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HendersonFarE IncLtd (HFEL)

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Friday 15 November, 2013

HendersonFarE IncLtd

Final Results

RNS Number : 1375T
Henderson Far East Income Limited
15 November 2013
 



 

 

15 November 2013

This announcement contains regulated information.

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

Financial Highlights

Per Ordinary Share

 

31 August 2013

 

31 August 2012

 

% change





312.23p

295.82p

5.5%

309.00p

290.13p

6.5%

31.83p

24.50p

29.9%

18.05p

17.31p

4.3%

 

 

Performance (12 months to 31 August)

 



 

2013

Net asset value (total return) (1)



10.7%



11.9%



 

9.9%

 

Sources: (1) AIC (2) Datastream

 

MANAGEMENT REPORT

Chairman's Statement

 

Investing in companies with the capacity to raise dividends has been a central part of the Manager's strategy and in the year under review I am pleased to report that revenue from dividends increased by 13.5% over 2012. This was a creditable performance even accepting that total revenue increased by 9.1% as market conditions provided fewer opportunities to generate option premiums. This performance gave the Board confidence to raise the dividend by 6.3% year on year thus maintaining the significant yield advantage that your Company has over other Asian income investment trusts. Strong capital performance meant that shareholders enjoyed a net asset value total return of 10.7% over the year.

 

Performance

In the year under review, the net asset value total return was10.7% whilst the share price total return was 11.9%,

reflecting a modest strengthening of the premium at which the shares usually trade to their net asset value. The FTSE All World Asia Pacific ex Japan Index (sterling adjusted) returned 9.9%. Revenue earnings after taxation per ordinary share rose by 4.3% to 18.05p, compared to 17.31p in the previous year.

 

Dividends

A fourth interim dividend of 4.40p has been declared making a total of 17.00p for the year, an increase of 6.3% year on year. Investment income from the portfolio has covered 96.0%* of the total dividend for the year with the remaining 4.0% coming from option premium income (2012: 94.2% dividend income and 5.8% option premium income). The remainder of the current year revenue has been added to the Company's revenue reserve, which will underpin dividends in future years. Your Board is confident that it will be able to at least maintain the level of total dividend in the coming year.

 

Capital and Gearing

During the year your Company continued to enjoy consistent demand for its shares with the share price usually trading at a premium to net asset value. In view of this, your Board took the opportunity to issue further shares at premiums of 2% or above thereby enhancing the net asset value per share for shareholders. In total, 2,765,000 shares were issued in the year for net proceeds of over £9.8million and a further 225,000 shares have been allotted since 31 August 2013. As reported at the half year, the Company has renewed its one year revolving multi-currency loan facility with Commonwealth Bank of Australia and increased the maximum amount of the loan to £45 million which will be used flexibly with the objective of enhancing returns for investors. At the year end the amount drawn down stood at £31,182,000 and net gearing was 6.9%.

-MORE-

- 2 -

 

Changes to Management Fee Arrangements

Since the Company moved to Jersey at the end of 2006, the level of net assets has grown significantly. This has

delivered real benefits to our shareholders both in the share price and in reducing fixed costs per share. The

Manager, Henderson Global Investors, has also benefited from a significant growth in management fees. I am

therefore pleased to report that following a review of management fees, the annual management fee payable by

Henderson Far East Income Limited to Henderson Global Investors was reduced from 1.0% to 0.9% p.a. of net

assets with effect from 1 September 2013. There is no performance fee arrangement. This represents a significant saving to our shareholders and I believe demonstrates the commitment of the Board and the Manager to realising as much value for our shareholders as possible.

 

Outlook

Our positive stance in Asia remains unchanged and is supported by solid fundamentals and an improving outlook in a number of areas. There are, however, concerns particularly about India and Indonesia. Chinese macroeconomic data continues its positive trend with government initiatives still focused on bringing about sustainable growth, as evidenced by the recent setting up of the Shanghai Free Trade Zone. That said, external factors in developed markets, particularly the US, could unsettle Asian markets in the short term. As always, the key focus of our Portfolio Manager is to pick those companies that are offering a favourable growth trend and

sustainable and growing dividends.

