Final Results

Henderson Eurotrust PLC 18 September 2007 Page 1 of 8 18 September 2007 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Financial Highlights 31 July 2007 31 July 2006 Change pence pence % Net Asset Value ordinary share 552.6 473.9 +16.6 Revenue Return ordinary share 6.1 5.7 +7.0 Dividends ordinary dividend 6.0 5.5 +9.1 Extracts from Chairman's Statement It has been another good year for markets and, to a slightly smaller extent, for Henderson EuroTrust, with increases of 21.5% for the FTSE Europe (ex UK) index and 17.8% for the Company. Revenue and Dividend Gross revenue for the year amounted to £2,495,000 (2006: £2,436,000). Net revenue on ordinary activities after taxation reached £1,504,000 (2006: £1,455,000) producing an increase in net revenue return of 7.0% to 6.1 pence per share (2006: 5.7 pence). The Board will recommend a final dividend of 4.0 pence per share making a total dividend for the year of 6.0 pence per share (2006: 5.5 pence). Having outperformed the benchmark index for the previous five years in succession, our Manager has not done so this year and therefore has not earned a performance fee. Life of the Company During the year shareholders approved proposals that the Company will offer an exit opportunity to shareholders in 2010. At the time of doing this, we undertook to purchase up to 14.99% of the Company's shares to hold in Treasury or cancel at the Directors' discretion. A number of arbitrage players (a different breed of shareholder from the majority) took advantage of this opportunity and these contributed to the reduction in the size of the Company by 9.2%. The Board At the AGM I shall be retiring as Chairman after 15 years in the role. The Board has appointed Mark Tapley to succeed me as Chairman of the Company. Mark is currently the Chairman of the Audit Committee and has been a Director of the Company since 2000. Two appointments will be made at the conclusion of the AGM. These appointments will replace Mr Patrick Stevenson and myself following our retirement from the Board at the conclusion of the AGM. I would like to take this opportunity to thank Patrick for his contribution to the Board over the past six years. - MORE - Page 2 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Prospects There is a higher degree of uncertainty in the financial markets at the time of writing, at least initially caused by concerns over lending quality in the United States. On top of this must be overlaid the undoubted increase in complexity and gearing of markets, and reports of funds which have not positioned themselves wisely are rife. It is worth noting that we have a seen a sharp market correction in almost every one of the last ten years of this prolonged bull market, usually triggered by the bursting of an overvaluation bubble in one asset class or another. Back in the real world, companies are performing well within in a favourable economic environment. It may be the case that this situation becomes more difficult over the course of the next twelve months, but that possibility appears to have been reflected in the forecasts and valuations of many of these companies. While returns may be lower than has been the case for the past few years, it seems nevertheless reasonable to assume that the next twelve months should see positive returns. S M Yassukovich Chairman 18 September 2007 For further information please contact: Tim Stevenson Henderson EuroTrust plc Telephone: 020 7818 4342 James de Sausmarez 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 - MORE - Page 3 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Income Statement for the year ended 31 July 2007 Year ended 31 July 2007 Year ended 31 July 2006 Revenue Capital Revenue Capital Return Return Total Return Return Total £'000 £'000 £'000 £'000 £'000 £'000 Gains from investments held at fair value through profit or loss - 19,751 19,751 - 20,119 20,119 Investment income 2,356 - 2,356 2,339 - 2,339 Other interest receivable and similar income 139 - 139 97 - 97 ---------- ---------- ---------- ---------- ---------- ---------- Gross revenue and capital gains 2,495 19,751 22,246 2,436 20,119 22,555 Management and performance fees (216) (866) (1,082) (197) (1,523) (1,720) Other administrative expenses (220) - (220) (186) - (186) ---------- ---------- ---------- ---------- ---------- ---------- Net return on ordinary