Interim Results

Henderson Strata Investments PLC 16 June 2003 HENDERSON GLOBAL INVESTORS HENDERSON STRATA INVESTMENTS PLC EMBARGOED FOR RELEASE AT 7.00 AM ON MONDAY 16 JUNE 2003 13 June 2003 HENDERSON STRATA INVESTMENTS PLC Unaudited Interim Results for the half year ended 30 April 2003 The Chairman's Statement: Net Assets The net asset value per share rose 3.9% in the six months ended 30 April 2003. This compares with a rise in the FTSE SmallCap Index (excluding investment companies) of 3.2%. The main UK index, the FTSE All-Share Index, fell 2.4%. These figures exclude income. Background Some tentative signs of economic recovery at the beginning of the period under review helped share prices to rise. This proved short-lived as insurance companies in the UK and Europe reduced equity holdings to safeguard their solvency requirements. Japan was also weak, with the banking system causing concern and deflation becoming entrenched. Bonds were preferred to equities in all markets. The prospect of war in the Middle East caused share prices to weaken further in the early months of 2003, but when the conflict began equity markets soared from the lows of early March. The recovery has been led by shares which had fallen sharply in the past two years, giving a more speculative bias to the markets. Activity New holdings have been added in the UK, increasing exposure to areas such as sports and internet retailing, food manufacturing and specialist engineering. Much of this has been funded by reductions of some of the larger holdings. A pick-up in corporate activity has highlighted the attraction of cash-generative businesses to venture capital funds. Overseas, retailing companies have been added in the US with the emphasis on teenage spending. Education is also perceived to be a growth area and a selection of the more depressed technology companies has been purchased. In the Pacific, the weakness in share prices caused by concerns over the Sars outbreak has enabled some holdings to be increased at lower prices. During this uncertain period cash deposits have been reduced from £7.7 million at the end of October to £4.1 million now. - MORE - - 2 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 Prospects A quick end to war in Iraq has lifted sentiment but there remain few signs of sustained economic recovery. The weaker US dollar should mean some reflation in the US which will boost activity in due course. Nevertheless, expectations are now more realistic and, with investors more inclined to take some risk, there is scope for share prices to rise in anticipation of better times. We believe the emphasis on growth companies within the portfolio will work to our advantage throughout the year. Frans ten Bos 13 June 2003 - MORE - - 3 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 Statement of Total Return (incorporating the revenue account) for the half year ended 30 April 2003 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2003 30 April 2002 31 October 2002 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total capital gains/ - 1,833 1,833 - 620 620 - (31,223) (31,223) (losses) on investments Income from fixed asset 440 - 440 354 - 354 888 - 888 investments Other interest receivable and similar income 121 - 121 19 - 19 109 - 109 ----- ----- ----- ----- ----- ----- ----- ----- ----- Gross revenue and capital gains/(losses) 561 1,833 2,394 373 620 993 997 (31,223) (30,226) Management fee (324) - (324) (523) - (523) (891) - (891) Other administrative (85) - (85) (98) - (98) (216) - (216) expenses ----- ----- ----- ----- ----- ----- ----- ----- ----- Net return/(loss) on ordinary activities before interest 152 1,833 1,985 (248) 620 372 (110) (31,223) (31,333) payable and taxation Interest payable (2) - (2) (48) - (48) (68) - (68) ----- ----- ----- ----- ----- ----- ----- ----- ----- Net return/(loss) on ordinary activities before taxation 150 1,833 1,983 (296) 620 324 (178) (31,223) (31,401) Taxation on net return/ (17) - (17) (13) - (13) (38) - (38) (loss) on ordinary activities ----- ----- ----- ----- ----- ----- ----- ----- ----- Net return/(loss) on ordinary activities after taxation 133 1,833 1,966 (309) 620 311 (216) (31,223) (31,439) Dividends - nil - - - - - - - - - ----- ----- ----- ----- ----- ----- ----- ----- ----- Transfer to/(from) 133 1,833 1,966 (309) 620 311 (216) (31,223) (31,439) reserves ====== ====== ====== ====== ====== ====== ====== ====== ====== Return/(loss) per ordinary 0.77p 10.57p 11.34p (1.75)p 3.52p 1.77p (1.23)p (177.67)p (178.90)p share The revenue columns of this statement represent the revenue accounts of the Company. -MORE- - 4 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 Balance Sheet at 30 April 2003 (unaudited) (unaudited) (audited) 30 April 2003 30 April 2002 31 October 2002 £000 £000 £000 Fixed asset investments Investments at market