Interim Results

Henderson Strata Investments PLC 14 June 2004 HENDERSON GLOBAL INVESTORS HENDERSON STRATA INVESTMENTS PLC 14 June 2004 HENDERSON STRATA INVESTMENTS PLC Unaudited Interim Results for the half year ended 30 April 2004 Extracts from the Chairman's Statement: Net Assets The net asset value per share rose 7.2% in the six months ended 30 April 2004. The FTSE SmallCap Index (excluding investment companies) rose 6.0% in the same period while the FTSE All-Share Index finished 5.3% higher; these figures exclude income. Review Most markets have provided positive returns in the past six months, with Japan particularly strong. There, a series of stronger than expected economic data have increased optimism that the economy is finally emerging from an extended period of minimal growth. Worldwide economic activity has been led by the US and, despite some questions over sustainability, most evidence points to the recovery being well established. Certainly strong profits announcements have been a feature this year and are likely to continue to surpass expectations during the rest of 2004. Since the period end we have seen quite sharp swings in share prices in the Far East. Activity We reduced exposure to the US in view of the high valuations of companies there and concerns over the weak US dollar. This enabled us to increase investment in Japan, where company profitability has been boosted by the turn in the capital expenditure cycle and by the benefits of exposure to the growth in China. Additionally, we made further investments in the Pacific region where economies also remain strong and valuations attractive. - 2 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2004 Prospects Investors have regained confidence as rising share prices and much improved company results have outweighed the concerns about increasing terrorism and rising oil prices. The small rate increases already seen in the UK, and expected in the US sometime in 2004, have not dampened economic prospects excessively. We continue to find good companies with strong finances, leading market positions and on sensible valuations in which we are keen to invest. We believe they will give good returns in the coming months. George Burnett Chairman 11 June 2004 - MORE - - 3 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2004 Statement of Total Return (incorporating the revenue account) for the half year ended 30 April 2004 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2004 30 April 2003 31 October 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Total - 5,268 5,268 - 1,833 1,833 - 22,483 22,483 capital gains on investments Income from 560 - 560 440 - 440 1,151 - 1,151 fixed asset investments Other interest receivable and similar 18 - 18 121 - 121 154 - 154 income ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- -------- Gross revenue and capital gains 578 5,268 5,846 561 1,833 2,394 1,305 22,483 23,788 Management (303) - (303) (324) - (324) (624) - (624) fee Other (107) - (107) (85) - (85) (170) - (170) administrative expenses ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- -------- Net return on ordinary activities 168 5,268 5,436 152 1,833 1,985 511 22,483 22,994 before interest payable and taxation Interest (39) - (39) (2) - (2) (11) - (11) payable ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- -------- Net return on ordinary activities 129 5,268 5,397 150 1,833 1,983 500 22,483 22,983 before taxation Taxation on (20) - (20) (17) - (17) (50) - (50) net return on ordinary activities ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- -------- Net return on ordinary activities 109 5,268 5,377 133 1,833 1,966 450 22,483 22,933 after taxation Dividends - - - - - - - - - - nil ---------- --------- --------- ---------- ---------- ---------- ---------- ---------- -------- Transfer to 109 5,268 5,377 133 1,833 1,966 450 22,483 22,933 reserves ====== ====== ====== ====== ====== ====== ====== ====== ====== Return per 0.64p 30.76p 31.40p 0.77p 10.57p 11.34p 2.61p 130.15p 132.76p ordinary 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 2004 Balance Sheet at 30 April 2004 (unaudited) (unaudited) (audited) 30 April 2004 30 April 2003 31 October 2003 £000 £000 £000 Fixed asset investments Investments at market value 79,340 50,321 75,704 ---------- ---------- ---------- Current assets Debtors 553 364 1,539 Cash at bank 1,852 4,878 665 ---------- ---------- ---------- 2,405 5,242 2,204 Creditors: amounts falling due within one year (649) (339) (1,906) ---------- ---------- ---------- Net current assets 1,756 4,903 298 ---------- ---------- ---------- Total net assets 81,096 55,224 76,002 ====== ====== ====== Capital and reserves Called-up share capital 4,275 4,313 4,297 Share premium account 16,479 16,479 16,479 Capital redemption reserve 130 93 109 Capital reserve - realised 57,143 58,312 55,420 Capital reserve - unrealised 6,254 (20,362) 2,991 Revenue reserve (3,185) (3,611) (3,294) ---------- ---------- ---------- Equity shareholders' funds 81,096 55,224 76,002 ====== ====== ====== Net asset value per ordinary share 474.20p 320.11p 442.22p - MORE - - 5 - HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2004 Cash Flow Statement for the half year ended 30 April 2004 (unaudited) (unaudited) (audited) Half year ended Half year ended Year ended 30 April 2004 30 April 2003 31 October 2003 £'000 £'000 £'000 Net cash inflow/(outflow) from operating activities 194 (42) 228 Net cash outflow from servicing of finance (43) (10) (12) Net tax recovered 10 1 6 Net cash inflow/(outflow) from financial investment 1,339 (2,613) (6,748) ---------- ---------- ---------- Net cash inflow/(outflow) before financing 1,500 (2,664) (6,526) Net cash outflow from financing (283) (158) (430) ---------- ---------- ---------- Increase/(decrease) in cash 1,217 (2,822) (6,956) ====== ====== ====== Reconciliation of operating revenue to net cash inflow/(outflow) from operating activities Net revenue return before interest payable and 168 152 511 taxation Increase in accrued income (109) (132) (32) Decrease/(increase) in other debtors 9 (13) 1 Increase/(decrease) in other creditors 149 (32) (178) Tax on unfranked investment income deducted at source (23) (17) (63) Scrip dividends included in investment income - - (11) ---------- ---------- ---------- Net cash inflow/(outflow) from operating activities 194 (42) 228 ====== ====== ====== Reconciliation of net cash flow to movement in net funds Increase/(decrease) in cash as above 1,217 (2,822) (6,956) Exchange movements (30) 6 (73) ---------- ---------- ---------- Movement in net funds 1,187 (2,816) (7,029) Net funds at the start of the period 665 7,694 7,694 ---------- ---------- ---------- Net funds at the end of the period 1,852 4,878 665 ====== ====== ====== Represented by: Cash at bank and short term deposits 1,852 4,878 665 ====== ====== ====== - MORE - -6- HENDERSON STRATA INVESTMENTS PLC Unaudited interim results for the half year ended 30 April 2004 Notes 1. Issued share capital There were 17,101,515 ordinary shares in issue at 30 April 2004 (30 April 2003: 17,251,515; 31 October 2003: 17,186,515). During the half year ended 30 April 2004 the Company bought 85,000 of its own issued ordinary shares in the market for cancellation (half year ended 30 April 2003: 105,335; year ended 31 October 2003: 170,335). 2. Return per ordinary share The revenue return per ordinary share is based on the net return on ordinary activities after taxation of £109,000 (half year ended 30 April 2003: £133,000; year ended 31 October 2003: £450,000) and on the weighted average number of 17,123,466 ordinary shares in issue during the period (half year ended 30 April 2003: 17,332,094; year ended 31 October 2003: 17,274,201). The capital return per ordinary share is based on the net capital gains of £5,268,000 (half year ended 30 April 2003: £1,833,000; year ended 31 October 2003: £22,483,000) and on the weighted average number of 17,123,466 ordinary shares in issue during the period (half year ended 30 April 2003: 17,332,094; year ended 31 October 2003: 17,274,201). 3. Accounts for the year ended 31 October 2003 The figures and financial information for the year ended 31 October 2003 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 2004 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 2004 For further information, please contact: Richard Smith or Vicki Staveacre Director Director of Corporate Affairs Henderson Strata Investments plc Henderson Global Investors Telephone: 020 7818 4368 Telephone: 020 7818 4222 or Stephen Westwood or Stephen Phillips Head of Investment Trusts Associate Director Henderson Global Investors Henderson Global Investors 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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