Interim Results

Henderson Eurotrust PLC 01 March 2005 1 March 2005 HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Henderson EuroTrust plc announces unaudited interim results for the half year ended 31 January 2005. Financial Highlights (Unaudited) (Unaudited) (Audited) Half year Half year Year ended ended ended 31 January 31 January 31 July 2004 2005 2004 in pence in pence in pence Net asset value per ordinary share 341.79 299.67 292.04 Dividends per ordinary share 2.00 1.50 3.00 (Loss)/earnings per ordinary share (0.12) (0.27) 3.84 Dividend An interim dividend of 2.00p (2004: 1.50p) per ordinary share has been declared payable on 12 April 2005 to shareholders on the register of the Company on 11 March 2005. The Company's shares will be quoted ex-dividend on 9 March 2005. - MORE - - 2 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Chairman's Statement It has been a good first half for Henderson EuroTrust, with the net asset value total return rising by 18.2%, and the share price appreciating by 22.1% - the greater rise in the latter showing that the discount has narrowed somewhat. We outperformed our benchmark index, the FTSE World Europe (excluding the UK), which has risen over the same period by 15.5%. We have been fully invested for most of the six months, and indeed have had a small amount of gearing from time to time. As detailed in the Annual Report, our manager intends to use flexible gearing when opportunities present themselves. Given the high revenue reserve available at the end of July 2004, and current projections for dividend receipts, we have decided to increase the interim dividend from 1.5p to 2.0p. There has not been much change in the economic situation worldwide, even though sentiment has oscillated on where the Asian and US economies are headed. While Europe continues to plod along its own rather dull (but at least positive!) growth path, the US looks like recording another good year of GDP growth, in spite of rising interest rates. Henderson EuroTrust has continued with the relentless pursuit of what our manager perceives to be the most interesting investments in this environment. The emphasis remains resolutely on growth, but with the clear understanding that growth is far more elusive today than five years ago. As such, those so called growth stocks in the technology arena have generally been avoided, because the rating is too high and the growth too low. Our manager has tended to prefer a combination of reliable growth, reasonable valuation, and perhaps scope for dividend increase also. The result is a broad spread of investments across a number of industries. Encouraging signs continue to emerge that European companies are operating more efficiently, and this is one factor behind good profit growth. - MORE - - 3 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Chairman's Statement (continued) Outlook The markets have been fairly relaxed in the face of rising US interest rates for several months. There has to be a danger that the US economy slows, alarming the US equity market and from there other world markets. However, from a purely European point of view, the risks look far lower. Valuations are attractive, earnings growth looks to be between 5% and 10%, and dividends are rising. There is also an encouraging amount of positive earning surprises amongst many companies, and given these factors, European markets should be able to make further progress. We will encourage our manager to continue to look for the best opportunities in these markets, and to utilise flexible gearing when necessary. - MORE - - 4 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Statement of Total Return (incorporating the revenue account) for the half year ended 31 January 2005 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 January 2005 31 January 2004 31 July 2004 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total capital gains on investments - 13,951 13,951 - 8,954 8,954 - 6,583 6,583 Income from fixed asset investments 145 - 145 90 - 90 1,612 - 1,612 Other interest receivable and similar income 22 - 22 15 - 15 32 - 32 Gross revenue and capital gains 167 13,951 14,118 105 8,954 9,059 1,644 6,583 8,227 Management and performance fees (69) (635) (704) (61) (305) (366) (123) (725) (848) Other administrative expenses (129) - (129) (115) - (115) (228) - (228) Net (loss)/return on ordinary activities before interest payable and taxation (31) 13,316 13,285 (71) 8,649 8,578 1,293 5,858 7,151 Interest payable - (1) (1) - (1) (1) (1) (3) (4) Net (loss)/return on ordinary activities before taxation (31) 13,315 13,284 (71) 8,648 8,577 1,292 5,855 7,147 Taxation on net return on ordinary activities - - - - - - (307) 163 (144) Net (loss)/return on ordinary activities