Final Results-Replacement

Henderson Smaller Cos Inv Tst PLC 17 July 2002 The Issuer advises that the following text replaces the Notification of Final Results announcement released on 15 July 2002 at 07.00 under RNS number 5948Y. There was an error in the analysis of the fixed asset investments as given on the balance sheet. The United Kingdom listed investments totalled £251,208,000 (not £255,208,000) and the AIM investments totalled £20,248,000 (not £16,248,000). All other figures are unaffected. 15 July 2002 THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 The Chairman's Statement: Last year we reported stockmarket volatility, and warned of more to come. Our cautious outlook turned out to be correct, as the downturn in technology stocks accelerated, and action was taken to rebalance the portfolio. In spite of these warnings, it gives me no satisfaction to report a 45% drop in net asset value. Our valuations are now considerably lower. Conditions have not, however, changed to the extent that this causes us to alter our philosophy - which is the commitment to growth. The fundamentals of our approach have been reviewed, and we have adjusted the portfolio to suit difficult times. Dividend The growth companies we invest in tend to retain the bulk of their earnings. Capital growth, not income, is our priority. In general we expect to pay only nominal dividends, and propose for this year once again a single and final dividend of 0.5p, paid out of reserves. Share buy-backs We continue to monitor our discount. During the year we purchased 26.1 million shares for cancellation at a favourable discount, representing 16.1% of those in issue on 31 May 2001. These buy-backs enhanced net asset value by £9.9 million. Since the year end we have bought back a further 2.4 million shares, and our buy-back authority was renewed at the EGM on 26 June 2002. Prospects A great deal of bad news is out, and the prevailing gloom is already discounted in our share price. While the short term is painful for us all, I can only restate our continued confidence in the strategy. We will be monitoring performance very closely. P H G Cadbury 12 July 2002 - 2 - THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 Group Statement of Total Return (incorporating the consolidated revenue account) Year ended 31 May 2002 Year ended 31 May 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Total capital losses from - (240,230) (240,230) - (162,352) (162,352) investments Income from fixed asset 4,592 - 4,592 4,506 - 4,506 investments Other interest receivable and 111 - 111 926 - 926 similar income ------------- ------------- ------------- ------------- ------------- ------------- Gross revenue and capital losses 4,703 (240,230) (235,527) 5,432 (162,352) (156,920) Management fee (2,734) - (2,734) (3,022) - (3,022) Other administrative expenses (352) - (352) (344) - (344) Irrecoverable VAT (416) - (416) (512) - (512) ------------- ------------- ------------- ------------- ------------- ------------- Net return/(loss) on ordinary activities before interest payable and 1,201 (240,230) (239,029) 1,554 (162,352) (160,798) taxation Interest payable (2,381) - (2,381) (2,123) - (2,123) ------------- ------------- ------------- ------------- ------------- ------------- Net loss on ordinary activities before taxation (1,180) (240,230) (241,410) (569) (162,352) (162,921) Taxation on net return on ordinary (1) - (1) - - - activities ------------- ------------- ------------- ------------- ------------- ------------- Net loss on ordinary activities after taxation (1,181) (240,230) (241,411) (569) (162,352) (162,921) ------------- ------------- ------------- ------------- ------------- ------------- Dividends - ordinary shares Final: 0.50p (2001: 0.50p) (654) - (654) (810) - (810) ------------- ------------- ------------- ------------- ------------- ------------- Transfer from reserves (1,835) (240,230) (242,065) (1,379) (162,352) (163,731) ======= ======= ======= ======= ======= ======= Loss per ordinary share (0.77)p (157.34)p (158.11)p (0.34)p (95.91)p (96.25)p ======= ======= ======= ======= ======= ======= The revenue columns of this statement represent the consolidated revenue accounts of the Group - MORE - - 3 - THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 Balance Sheets Group Group Company Company 2002 2001 2002 2001 £'000 £'000 £'000 £'000 Fixed asset investments United Kingdom listed investments at market value 251,208 518,103 251,208 518,103 AIM investments at market value 20,248 30,036 20,248 30,036 Unquoted investments at directors' valuation 1,907 2,250 1,907 2,250 Subsidiary undertaking - - 2,272 3,960 ------------- ------------- ------------- ------------- 273,363 550,389 275,635 554,349 ------------- ------------- ------------- ------------- Current assets Debtors 1,815 1,370 1,815 2,066 Cash at bank and short term deposits 40 16,876 38 15,785 ------------- ------------- ------------- ------------- 1,855 18,246 1,853 17,851 Creditors: amounts falling due within one year (8,935) (15,434) (11,205) (18,999) ------------- ------------- ------------- ------------- Net current (liabilities)/assets (7,080) 2,812 (9,352) (1,148) ------------- ------------- ------------- ------------- Total assets less current liabilities 