value 50,321 82,229 45,923 ---------- ---------- ---------- Current assets Debtors 364 942 171 Cash at bank 4,878 3,191 7,694 ---------- ---------- ---------- 5,242 4,133 7,865 Creditors: amounts falling due within one year (339) (406) (289) ---------- ---------- ---------- Net current assets 4,903 3,727 7,576 ---------- ---------- ---------- Total net assets 55,224 85,956 53,499 ====== ====== ====== Capital and reserves Issued share capital 4,313 4,406 4,339 Share premium account 16,479 16,479 16,479 Capital redemption reserve 93 - 67 Realised profits 58,312 72,033 71,291 Unrealised losses (20,362) (3,125) (34,933) Revenue reserve (3,611) (3,837) (3,744) ---------- ---------- ---------- Equity shareholders' funds 55,224 85,956 53,499 ====== ====== ====== Net asset value per ordinary share 320.11p 487.77p 308.23p - MORE - - 5 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 Cash Flow Statement for the half year ended 30 April 2003 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2003 30 April 2002 31 October 2002 £'000 £'000 £'000 Net cash (outflow)/inflow from operating activities (42) (160) 5 Net cash outflow from servicing of finance (10) (59) (70) Net tax recovered 1 6 18 Net cash (outflow)/inflow from financial investment (2,613) 8,348 13,392 ---------- ---------- ---------- Net cash (outflow)/inflow before financing (2,664) 8,135 13,345 Net cash outflow from financing (158) (5,510) (6,217) ---------- ---------- ---------- (Decrease)/increase in cash (2,822) 2,625 7,128 ====== ====== ====== Reconciliation of operating revenue to net cash (outflow)/inflow from operating activities Net revenue return/(loss) before interest payable and 152 (248) (110) taxation (Increase)/decrease in accrued income (132) (64) 12 (Increase)/decrease in other debtors (13) (34) 51 (Decrease)/increase in other creditors (32) 201 111 Scrip dividends included in investment income - - (7) Tax on unfranked investment income deducted at source (17) (15) (52) ---------- ---------- ---------- Net cash (outflow)/inflow from operating activities (42) (160) 5 ====== ====== ====== Reconciliation of net cash flow to movement in net funds (Decrease)/increase in cash as above (2,822) 2,625 7,128 Cash outflow from decrease in loans - 5,510 5,510 Exchange difference 6 (59) (59) ---------- ---------- ---------- Movement in net funds/(debt) (2,816) 8,076 12,579 Net funds/(debt) at the start of the period 7,694 (4,885) (4,885) ---------- ---------- ---------- Net funds at the end of the period 4,878 3,191 7,694 ====== ====== ====== Represented by: Cash at bank and short term deposits 4,878 3,191 7,694 ====== ====== ====== - MORE - -6- HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 Notes 1. Issued share capital There were 17,251,515 ordinary shares in issue at 30 April 2003 (30 April 2002: 17,622,350; 31 October 2002: 17,356,850). During the half year ended 30 April 2003 the Company bought 105,335 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2002: nil; year ended 31 October 2002: 265,500). 2. Return/(loss) per ordinary share The revenue return/(loss) per ordinary share is based on the net return on ordinary activities after taxation of £133,000 (half year ended 30 April 2002: £309,000 loss; year ended 31 October 2002: £216,000 loss) and on the weighted average number of 17,332,094 ordinary shares in issue during the period (half year ended 30 April 2002: 17,622,350; year ended 31 October 2002: 17,573,511). The capital return/(loss) per ordinary share is based on the net capital gains of £1,833,000 (half year ended 30 April 2002: net capital gains of £620,000; year ended 31 October 2002: net capital losses of £31,223,000) and on the weighted average number of 17,332,094 ordinary shares in issue during the period (half year ended 30 April 2002: 17,622,350; year ended 31 October 2002: 17,573,511). 3. Accounts for the year ended 31 October 2002 The figures and financial information for the year ended 31 October 2002 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 section 237(3) of the Companies Act 1985. 4. Interim Report The interim report will be sent to shareholders early in July 2003 and copies will be available from the Company's registered office: 4 Broadgate, London EC2M 2DA. - ENDS - - 7 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2003 For further information, please contact: Richard Smith or Vicki Staveacre Henderson Strata Investments plc Henderson Global Investors Director of Corporate Affairs Telephone: 020 7818 4368 Telephone: 020 7818 4222 or Stephen Westwood or Stephen Phillips Henderson Global Investors Henderson Global Investors Head of Investment Trusts Investor Relations Manager Telephone: 020 7818 5517 Telephone: 020 7818 6417 This information is provided by RNS The company news service from the London Stock Exchange

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