after taxation (31) 13,315 13,284 (71) 8,648 8,577 985 6,018 7,003 Dividends - ordinary shares: Interim of 2.00p (2004: 1.50p) (513) - (513) (385) - (385) (385) - (385) Final of 1.50p - - - - - - (385) - (385) (513) - (513) (385) - (385) (770) - (770) Transfer (from)/to reserves (544) 13,315 12,771 (456) 8,648 8,192 215 6,018 6,233 (Loss)/return per ordinary share (0.12)p 51.87p 51.75p (0.27)p 33.69p 33.42p 3.84p 23.45p 27.29p 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 2005 Balance Sheets at 31 January 2005 (Unaudited) (Unaudited) (Audited) 31 January 31 January 31 July 2005 2004 2004 £'000 £'000 £'000 Fixed asset investments Listed overseas 88,541 75,124 72,898 ------------ ------------ ----------- Current assets Debtors 1,486 1,061 498 Cash at bank 104 1,309 4,849 ------------ ------------ ----------- 1,590 2,370 5,347 Creditors: amounts falling due within one year (2,403) (578) (3,288) ------------ ------------ ----------- Net current (liabilities)/assets (813) 1,792 2,059 ------------ ------------ ----------- Total net assets 87,728 76,916 74,957 ======= ======= ======= 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 35,905 30,791 32,340 Capital reserves - unrealised 16,446 10,875 6,696 Revenue reserve 280 153 824 ----------- ----------- ----------- Equity shareholders' funds 87,728 76,916 74,957 ======= ======= ======= Net asset value per ordinary share 341.79p 299.67p 292.04p - MORE - - 6 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Cash Flow Statement for the half year ended 31 January 2005 (Unaudited) (Unaudited) (Audited) Half year ended Half year ended Year ended 31 January 2005 31 January 2004 31 July 2004 £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (693) (332) 709 Servicing of finance (1) - (4) Total tax recovered 70 75 112 Net cash (outflow)/inflow from sales and purchases of investments (4,870) 1,521 4,427 Equity dividends paid (385) (513) (898) ---------- ----------- ----------- Net cash (outflow)/inflow before financing Financing (5,879) 751 4,346 Increase in debt 989 - - ---------- ----------- ----------- (Decrease)/increase in cash (4,890) 751 4,346 ======= ======= ======= Reconciliation of operating revenue to net cash (outflow)/inflow from operating activities Net (loss)/return before interest payable and taxation (31) (71) 1,293 Decrease in prepayments and accrued income 11 9 13 (Decrease)/increase in creditors and accruals (17) (8) 403 Expenses charged to capital (633) (242) (728) Tax on unfranked investment income deducted at source (23) (20) (272) ----------- ----------- ----------- Net cash (outflow)/inflow from operating activities (693) (332) 709 ======= ======= ======= Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash as above (4,890) 751 4,346 Cash inflow from increase in debt (989) - - Exchange movements 148 (26) (81) ----------- ----------- ----------- Movement of net funds (5,731) 725 4,265 Net funds at beginning of the period 4,849 584 584 ----------- ----------- ----------- Net (debt)/funds at end of the period (882) 1,309 4,849 ======= ======= ======= Represented by: Cash at bank 104 1,309 4,849 Short term bank loans (986) - - ---------- ----------- ----------- (882) 1,309 4,849 ======= ======= ======= - MORE - - 7 - HENDERSON EUROTRUST PLC Unaudited Interim Results for the half year ended 31 January 2005 Notes 1. (Loss)/return per share Revenue loss per ordinary share is based on the net loss attributable to the ordinary shares of £31,000 (half year ended 31 January 2004: loss of £71,000; year ended 31 July 2004: gain of £985,000) 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 2005 of £13,315,000 (half year ended 31 January 2004: £8,648,000; year ended 31 July 2004: £6,018,000) and on the 25,667,005 shares in issue. 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 for, based on the out-performance of the Company against the FTSE World Europe (ex UK) Index. For the half year ended 31 January 2005, the provision was £356,000 (half year ended 31 January 2004 : £64,000 and year ended 31 July 2004: £236,000). 4. Interim dividend An interim dividend of 2.00p per ordinary share has been declared payable on 12 April 2005 to shareholders on the register of the Company on 11 March 2005. The Company's shares will be quoted ex-dividend on 9 March 2005. 5. Year ended 31 July 2004 The figures and financial information for the year ended 31 July 2004 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. -MORE- -8- 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 Vicki Staveacre Henderson Press Office Telephone: 020 7818 4222 pressoffice@henderson.com - ENDS - This information is provided by RNS The company news service from the London Stock Exchange

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