 

Annual General Meeting

The Company's AGM will be held at 12 noon on Wednesday 18 December 2013 at Liberté House, 19-23 La Motte Street, Jersey, JE2 4SY and full details of the proposed resolutions are set out in the separate Notice of Meeting which has been issued with this report. As usual an open presentation to shareholders will be held at Henderson's offices in London the following day, Thursday 19 December 2013, at 11.00am where Mike Kerley will make an investment presentation and he and I will be happy to answer questions. If you would like to attend please complete and return the invitation card enclosed with this report.

 

 

John Russell

Chairman

14 November 2013

 

 

*calculated as revenue post tax, less option premium

income/dividends payable.                                       

 

 

 

 

 

- MORE-

 

- 3 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

MANAGEMENT REPORT (continued)

 

Principal Risks and Uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions appropriate to the Company's investment objective and policy, in order to mitigate risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

 

• Investment and Strategy

An inappropriate investment strategy, for example, in terms of asset allocation or level of gearing, may result in under performance against the companies in the peer group, and also in the Company's shares trading on a wider discount. The Board manages these risks by ensuring a diversification of investments and a regular review of the extent of borrowings. The Portfolio Manager operates in accordance with an investment limits and restrictions policy determined by the Board, which includes limits on the extent to which borrowings may be employed. The Board reviews the limits and restrictions on a regular basis and the Manager confirms adherence to them every month. The Manager provides the Board with management information, including performance data and reports and shareholder analyses. The Directors monitor the implementation and results of the investment process with the Portfolio Manager at each Board meeting and monitor risk factors in respect of the portfolio. Investment strategy is reviewed at each meeting.

 

• Market

Market risk arises from uncertainty about the future prices of the Company's investments. This is commented on in the Annual Report.

 

• Accounting, legal and regulatory

The Company is regulated by the Jersey Financial Services Commission and complies with the regulatory requirements in Jersey. The Company must comply with the provisions of the Companies (Jersey) Law 1991 and since its shares are listed on the London Stock Exchange, the UKLA's Listing and Disclosure Rules. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange. A breach of company law could result in the Company and/or the Directors being fined or the subject of criminal proceedings and financial and reputational damage. A breach of the UKLA Rules could result in the suspension of the Company's shares. The Board relies on its Company Secretary and advisers to ensure adherence to company law and UKLA and New Zealand Stock Exchange Rules.

 

• Operational

Disruption to, or the failure of, the Manager's or the Administrator's accounting, dealing, or payment systems or

the Custodian's records could prevent the accurate reporting or monitoring of the Company's financial position. The Administrator, BNPP, sub-contracts some of the operational functions (principally relating to trade processing, investment administration and accounting) to BNP Paribas Securities Services. Details of how the Board monitors the services provided by the Manager and other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal control section of the Annual Report.

 

• Financial

The financial risks faced by the Company include market risk (market price risk, interest rate risk and currency risk), liquidity risk and credit risk. The Company does not employ financial instruments to mitigate risk. Further details are disclosed in the Annual Report. Additional disclosures are provided in accordance with IFRS 7: Financial Instruments: Disclosures.

 

Related party transactions

Other than the relationship between the Company, and its Directors, the provision of services by Henderson is the only related party arrangement currently in place. Other than fees payable by the Company in the ordinary course of business, there have been no material transactions with these related parties affecting the financial position or the performance of the Company during the year under review.

 

 

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- 4 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

MANAGEMENT REPORT (Continued)

 

 

Statement under Disclosure and Transparency Rules

 

The Directors, who are listed in the Annual Report, each confirm to the best of their knowledge that:

 

(a)     the financial statements, prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

 

(b)    the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that they face.

 

For and on behalf of the Board

 

 

 

Richard Povey

Director

14 November 2013

 

 

 

 

Twenty Largest Holdings

These twenty investments total £160,415,000 (twenty largest holdings in 2012: £159,250,000) representing 46.05% (2012: 51.11%) by value of the total investments.