activities before finance charges and taxation 2,059 18,885 20,944 2,053 18,596 20,649 Finance charges (2) (6) (8) (4) (17) (21) ---------- ---------- ---------- ---------- ---------- ---------- Net return on ordinary activities before taxation 2,057 18,879 20,936 2,049 18,579 20,628 Taxation on net return on ordinary activities (553) 255 (298) (594) 328 (266) ---------- ---------- ------------ ---------- ---------- ------------ Net return on ordinary activities after taxation 1,504 19,134 20,638 1,455 18,907 20,362 ====== ====== ====== ====== ====== ====== Return per ordinary share 6.1p 77.2p 83.3p 5.7p 73.6p 79.3p ===== ===== ===== ===== ====== ====== The total column of this statement represents the income statement of the Company. All revenue and capital items in the above statement derive from continuing operations. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. The Company had no recognised gains or losses other than those disclosed in the Income Statement and Reconciliation of Movements in Shareholders' Funds. - MORE - Page 4 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Reconciliation of Movements in Shareholders' Funds for the years ended 31 July 2007 and 31 July 2006 Share Other Share premium capital Revenue capital account reserves reserve Total £'000 £'000 £'000 £'000 £'000 Year ended 31 July 2007 At 31 July 2006 1,283 33,814 84,944 1,597 121,638 Net return from ordinary activities after taxation - - 19,134 1,504 20,638 Final dividend paid in respect of year ended 31 July 2006 (paid 10 November 2006) - - - (898) (898) Interim dividend paid in respect of year ended 31 July 2007 (paid 12 April 2007) - - - (466) (466) Repurchase of ordinary shares held in Treasury - - (12,150) - (12,150) -------- ---------- ---------- ---------- ----------- At 31 July 2007 1,283 33,814 91,928 1,737 128,762 ===== ====== ====== ====== ====== Share Other Share premium capital Revenue capital account reserves reserve Total £'000 £'000 £'000 £'000 £'000 Year ended 31 July 2006 At 31 July 2005 1,283 33,814 66,037 1,425 102,559 Net return from ordinary activities after taxation - - 18,907 1,455 20,362 Final dividend paid in respect of year ended 31 July 2005 (paid 10 November 2005) - - - (770) (770) Interim dividend paid in respect of year ended 31 July 2006 (paid 12 April 2006) - - - (513) (513) --------- ---------- ----------- ---------- ---------- At 31 July 2006 1,283 33,814 84,944 1,597 121,638 ===== ====== ====== ====== ====== - MORE - Page 5 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Balance Sheet at 31 July 2007 2007 2006 £'000 £'000 Fixed asset investments held at fair value through profit or loss Listed at market value - overseas 122,865 118,130 ------------ ------------ Current assets Debtors 2,414 1,264 Cash at bank and short term deposits 5,625 3,125 ----------- ----------- 8,039 4,389 Creditors: amounts falling due within one year (2,142) (881) ------------ ------------ Net current assets 5,897 3,508 ------------ ------------ Total net assets 128,762 121,638 ======= ======= Capital and reserves Called up share capital 1,283 1,283 Share premium account 33,814 33,814 Capital reserve - realised 61,997 56,261 Capital reserve - unrealised 29,931 28,683 Revenue reserve 1,737 1,597 ------------ ------------ Equity shareholders' funds 128,762 121,638 ======= ======= Net asset value per ordinary share 552.6p 473.9p ======= ======= The accounts were approved and authorised for issue by the Directors on 18 September 2007 and signed on its behalf by: D M Tapley Director - MORE - Page 6 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Cash Flow Statement for the year ended 31 July 2007 2007 2007 2006 2006 £'000 £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (11) 67 Servicing of finance Interest paid (8) (21) --------- ------------ Net cash outflow from servicing of finance (8) (21) Taxation Overseas tax recovered 155 155 --------- ------------ Net tax recovered 155 155 Financial investment Purchases of investments (58,710) (80,150) Sales of investments 74,750 80,486 ---------- ------------ Net cash inflow from financial investment 16,040 336 Equity dividends paid (1,364) (1,283) ------------ ------------- Net cash inflow/(outflow) before financing 14,812 (746) Financing Repurchase of own shares (12,150) - ---------- ------------ Net outflow from financing (12,150) - ------------ ------------- Increase/(decrease) in cash 2,662 (746) ======= ======= Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash as above 2,662 (746) Exchange movements (162) 45 ----------- ------------ Change in net funds resulting from cash flows 2,500 (701) Net funds at 1 August 3,125 3,826 ----------- ----------- Net funds at 31 July 5,625 3,125 ======= ======= - MORE - Page 7 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 Notes : 1. Accounting policies The accounts have been prepared on the historical cost basis of accounting, modified to include the revaluation of investments at fair value. The accounts have been prepared in accordance with applicable accounting standards and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies' ('SORP') issued. All of the Company's operations are of a continuing nature. The same accounting policies used for the year ended 31 July 2006 have been applied. 2007 2006 2. Investment income £'000 £'000 Unfranked - listed investments Dividend income 2,356 2,339 ===== ===== 2007 2006 3. Other interest receivable and similar income £'000 £'000 Deposit interest 81 61 Stock lending fees 58 36 -------- -------- 139 97 ===== ===== 4. Return per ordinary share The total return per ordinary share is based on the net return attributable to the ordinary shares of £20,638,000 (2006: £20,362,000) and on 24,768,609 ordinary shares (2006: 25,667,005) being the weighted average number of shares in issue during the year. The total return can be further analysed as follows: 2007 2006 £'000 £'000 Revenue return 1,504 1,455 Capital return 19,134 18,907 --------- --------- Total 20,638 20,362 ===== ===== Weighted average number of ordinary shares 24,768,609 25,667,005 Revenue return per ordinary share 6.1p 5.7p Capital return per ordinary share 77.2p 73.6p -------- -------- Total per ordinary share 83.3p 79.3p ===== ===== The Company does not have any dilutive securities. - MORE - Page 8 of 8 HENDERSON EUROTRUST PLC Preliminary Unaudited Results for the Year Ended 31 July 2007 5. Net asset value per ordinary share The net asset value per ordinary share is based on the net assets attributable to ordinary shares of £128,762,000 (2006: £121,638,000) and on 23,303,063 (2006: 25,667,005) ordinary shares in issue at the year end, which excludes 2,363,942 (2006: nil) shares held in Treasury. 6. Called up share capital Total shares in Shares entitled Total shares issue to dividend in issue Shares held in £'000 Treasury Ordinary shares of 5p each Authorised - - 75,000,000 3,750 ======== ======== ======== ====== Balance brought forward - 25,667,005 25,667,005 1,283 Repurchase of ordinary shares held in Treasury 2,363,942 (2,363,942) - - ------------- -------------- ------------- --------- Balance carried forward 2,363,942 23,303,063 25,667,005 1,283 ======== ======== ======== ====== During the year 2,363,942 ordinary shares were repurchased at a total cost of £12,150,000 and held in Treasury. Since the year end there have been no further shares repurchased. As at 18 September 2007 the total number of shares held in Treasury is 2,363,942. Ordinary shares held in Treasury have no entitlements to dividends paid or proposed. 7. 2006 Accounts The figures and financial information for the year ended 31 July 2006 are extracted from the latest published accounts, 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 Section 237(2) or Section 237(3) of the Companies Act 1985. 8. 2007 Accounts The preliminary figures for the year ended 31 July 2007 which do not constitute statutory accounts are an extract from the draft accounts of the Company for the year. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 9. Dividend The recommended final dividend of 4.0p per ordinary share, if approved by shareholders, will be paid on 9 November 2007 to holders of ordinary shares on the register of members at close of business on 5 October 2007. The Company's shares will be quoted ex-dividend on 3 October 2007. 10. Annual General Meeting Copies of the Annual Report will be posted to shareholders in late September 2007 in time for the Annual General Meeting on 6 November 2007 and will be available from the Secretary at 4 Broadgate, London EC2M 2DA, thereafter. - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

Companies

Henderson EuroTrust (HNE)
UK 100
FTSE quotes by TradingView

Latest directors dealings

All directors dealings today