Final Results

Henderson Strata Investments PLC 12 December 2003 HENDERSON GLOBAL INVESTORS HENDERSON STRATA INVESTMENTS PLC 12 December 2003 HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Highlights: â€¢ Smaller companies lead a healthy recovery in share prices â€¢ Net asset value per share up by 43.5% Extracts from the Chairman's Statement: Net Assets We have seen a healthy recovery in share prices in all the major world markets in the past year, led by smaller companies. Over the year ended 31 October 2003 the FTSE SmallCap (excluding investment companies) Index recorded a rise of 40.2% in capital terms while Strata's net asset value per share rose by 43.5%. Review The increasing confidence in economic recovery has boosted smaller company share prices, which have risen sharply from the quite depressed levels reached early in 2003. Bid activity has been an added stimulant as companies have become more prepared to take the first steps towards consolidation. The improving background has led to an increase in new issues in recent weeks, and a few cash calls from companies keen to replace excessive debt levels with equity. Most of the Â£4 million cash held at the time of the interim report has been invested, predominantly in the UK market and generally in more marketable securities. The investment of our cash balances reflects the more optimistic outlook that has become increasingly apparent in recent months. During the year just under 1% of the issued shares were bought in for cancellation, at discounts to net asset value exceeding 20%. We expect to continue to buy back our own shares when we believe it to be appropriate to do so. The revenue account has improved over the year, reflecting higher income from the portfolio and helped in the earlier months by the cash held on deposit. We shall not be paying a dividend, however, as the negative balance on the revenue reserve brought forward exceeds the net revenue for the year. - MORE - - 2 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Outlook Valuations of smaller companies leave scope for further appreciation as profit forecasts continue to be adjusted upwards. The economic background is slowly improving and there are encouraging signs of companies committing to capital spending, thus replacing the expected slowdown in consumer expenditure. Investors have been more adventurous since the lows of March and, encouraged by good returns, look set to take a more positive long term approach. This bodes well for share prices in 2004. Frans ten Bos Chairman 12 December 2003 - MORE - - 3 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Statement of Total Return (incorporating the revenue account) for the year ended 31 October 2003 Year ended 31 October 2003 Year ended 31 October 2002 (unaudited) (audited) Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Total capital gains/(losses) on - 22,483 22,483 - (31,223) (31,223) investments Income from fixed asset investments 1,151 - 1,151 888 - 888 Other interest receivable and similar 154 - 154 109 - 109 income ---------- ---------- ---------- ---------- ---------- ---------- Gross revenue and capital gains/(losses) 1,305 22,483 23,788 997 (31,223) (30,226) Management fee (624) - (624) (891) - (891) Other administrative expenses (170) - (170) (216) - (216) --------- ---------- ---------- ---------- ---------- ---------- Net return/(loss) on ordinary activities before interest payable and taxation 511 22,483 22,994 (110) (31,223) (31,333) Interest payable (11) - (11) (68) - (68) ---------- ---------- ---------- ---------- ---------- ---------- Net return/(loss) on ordinary activities before taxation 500 22,483 22,983 (178) (31,223) (31,401) Taxation on net return/(loss) on ordinary (50) - (50) (38) - (38) activities ----------- ---------- ---------- ---------- ---------- ---------- Net return/(loss) on ordinary activities after taxation 450 22,483 22,933 (216) (31,223) (31,439) Dividends - nil - - - - - - ----------- ------------ ----------- ---------- ---------- ---------- Transfer to/(from) reserves 450 22,483 22,933 (216) (31,223) (31,439) ======= ======= ======= ====== ====== ====== Return/(loss) per ordinary share (note 1) 2.61p 130.15p 132.76p (1.23)p (177.67)p (178.90)p ======= ======= ======= ====== ====== ====== The revenue columns of this statement represent the revenue accounts of the Company. - 4 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Balance Sheet at 31 October 2003 2003 2002 Â£'000 Â£'000 Fixed asset investments Listed investments