share fell by 10.0%
compared to a fall of 36.3%, over five years the Company's net asset value per
share rose by 2.8% compared to a fall of 26.6% and over ten years the Company's
net asset value per share rose by 183.6% compared to a rise of 49.4%.
At 30 September 2002 the discount on the Ordinary shares was 15.8% (17.2% as at
28 March 2002) and on the 'A' shares was 16.7% (17.9% as at 28 March 2002).
RESULTS AND DIVIDENDS
The revenue return for the period on ordinary activities after taxation amounted
to £898,000, of which £432,000 will be distributed to shareholders by way of an
interim dividend, and £466,000 will be transferred to reserves. The loss on the
capital account amounted to 85.2p per share.
The Board has declared an interim dividend of 1.8p per share, payable on 23
December 2002 to both the Ordinary and 'A' Ordinary shareholders on the register
of members on 13 December 2002.
OUTLOOK
I am pleased to announce that Mr Alex Hammond-Chambers has joined the Board. He
is a well-known and respected figure in the fund management industry and the
Company will undoubtly benefit from his extensive knowledge and experience of
financial markets.
I would like to take this opportunity to share some of our thoughts on the
Company's performance benchmark. We are very conscious of recent returns to
shareholders and have been reflecting on the appropriateness of our benchmark,
the FTSE All Share Index. There is little consolation in outperforming a falling
index if it entails losing capital. In the more sober markets that we now find
ourselves we believe setting a benchmark that reflects a positive absolute
return on investment is more appropriate and is more aligned with shareholders
interests. We hope to share the conclusions of our deliberations with you soon.
Finally, we are working closely with our advisers to ensure that the investment
strategy remains appropriate for delivering value to shareholders.
Jamie Borwick
Chairman
29 November 2002
HANSA TRUST PLC
CONSOLIDATED STATEMENT OF TOTAL RETURNS
Incorporating the revenue account for the six months ended 30 September 2002
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 2002 30 September 2001 31 March 2002
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£000 £000 £000 £000 £000 £000 £000 £000 £000
Losses on - (20,449) (20,449) - (18,793) (18,793) - (10,141) (10,141)
investments
Exchange - - - - (27) (27) - (29) (29)
(losses)/gains
on currency
balances
Income 1,591 - 1,591 1,896 - 1,896 2,584 - 2,584
Investment (300) - (300) (341) - (341) (641) - (641)
management
fees
Other expenses (220) - (220) (220) - (220) (484) - (484)
Net 1,071 (20,449) (19,378) 1,335 (18,820) (17,485) 1,459 (10,170) (8,711)
return/(loss)
before finance
costs and
taxation
Interest (173) - (173) (156) - (156) (315) - (315)
payable and
similar
charges
Return/(loss) 898 (20,449) (19,551) 1,179 (18,820) (17,641) 1,144 (10,170) (9,026)
on ordinary
activities
before
taxation
Taxation - - - - - - 23 - 23
charge on
ordinary
activities
Return/(loss) 898 (20,449) (19,551) 1,179 (18,820) (17,641) 1,167 (10,170) (9,003)
on ordinary
activities
after taxation
Dividend on (432) - (432) (432) - (432) (1,165) - (1,165)
Ordinary and
'A' Ordinary
shares
(equity)
Transfer 466 (20,449) (19,983) 747 (18,820) (18,073) 2 (10,170) (10,168)
to/(from)
reserves
Return/(deficit) 3.7p (85.2)p (81.5)p 4.9p (78.4)p (73.5)p 4.9p (42.4)p (37.5)p
per Ordinary
share
HANSA TRUST PLC
CONSOLIDATED BALANCE SHEET
(Unaudited) (Unaudited) (Audited)
30 September 30 September 31 March
2002 2001 2002
£000 £000 £000
Fixed assets - investments 76,648 91,541 89,345
Current assets
Debtors 919 407 231
Investments 175 430 43
Cash at bank 113 942 488
1,207 1,779 762
Creditors
Amounts falling due within one year (8,681) (12,068) (950)
Net current liabilities (7,474) (10,289) (188)
Net Assets 69,174 81,252 89,157
Capital and reserves
Called up share capital 1,200 1,200 1,200
Capital reserve - realised 82,474 83,702 81,800
Capital reserve - unrealised (16,749) (6,178) 4,374
Revenue reserve 2,249 2,528 1,783
Total shareholders' funds 69,174 81,252 89,157
Net asset value per Ordinary and 'A'
Ordinary shares 288.2p 338.6p 371.5p
HANSA TRUST PLC
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 September
(Unaudited) (Unaudited) (Audited)
Six months ended Six months ended Year ended
30 September 30 September 31 March
2002 2001 2002
£000 £000 £000
Net cash inflow from operating activities 963 1,472 2,055
Service of finance
Interest paid (168) (163) (325)
Net cash outflow from servicing of finance (168) (163) (325)
Taxation
Taxation recovered 23 - 71
Financial investments
Purchase of investments (31,892) (36,945) (72,459)
Sales of investments 23,517 31,595 76,625
Net cash inflow/(outflow)) from financial (8,375) (5,350) 4,166
investment
Equity dividends paid (768) (768) (1,165)
Financing
Loans/(repayments) 7,950 - (5,500)
Decrease in cash (375) (4,809) (698)
NOTES TO THE INTERIM ACCOUNTS
1. Return per Ordinary and 'A' Ordinary Share
Revenue return per share is calculated by dividing the net revenue
available for shareholders of £898,000, (six months ended 30 September
2001: £1,179,000, year ended 31 March 2002: £1,167,000) by the 24,000,000
shares in issue.
Capital loss per share is calculated by dividing the net capital loss
available for shareholders of £20,449,000 (six months ended 30 September
2001: £18,820,000, year ended 31 March 2002: £10,170,000) by the 24,000,000
shares in issue.
2. Comparative information
The figures and the financial information for the year ended 31 March 2002
are an extract from the latest published accounts and do not constitute
statutory accounts for that year as defined by Section 240 of the Companies
Act 1985. Those accounts have been delivered to the Registrar of Companies
and include a report of the Auditors, which was unqualified and did not
contain a statement under either Section 237(2) or 237(3) of the Companies
Act 1985.
3. All revenue and capital items in the above statement derive from continuing
operations
4. The Interim Report has been prepared using accounting policies that are
consistent with those adopted in the statutory accounts for the year ended
31 March 2002.
Hansa Capital Limited - Company Secretary
29 November 2002
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