 

Rank

2013

Rank

2012

Company

Country of incorporation

Sector

Value

£'000

%

1

33

Bank of China

China

Financials

9,689

2.78

2

6

Telecom Corporation of New Zealand

New Zealand

Telecommunications

9,272

2.66

3

-

Hyundai Motor

South Korea

Consumer Goods

9,047

2.60

4

-

Malayan Banking

Malaysia

Financials

8,770

2.52

5

15

Shanghai Industrial

China

Industrials

8,632

2.48

6

-

Taiwan Cement

Taiwan

Industrials

8,628

2.48

7

24

China Mobile

China

Telecommunications

8,432

2.42

8

7

Advanced Information Services

Thailand

Telecommunications

8,111

2.33

9

16

Amcor

Australia

Industrials

8,104

2.32

10

19

Taiwan Semiconductor Manufacturing (†)

Taiwan

Technology

7,954

2.28

11

18

Cheung Kong Holdings

Hong Kong

Property

7,911

2.27

12

-

SJM Holdings

Hong Kong

Consumer Services

7,734

2.22

13

27

Jiangsu Expressway

China

Industrials

7,473

2.15

14

29

Taiwan Mobile

Taiwan

Telecommunications

7,385

2.12

15

-

Westfield Retail

Australia

Property

7,364

2.11

16

-

Grand Korea Leisure

South Korea

Consumer Services

7,276

2.09

17

39

Wharf Holdings

Hong Kong

Property

7,189

2.06

18

3

Suncorp

Australia

Financials

7,173

2.06

19

12

NWS Holdings

Hong Kong

Industrials

7,138

2.05

20

26

SK Telecom (†)

South Korea

Telecommunications

7,133

2.05

 

 (†) American depository Receipts

 

- MORE -



- 5 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

 

Statement of Comprehensive Income

for the year ended 31 August 2013

 





Year ended 31 August 2013

    Year ended 31 August 2012


Revenue

return

Capital

return

 

 Total

Revenue

return

Capital

return

 

Total


£'000

£'000

£'000

£'000

£'000

£'000

Investment income (note 3)

21,154

-

21,154

18,643

-

18,643

Other income (note 4)

1,600

-

1,600

2,220

-

2,220

Gains on investments held at fair value

through profit or loss

 

-

 

16,572

 

16,572

 

-

 

9,085

 

9,085


---------

---------

---------

---------

---------

---------

Total income

22,754

16,572

39,326

20,863

9,085

29,948


---------

---------

---------

---------

---------

---------

Expenses







Management fees

(1,829)

(1,829)

(3,658)

(1,423)

(1,423)

(2,846)

Other expenses

(429)

(429)

(858)

(379)

(379)

(758)


---------

---------

---------

---------

---------

---------

 

Profit before finance costs and taxation

 

20,496

 

14,314

 

34,810

 

19,061

 

7,283

 

26,344

Finance costs

(128)

(128)

(256)

(11)

(11)

(22)


---------

---------

---------

---------

---------

---------

Profit before taxation

20,368

14,186

    34,554

19,050

7,272

26,322

Taxation

(1,789)

-

(1,789)

(1,555)

-

(1,555)


---------

---------

---------

---------

---------

---------

Profit for the year and total comprehensive income

 

18,579

 

14,186

 

32,765

 

17,495

 

7,272

 

24,767


=====

=====

=====

=====

=====

=====








 

Earnings per ordinary share -

basic and diluted  (note 5)

 

 

18.05p

 

 

13.78p

 

 

31.83p

 

 

17.31p

 

 

7.19p

 

 

24.50p


=====

=====

=====

=====

=====

=====

 

The total column of this statement represents the Statement of Comprehensive Income, prepared in accordance with IFRS as adopted by the European Union. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies.

 

 

 

 

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- 6 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

Statement of Changes in Equity

For the year ended 31 August 2013

 

 

 

 

Year ended 31 August 2013

Stated

share capital

£'000

 

Distributable reserve

£'000

Other capital reserves

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

Total equity at 31 August 2012

67,727

180,471

37,119

15,183

300,500

Total comprehensive income:






Profit for the year

-

-

14,186

18,579

32,765

Transactions with owners, recorded directly to equity:






Dividends paid (note 6)

-

-

-

(17,251)

(17,251)

Shares issued (note 8)

9,833

-

-

-

9,833

Share issue costs (note 8)

(49)

-

-

-

(49)


----------

-----------

----------

----------

----------

Total equity at 31 August 2013

77,511

180,471

51,305

16,511

325,798


======

======

======

======

======















 

 


 

 

 

 

 

 

 

 