at market value: United Kingdom 35,404 19,884 Overseas 33,631 23,301 ----------- ---------- 69,035 43,185 AIM investments at market value 6,610 2,640 Unquoted investments at directors' valuation 59 98 ----------- ----------- 75,704 45,923 ----------- ----------- Current assets Debtors 1,539 171 Cash at bank 665 7,694 ----------- ----------- 2,204 7,865 Creditors: amounts falling due within one year (1,906) (289) ----------- ----------- Net current assets 298 7,576 ----------- ----------- Total net assets 76,002 53,499 ======= ======= Capital and reserves Issued share capital 4,297 4,339 Capital reserves Share premium account 16,479 16,479 Capital reserve - realised 109 67 Capital reserve - unrealised 55,420 71,291 Unrealised profits 2,991 (34,933) Revenue reserve (3,294) (3,744) ----------- ----------- Equity shareholders' funds 76,002 53,499 ======= ======= Net asset value per ordinary share (note 1) 442.22p 308.23p ======= ======= - 5 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Cash Flow Statement for the year ended 31 October 2003 2003 2003 2002 2002 Â£'000 Â£'000 Â£'000 Â£'000 Net cash inflow from operating activities 228 5 Servicing of finance Interest paid (12) (70) ----------- ------------ Net cash outflow from servicing of finance (12) (70) Taxation Tax recovered 6 18 ----------- ------------ Net tax recovered 6 18 Financial investment Purchase of investments (26,273) (21,298) Sale of investments 19,525 34,690 ----------- ------------ Net cash (outflow)/inflow from financial investment (6,748) 13,392 Financing Net loans repaid - (5,510) Purchase of own shares (430) (707) ----------- ------------ Net cash outflow from financing (430) (6,217) ----------- ------------ (Decrease)/increase in cash (6,956) 7,128 ====== ======= Reconciliation of net cash flow to movement in net funds/(debt) (Decrease)/increase in cash as above (6,956) 7,128 Cash outflow from movement in debt - 5,510 Exchange movements (73) (59) ----------- ------------ Movement in net funds (7,029) 12,579 Net funds/(debt) at 1 November 7,694 (4,885) ----------- ------------ Net funds at 31 October 665 7,694 ====== ======= - 6 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 Notes : 1. Return/(loss) per ordinary share The revenue return per ordinary share is based on the net return on ordinary activities after taxation of Â£450,000 (2002: loss of Â£216,000) and on the weighted average number of ordinary shares of 25p each in issue during the year of 17,274,201 (2002: 17,573,511). The capital return per ordinary share is based on the net capital gains for the year of Â£22,483,000 (2002: net capital losses of Â£31,223,000) and on the weighted average number of ordinary shares of 25p each in issue during the year, as stated above. 2. Issued Share Capital The number of ordinary shares of 25p each in issue at 31 October 2003 was 17,186,515 (2002: 17,356,850). 3. Dividend No dividend has been declared in respect of the year. 4. 2003 Accounts The preliminary figures for the year ended 31 October 2003 are an extract from the Company's latest accounts for that period. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 5. 2002 Accounts The figures and financial information for the year ended 31 October 2002 are an extract 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 section 237(3) of the Companies Act 1985. 6. Annual Report The full annual report and accounts will be posted to shareholders early in January 2004 and copies will be available thereafter from the Secretary at the Company's Registered Office, 4 Broadgate, London EC2M 2DA. 7. Annual General Meeting The Annual General Meeting will be held on Thursday 12 February 2004 at 2.30 pm at 4 Broadgate, London EC2M 2DA. 8. Continuation Vote in 2005 The Company's articles of association require a continuation vote to be put, by ordinary resolution, to the Annual General Meeting to be held in 2005. - ENDS - - 7 - HENDERSON STRATA INVESTMENTS PLC Unaudited Preliminary Results for the year ended 31 October 2003 For further information please contact: Richard Smith Director Henderson Strata Investments plc Telephone: 020 7818 4368 or Stephen Westwood Head of Investment Trusts Henderson Global Investors Telephone: 020 7818 5517 or Stephen Phillips Associate Director Henderson Global Investors Telephone: 020 7818 6417 or Vicki Staveacre Press Office Henderson Global Investors 020 7818 4222 This information is provided by RNS The company news service from the London Stock Exchange

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