Interim Results

Henderson Eurotrust PLC 03 March 2004 2 March 2004 HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Henderson EuroTrust plc announces unaudited interim results for the half year ended 31 January 2004. Financial Highlights (Unaudited) (Unaudited) (Audited) Half year Half year Year Ended ended ended 31 January 31 January 31 July 2004 2003 2003 in pence in pence in pence Net asset value per ordinary share 299.67 214.49 267.75 Dividends per ordinary share 1.50 1.00 2.50 Special dividend per ordinary share - - 0.50 (Loss)/earnings per ordinary share (0.27) 0.34 3.72 Dividend An interim dividend of 1.50p (2003: 1.00p) per ordinary share has been declared payable on 31 March 2004 to shareholders on the register of the Company on 27 February 2004. The Company's shares were quoted ex-dividend on 25 February 2004. - MORE - - 2 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Chairman's Statement The positive trends seen at the end of our financial year, July 2003, continued unabated over the subsequent six months. While the US economy has continued to grow at a fast pace, in response to the massive fiscal and monetary stimulus which it has received, even the European economies are also showing signs of life. Markets have made further progress over this period, and the net asset value of the Company has risen in value by more than the index. The performance of the Company, including the dividend (also known as Total Return) has been 13.7% compared with the advance in the index on the same basis of 10.8%. Since the dark and turbulent days of a year ago, the Company has recorded a total net asset value return of 42.1%, compared with the comparable 37.1% rise in the index. The good performance has been achieved by strong gains in some of our larger positions, such as Puma, A P Moller-Maersk, Deutsche Post and Nobel Biocare. Some areas of the market such as Telecom equipment, where we have no exposure, have risen by large amounts, and it is encouraging to have beaten the index without having to run the risk of involvement in some of the less predictable recovery situations. Gross Revenue in the six months to the end of January amounted to £105,000, sharply down compared with a year earlier (£284,000) due to the extraordinary boost to the revenue account from the high cash position held during the first half of the previous year. Dividend income was also lower than a year ago, but the majority of our dividend income falls in the second half of our year. After expenses and taxation, the net loss was £71,000 compared with a net profit of £87,000 in the comparable period last year. Shareholders will notice that the interim dividend has been increased to 1.50p and is thereby the same as our final dividend. This year only, the interim dividend will be paid to shareholders slightly earlier than in previous years, which is designed to help Charities and PEP/ISA holders. - MORE - - 3 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Chairman's Statement (continued) Outlook The concerns and risks, which we highlighted in the last Annual Report, remain relevant today. On the positive side, economic and earnings growth in general are ahead of earlier expectations and the valuation of European markets is still relatively attractive. However, some areas of the market are still being driven to exalted levels by 'momentum' investors, relying on earnings forecasts three to four years hence. Given the danger that these estimates prove too optimistic and momentum turns negative, we continue to favour the combination referred to in the Annual Report of selected recovery situations and reliable, consistent growth companies. S M Yassukovich Chairman - MORE - - 4 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Statement of Total Return (incorporating the revenue account) for the half year ended 31 January 2004 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 January 2004 31 January 2003 31 July 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total capital - 8,954 8,954 - (3,918) (3,918) - 9,497 9,497 gains/(losses) on investments Income from fixed 90 - 90 122 - 122 1,356 - 1,356 asset investments Other interest 15 - 15 162 - 162 225 - 225 receivable and similar income Gross revenue and 105 8,954 9,059 284 (3,918) (3,634) 1,581 9,497 11,07 capital 8 gains/(losses) Management and (61) (305) (366) (106) (133) (239) (135) (358) (493) performance fees Other (115) - (115) (66) (59) (125) (209) (37) (246) administrative expenses Net (loss)/return (71) 8,649 8,578 on ordinary 112 (4,110) (3,998) 1,237 9,102 10,33 activities before 9 interest payable and taxation Interest payable - (1) (1) - - - - - - Net (loss)/return (71) 8,648 8,577 112 (4,110) (3,998) 1,237 9,102 10,33 on ordinary 9 activities before taxation Taxation on net - - - (25) 14 (11) (283) 119 (164) (loss)/return on ordinary activities Net (loss)/return (71) 8,648 8,577 87 (4,096) (4,009) 954 9,221 10,17 on ordinary 5 activities after taxation Capital gains - - - - (368) (368) - (368) (368) attributable to zero dividend preference shares Net (loss)/return (71) 8,648 8,577 87 (4,464) (4,377) 954 8,853 9,807 attributable to ordinary shareholders Dividends - ordinary shares: Interim of 1.50p (385) - (385) (257) - (257) (257) - (257) (2003: 1.00p) Final of 1.50p - - - - - - (385) - (385) Special of 0.50p - - - - - - (128) - (128) (385) - (385) (257) - (257) (770) - (770) Transfer (from)/to (456) 8,648 8,192 (170) (4,464) (4,634) 184 8,853 9,037 reserves Return/(loss) per: zero dividend - - - - 2.09p 2.09p - 2.09p 2.09p preference share ordinary share (0.27)p 33.69p 33.42p 0.34p (17.39)p (17.05)p 3.72p 