Year ended 31 August 2012

Stated share capital

£'000

 

Distributable reserve

£'000

Other capital reserves

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

Total equity at 31 August 2011

63,470

180,471

29,788

13,660

287,389

Total comprehensive income:






Profit for the year

-

-

7,272

17,495

24,767

Transactions with owners, recorded directly to equity:






Dividends paid (note 6)

-

-

-

(15,972)

(15,972)

Shares issued (note 8)

4,276

-

-

-

4,276

Share issue costs (note 8)

(19)

-

-

-

(19)

Liquidation proceeds from predecessor company

-

-

59

-

59


----------

-----------

----------

----------

----------

Total equity at 31 August 2012

67,727

180,471

37,119

15,183

300,500


======

======

======

======

======







 

 

- MORE -



- 7 -

 

HENDERSON FAR EAST INCOME LIMITED

 Annual Financial Report for the year ended 31 August 2013

 

Balance Sheet

at 31 August 2013

 




2013

£'000

2012

£'000

Non current assets





Investments held at fair value through profit or loss



348,928

311,859




----------

----------

Current assets





Other receivables



8,231

4,948

Cash and cash equivalents



4,257

6,076




----------

----------




12,488

11,024




----------

----------

Total assets



361,416

322,883




----------

----------

Current liabilities





Written options



(581)

(254)

Other payables



(3,854)

(715)

Bank loans and overdrafts



(31,183)

(21,414)




----------

----------




(35,618)

(22,383)




----------

----------

Net assets



325,798

300,500




======

======

Equity attributable to equity shareholders





Stated share capital (note 8)



77,511

67,727

Distributable reserve



180,471

180,471

Retained earnings:





    Other capital reserves



51,305

37,119

    Revenue reserve



16,511

15,183




----------

----------

Total equity



325,798

300,500




======

======











Net asset value per ordinary share (note 7)



312.23p

295.82p




======

======






 

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2013 and were signed on its behalf by:

 

 

 

Richard Thomas Povey                                                                                      

Director                                                                                                                 

 

 

- MORE -

 


- 8 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

Statement of Cash Flows

for the year ended 31 August 2013

 


2013

£'000

2012

£'000

Operating activities



Profit before taxation

34,554

26,322

Add back interest payable

245

16

Gains on investments held at fair value through profit or loss

                     

(16,572)

                     

(9,085)

Sales of investments

259,085

199,661

Purchases of investments

(278,348)

(219,659)

Decrease in other receivables

-

26

Decrease/(increase) in prepayments and accrued income

                            

1,174

                            

(1,554)

Increase in amounts due from brokers

(4,442)

(954)

Increase in amounts due to brokers

3,078

-

Increase in other payables

72

88

Stock dividends included in investment income

(44)

(66)


----------

----------

Net cash outflow from operating activities before interest and taxation

 

(1,198)

 

(5,205)

Interest paid

(245)

(16)

Withholding tax on investment income

(1,800)

(1,630)


----------

----------

Net cash outflow from operating activities

(3,243)

(6,851)


----------

----------

Financing activities



Net loans drawndown

Equity dividends paid (note 6)

9,744

(17,251)

21,414

(15,972)

Liquidation proceeds received from predecessor company

 

-

 

59

Share issue proceeds (note 8)

9,833

4,856

Share issue costs (note 8)

(49)

(22)


----------

----------

Net cash inflow from financing

2,277

10,335


----------

----------


 

 

(Decrease)/increase in cash and cash equivalents

 

(966)

 

3,484

Cash and cash equivalents at the start of the year

6,076

2,784

Exchange movements

(854)

(192)


----------

----------

Cash and cash equivalents at the end of the year (including bank overdrafts of £1,000 (2012: £nil))

 

 

4,256

 

 

6,076


======

======


 

 




- MORE -



- 9 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

Notes:

1.

General Information

 


The entity is a closed-end company, registered as a no par value company under the Companies (Jersey) Law 1991, with its shares listed on the London and New Zealand Stock Exchanges.

 

The Company was incorporated on 6 November 2006.

 

 

2.

Accounting Policies

 

 


Basis of preparation

 


This financial information for the year ended 31 August 2013 has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS"). These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted.

 

The financial statements have been prepared on a going concern basis and on the historical cost basis, except for the revaluation of certain financial instruments.