266,283 553,201 266,283 553,201 Creditors: amounts falling due after more than one year (20,000) (20,000) (20,000) (20,000) ------------- ------------- ------------- ------------- Total net assets 246,283 533,201 246,283 533,201 ======== ======== ======== ======== Capital and reserves Called-up share capital 34,004 40,531 34,004 40,531 Other capital reserves 208,472 487,028 210,744 490,988 Revenue reserve 3,807 5,642 1,535 1,682 ------------- ------------- ------------- ------------- Shareholders' funds (including non-equity interests of £9,000; 2001: £9,000) 246,283 533,201 246,283 533,201 ======== ======== ======== ======== Net asset value per ordinary share 181.1p 328.9p 181.1p 328.9p ======== ======== ======== ======== -MORE- - 4 - THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 Group Cash Flow Statement 2002 2002 2001 2001 £'000 £'000 £'000 £'000 Net cash inflow from operating activities 1,282 1,284 Servicing of finance Debenture interest paid (2,100) (3,150) Bank overdraft and loan interest paid (261) (23) ------------- ------------- Net cash outflow from servicing of finance (2,361) (3,173) Taxation UK tax recovered - 10 Overseas tax recovered - 33 ------------- ------------- Net tax recovered - 43 Financial investment Purchases of investments (115,920) (117,448) Sales of investments 137,809 129,405 ------------- ------------- Net cash inflow from financial investment 21,889 11,957 Equity dividends paid (784) (852) Management of liquid resources Cash withdrawn from deposit 10,000 10,000 Financing Purchase of ordinary shares (44,863) (25,038) Drawdown of loans 8,000 - ------------- ------------- (36,863) (25,038) ------------- ------------- Decrease in cash (6,837) (5,779) ======== ======== Reconciliation of net cash flow to movements in net (debt)/funds Decrease in cash as above (6,837) (5,779) Cash inflow from management of liquid resources (10,000) (10,000) Cash inflow from debt financing (8,000) - ------------- ------------- Change in net debt resulting from cash flows (24,837) (15,779) Exchange movements 1 1 ------------- ------------- Movement in net debt in the year (24,836) (15,778) Net (debt)/funds as at 1 June (3,124) 12,654 ------------- ------------- Net debt at 31 May (27,960) (3,124) ======== ======== -MORE- - 5 - THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 Notes: 1. Loss per ordinary share The revenue loss per ordinary share is based on the losses attributable to the ordinary shares of £1,181,000 (2001: £569,000) and on the weighted average number of ordinary shares in issue during the year of 152,680,943 (2001: 169,276,109). The capital loss per ordinary share is based on the net capital losses for the year of £240,230,000 (2001: £162,352,000) and on the weighted average number of ordinary shares in issue during the year of 152,680,943 (2001: 169,276,109). 2. Issued Share Capital There were 135,980,999 shares of 25p in issue at 31 May 2002 (31 May 2001: 162,089,094). 3. Dividend The recommended final dividend of 0.5p per ordinary share, subject to approval at the Annual General Meeting, will be paid on 1 October 2002 to shareholders on the register at the close of business on 6 September 2002. The final dividend accrued in respect of the year ended 31 May 2002, at 0.5p per ordinary share, amounts to £680,000. The buy-backs of the Company's ordinary shares, after 31 May 2001 but before the record date of the final dividend for the year ended on that date, resulted in a write-back of £26,000 for dividends accrued in respect of the year ended 31 May 2001 but not in the event payable. The £654,000 shown is the sum of these two figures. 4. Basis of consolidation The Group accounts consolidate the accounts of the Company and of its wholly owned subsidiary undertaking, Henderson Smaller Companies Finance Limited. 5. 2002 Accounts The preliminary figures for the year ended 31 May 2002 are an extract from the Group's accounts for that year. These accounts have not yet been delivered to the Registrar of Companies, nor have the auditors yet reported on them. 6. 2001 Accounts The figures and financial information for the year ended 31 May 2001 are an extract of the latest published accounts and do not constitute the statutory accounts for that year. These 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. -MORE- - 6 - THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC Unaudited Preliminary Group Results for the year ended 31 May 2002 7. Annual General Meeting The full annual report and accounts will be posted to shareholders in late August 2002 and copies will be available thereafter from the Secretary at the Company's Registered Office, 4 Broadgate, London EC2M 2DA. The Annual General Meeting will be held on Friday 27 September 2002 at 2.00 pm. - ENDS - For further information please contact : John Alexander or Mark Vickery The Henderson Smaller Companies Investment Trust plc Henderson Press Office Telephone: 020 7818 4340 Telephone: 020 7818 4222 Andrew Stack The Henderson Smaller Companies Investment Trust plc Telephone: 020 7818 4351 Stephen Westwood Head of Investment Trusts Henderson Global Investors 020 7818 5517 This information is provided by RNS The company news service from the London Stock Exchange

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