34.49p 38.21p The revenue columns of this statement represent the revenue accounts of the Company. - MORE - - 5 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Balance Sheets at 31 January 2004 (Unaudited) (Unaudited) (Audited) 31 January 31 January 31 July 2004 2003 2003 £'000 £'000 £'000 Fixed asset investments Listed overseas 75,124 53,913 68,629 ------------ ------------ ----------- Current assets Debtors 1,061 668 155 Cash at bank and short term deposits 1,309 3,420 584 ------------ ------------ ----------- 2,370 4,088 739 Creditors: amounts falling due Within one year (578) (2,948) (644) ------------ ------------ ----------- Net current assets 1,792 1,140 95 ------------ ------------ ----------- Total net assets 76,916 55,053 68,724 ======= ======= ======= Capital and reserves Called-up share capital 1,283 1,283 1,283 Share premium account 33,814 33,814 33,814 Capital reserves - realised 30,791 29,034 27,973 Capital reserves - unrealised 10,875 (9,333) 5,045 Revenue reserve 153 255 609 ----------- ----------- ----------- Equity shareholders' funds 76,916 55,053 68,724 ======= ======= ======= Net asset value per ordinary share 299.67p 214.49p 267.75p - MORE - - 6 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Cash Flow Statement for the half year ended 31 January 2004 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 January 2004 31 January 2003 31 July 2003 £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (332) (169) 564 Total tax recovered 75 46 68 Net cash inflow from sales and purchases of 1,521 5,198 1,670 investments Equity dividends paid (513) (257) (514) Cash withdrawn from deposit - 6,000 6,000 Financing Redemption of zero dividend preference shares - (12,311) (12,311) Expenses paid in respect of share issue - (372) (372) ----------- ----------- ----------- Increase/(decrease) in cash 751 (1,865) (4,895) ======= ======= ======= Reconciliation of operating revenue to net cash (outflow)/inflow from operating activities Net (loss)/return before interest payable and taxation (71) 112 1,237 Decrease/(increase) in prepayments and accrued income 9 (23) 3 Decrease in creditors and accruals (8) (38) (6) Expenses charged to capital (242) (192) (395) Tax on unfranked investment income deducted at (20) (28) (236) Source Scrip dividends included in investment income - - (39) ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (332) (169) 564 ======= ======= ======= Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash as above 751 (1,865) (4,895) Cash inflow from liquid resources - (6,000) (6,000) Exchange movements (26) 102 296 ----------- ----------- ----------- Movement of net funds 725 (7,763) (10,599) Net funds at beginning of the period 584 11,183 11,183 ----------- ----------- ----------- Net funds at end of the period 1,309 3,420 584 ======= ======= ======= Represented by: ----------- ----------- ----------- Cash at bank and short term deposits 1,309 3,420 584 ======= ======= ======= - MORE - - 7 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2004 Notes 1. (Loss)/return per share Revenue loss per ordinary share is based on the net loss attributable to the ordinary shares of £71,000 (half year ended 31 January 2003: gain of £87,000; year ended 31 July 2003: gain of £954,000) and on the 25,667,005 shares in issue throughout all three periods. Capital return per ordinary share is based on net capital gains for the half year ended 31 January 2004 of £8,648,000 (half year ended 31 January 2003: losses of £4,464,000; year ended 31 July 2003: gains of £8,853,000, both after deduction of the zero dividend capital entitlement) and on the 25,667,005 shares in issue. Return per zero dividend preference share reflects the predetermined growth in capital entitlement on the 17,587,348 zero dividend preference shares in issue prior to their redemption on 31 October 2002 (half year ended 31 January 2003 and year ended 31 July 2003: £368,000). 2. Net asset value per ordinary share Net asset value per ordinary share is based on the 25,667,005 ordinary shares in issue. 3. Management and performance fees Management and performance fees are charged in accordance with the terms of the management agreement. Performance fees have been provided, based on the out-performance of the Company against the FTSE World Europe (ex UK) Index. For the half year ended 31 January 2004, the provision was £64,000 (half year ended 31 January 2003 and year ended 31 July 2003: £nil). 4. Interim dividend An interim dividend of 1.50p per ordinary share has been declared payable on 31 March 2004 to shareholders on the register of the Company on 27 February 2004. The Company's shares were quoted ex-dividend on 25 February 2004. This year only, the interim dividend will be paid to shareholders slightly earlier than in previous years, which is designed to help Charities and PEP/ISA holders. 5. Year ended 31 July 2003 The figures and financial information for the year ended 31 July 2003 are extracted from the latest published accounts of the Company and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the 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. - ENDS - For further information please contact : Tim Stevenson Henderson EuroTrust plc Telephone: 020 7818 4342 Stephen Westwood Director of Investment Trusts Henderson Global Investors Telephone: 020 7818 5517 Stephen Phillips Investor Relations Manager Henderson Global Investors Telephone: 020 7818 6417 Vicki Staveacre Henderson Press Office Telephone: 020 7818 4222 This information is provided by RNS The company news service from the London Stock Exchange

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