 

The financial statements are presented in sterling and all values are rounded to the nearest thousand pounds (£'000) except where otherwise indicated.

 

The principal accounting policies adopted are set out in the Annual Report. Where consistent with IFRS, the financial statements have also been prepared in accordance with the guidance set out in the Statement of Recommended Practice ('SORP') for Investment Companies issued by the Association of Investment Companies ('AIC') as revised in January 2009.

 



 



2013

2012

3.

Investment income

£'000

£'000


Overseas dividends

20,499

18,577


Outperformance participation note income

611

-


Stock dividends

44

66



---------

---------



21,154

18,643



======

======


Analysis of investment income by geographical segment:




Australia

4,553

3,638


China

3,830

3,243


Hong Kong

2,150

1,961


India

270

-


Indonesia

823

834


Japan

-

290


Malaysia

New Zealand

458

869

313

302


The Philippines

496

450


Singapore

1,503

1,999


South Korea

1,607

933


Taiwan

3,455

3,052


Thailand

1,140

1,628



---------

---------



21,154

18,643



======

======


All of the above income is derived from equity investments.

 

-MORE-


 

-10 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 



2013

2012

4.

Other income

£'000

£'000


Bank and other interest

3

4


Option premium income

1,597

2,216



-------

-------



1,600

2,220



====

====



5.

Earnings per ordinary share


The earnings per ordinary share figure is based on the net gains for the year of £32,765,000 (2012: £24,767,000) and on 102,912,043 (2012: 101,077,558) being the weighted average number of ordinary shares in issue during the year.

 

The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below:





2013

2012



£'000

£'000


Net revenue profit

18,579

17,495


Net capital profit

14,186

7,272



-------

-------


Net total profit

32,765

24,767



======

======






Weighted average number of ordinary shares in issue during the year

 

102,912,043

 

101,077,558










Revenue earnings per ordinary share

18.05p

17.31p


Capital earnings per ordinary share

13.78p

7.19p



---------

---------


Total earnings per ordinary share

31.83p

24.50p



======

======


The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same.

 

  

 

- MORE -

 



-11 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 











2013

2012

6.

Dividends

Record date

Pay date

£'000

£'000


Fourth interim dividend 3.90p for the year ended 2011

 

4 November 2011

 

30 November 2011

 

-

 

3,919


First interim dividend 3.90p for the year ended 2012

 

3 February 2012

 

29 February 2012

 

-

 

3,930


Second interim dividend 3.90p for the year ended 2012

 

4 May 2012

 

31 May 2012

 

-

 

3,958


Third interim dividend 4.10p for the year ended 2012

 

3 August 2012

 

31 August 2012

 

-

 

4,165


Fourth interim dividend 4.10p for the year ended 2012

 

9 November 2012

 

30 November 2012

 

4,165

 

-


First interim dividend 4.10p for the year ended 2013

 

8 February 2013

 

28 February 2013

 

4,217

 

-


Second interim dividend 4.10p for the year ended 2013

 

10 May 2013

 

31 May 2013

 

4,278

 

-


Third interim dividend 4.40p for the year ended 2013

 

9 August 2013

 

30 August 2013

 

4,591

 

-





-------

-------





17,251

15,972





======

======








The fourth interim dividend for the year ended 31 August 2013 has not been included as a liability in these financial statements as it was announced and paid after the year end. The table which follows sets out the total dividends paid and to be paid in respect of the financial year and previous year. The revenue available for distribution by way of dividend for the year is £18,579,000 (2012: £17,495,000).







2013

2012



£'000

£'000


First interim dividend for 2013 - 4.10p (2012 : 3.90p)

4,217

3,930


Second interim dividend for 2013 - 4.10p (2012 : 3.90p)

4,278

3,958


Third interim dividend for 2013 - 4.40p (2012 : 4.10p)

4,591

4,165


Fourth interim dividend for 2013 - 4.40p (2012 : 4.10p)

(payable 29 November 2013 based on 104,570,564 shares in issue at 8 November 2013)

 

 

4,601 

 

 

4,165



---------

----------



17,687

16,218



=====

======






 

- MORE -

 



 


-12 -

 

HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013

 

7.

Net asset value per share


The basic net asset value per ordinary share and the net asset value attributable to ordinary shareholders at the year end calculated in accordance with the Articles of Association were as follows:



Net asset value per share

2013

pence

Net asset value attributable

2013

£'000

Net asset value per share

2012

pence

Net asset value attributable

2012

£'000


Ordinary shares

312.23

325,798

295.82

300,500



======

======

======

======




The basic net asset value per ordinary share is based on 104,345,564 (2012: 101,580,564) ordinary shares, being the number of ordinary shares in issue.

 

8.

 

Stated share capital



 

 

Authorised

 

Issued and fully paid

2013

 

£'000

 

Issued and fully paid

2012

 

£'000

 








 


Opening balance

at 1 September

 

Ordinary shares of no par value

 

 

 

 

 

Unlimited

 

 

 

 

101,580,564

 

 

 

 

67,727

 

 

 

 

100,105,564

 

 

 

 

63,470

 


Issued during the year


2,765,000

9,833

1,475,000

4,276

 


Share issue costs


-

(49)

-

(19)

 




---------------

---------

--------------

--------

 


Closing balance

At 31 August                                                                                           ---------------                                                      ---------                                                --------------                                                        --------


 

104,345,564

=========

 

77,511

=====

 

101,580,564

=========

 

67,727

=====

 


The holders of Ordinary shares are entitled to all the capital growth in the Company and all the income from the Company that is resolved by the Directors to be distributed. Each shareholder present at a general meeting has one vote on a show of hands and on a poll every member present in person or by proxy has one vote for each share held.

 

During the year, the Company issued 2,765,000 (2012: 1,475,000) shares for proceeds of £9,784,000 (2012: £4,257,000) net of costs.             .



9.

Going concern statement


The Directors believe it is appropriate to continue to adopt the going concern basis in preparing the financial statements as the assets of the Company consist mainly of securities which are readily realisable and, accordingly, the Company has adequate financial resources to continue in operational existence for the foreseeable future. In reviewing the position as at the date of this statement, the Board has considered the going concern and liquidity risk: 'Guidance for Directors of UK Companies 2009' issued by the Financial Reporting Council in October 2009.



10.

2013 Financial information


The figures and financial information for the year ended 31 August 2013 are compiled from an extract of the latest financial statements and do not constitute statutory accounts. These financial statements included the report of the auditors which was unqualified.

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HENDERSON FAR EAST INCOME LIMITED

Annual Financial Report for the year ended 31 August 2013



 

11.

 

2012 Financial information


The figures and financial information for the year ended 31 August 2012 are compiled from an extract of the latest published accounts and do not constitute the statutory accounts for that period.



12.

Company Status


The Company is a Jersey domiciled closed-end investment company, number 95064, which was incorporated in 2006 and which is listed on the London and New Zealand Stock Exchanges. The Company is a Jersey fund with its registered office at Liberté House, 19-23 La Motte Street, St. Helier, Jersey, JE2 4SY and is regulated by the Jersey Financial Services Commission.

 

13.

Annual Report and Annual Review


The Annual Report and Financial Statements will be available for posting to those shareholders who have requested a copy in Mid November 2013 and copies will be available on the Company's website (www.hendersonfareastincome.com) or in hard copy format from the Company's registered office, Liberté House, 19-23 La Motte Street, St Helier, Jersey, JE2 4SY. Shareholders who did not in 2010 indicate that they wish to receive the full Annual Report in future years will receive an abbreviated report on the Company's results for the year, the Annual Review.

 

The Annual General Meeting will be held at the registered office on Wednesday 18 December 2013 at 12 noon. The Notice of the Annual General Meeting will be sent to shareholders with the Annual Report.




For further information please contact:




Mike Kerley


Portfolio Manager, Henderson Far East Income Limited


Telephone: 020 7818 5053




James de Sausmarez


Director and Head of Investment Trusts, Henderson Global Investors


Telephone: 020 7818 3349




Sarah Gibbons-Cook


Investor Relations and PR Manager, Henderson Global Investors


Telephone: 020 7818 3198




Jeremy Hamon


BNP Paribas Securities Services. S.C.A., Jersey Branch, Company Secretary


Telephone: 01534 709108





Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.



 

 

- ENDS -


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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a d v e r t i s e m e n t