Interim Results
Henderson TR Pacific Inv. Trust PLC
03 August 2005
3 August 2005
HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Henderson TR Pacific Investment Trust plc ('Henderson TR Pacific'), which seeks
a high rate of total return from Pacific region stock markets and economies
excluding Japan and Australasia, announces interim results for the half year
ended 30 June 2005.
Henderson TR Pacific is one of the largest investment trusts specialising in
this region.
Highlights:
• Positive total return over half year of 14.2% in net assets per share,
outperforming MSCI AC Far East (Free) ex-Japan Index 13.2% return
• Gearing significantly reduced from 5% of total assets at 2004 year end to
net cash position at 30 June 2005
• Moved to overweight position in technology sector due to attractive
valuations; raised exposure to Taiwan market to 24.9% of investments (15.9%
at 2004 year end
• India now included in the Trust's investment universe; investment approvals
awaited
• New Fund Manager to succeed Michael Watt who retires after 18 years as
Manager and Director. Andrew Beal joins from Nicholas Applegate in the
USA; previously 10 years with Schroder Investment Management
Financial Highlights (Unaudited) (Audited and Restated+) (Unaudited)
30 June 2005 31 Dec 2004 30 June 2004
Net asset value (#) 98.5p 88.5p 82.5p
Share Price 85.8p 76.8p 73.0p
Discount 12.9% 13.2% 11.5%
Gearing (*) - 5.0% 7.2%
Performance to 30 June 2005
Total returns 6 months % 12 months %
Net asset value (i) 14.2 21.7
Share price (i) 13.7 19.5
Peer group net asset value (i) and (ii) 12.5 29.4
MSCI AC Far East (Free) ex-Japan Index (iii) 13.2 27.0
(i), (ii) and (iii) Sources: see page 12
(+) See note 2
(#) The net asset value as at 30 June 2005 with investments at mid market
prices was 98.8p (see note 1)
(*) Defined here as borrowings, less cash balances and deposits, as a
percentage of shareholders' funds.
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Commenting on the results and economic outlook, Chairman, David Robins, said:
'We were pleased to see the strength of Far East stock markets but would observe
that it was the weakness of sterling that accounted for most of the Trusts's
positive advance. Economic growth is being revised down across the region as
expectations for Far East economies reflect the global slowdown.
Economic data and leading indicators are mixed at present. As the outlook for
stock market sentiment remains opaque at present, we will continue to follow a
reasonably cautious investment policy.'
Extracts from the Chairman's Statement
The region's stock markets achieved a solid advance over the first six months of
2005 despite a slowing global economy, almost no improvement in company profits,
higher oil prices and steadily rising short term interest rates in the USA.
Investors were apparently encouraged by the good relative valuations of Far East
securities, and a rising risk tolerance brought on by falling global long term
interest rates.
Performance
Our portfolio performed broadly in line with the MSCI AC Far East (Free)
ex-Japan Index (MSCI Index) over the half year to 30 June 2005, with a positive
total return of 14.2% in net assets per share compared to a rise of 13.2% in the
Index. We became increasingly cautious of the outlook for Far East economies
and stock markets as the months progressed and reduced the level of gearing from
5.0% of total assets at the year end to a net cash position of 4.5% at the
interim stage. Believing that the technology sector had fallen to attractive
valuations we decided to overweight the sector on the basis that final demand is
strengthening as the inventory cycle unwinds. This resulted in a raised
exposure to Taiwan, which is the stock market most heavily exposed to technology
companies, to 24.9% of investments from 15.9% at the year end. This compared
with a market weight in the Index of 25.9%. Disposals were made in Thailand,
Hong Kong and China to fund this strategy.
New Manager
I am pleased to announce that Andrew Beal has been appointed Fund Manager. He
will succeed Michael Watt, who will retire as Manager and Director of the Trust
since its inception 18 years ago. On behalf of the Board, I would like to thank
Michael for his dedication, for his success over the life of the company and for
his deep knowledge and contribution as a member of the Board.
Andrew joined Henderson on 1 August 2005 and will take over from Michael after a
handover period. Andrew most recently worked for Nicholas Applegate in the USA,
prior to which he spent ten years at Schroder Investment Management. He is an
experienced Pacific investor with a bottom up style, who has both a detailed
knowledge of the region and a proven track record.
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Extracts from the Chairman's Half Year Statement cont'd
Management Fee and Performance Fee
In the light of the above changes the Board has also entered into management fee
negotiations with Henderson Global Investors. It is expected that these
negotiations will result in a lower base management fee and the introduction of
a performance fee so as to incentivise the Manager to deliver the outperformance
our shareholders expect.
New Objectives
I am pleased to report that shareholders overwhelmingly voted at April's Annual
General Meeting to support the inclusion of India in the countries in which we
are permitted to invest. This will give us the opportunity to invest in an
important new market with huge long term potential and allows more of a level
playing field on which to compete with our peers. Though no investments had been
made in India as at 30 June, investment ground work has been completed and
formal approvals for direct investment are awaited from the Indian authorities.
The Board has agreed to adopt the MSCI All Country Asia ex-Japan Index, which
includes India, with effect from 1 January 2006.
In addition, since the beginning of this year we have shifted from a focus on
growth as our central objective. We will in future invest flexibly across all
our target markets, seeking a high total return both from companies exhibiting
growth and those generating high levels of income.
Discount and Share Repurchases
We closely monitor the discount at which the shares trade to the underlying net
asset value, with the objective of buying back shares if the discount seems
excessive. Over the first six months of the year, 3,550,000 shares were
repurchased and cancelled at an average discount of 12.1%. We believe the
discount continues to stand at a disappointingly high level and are prepared to
buy back further shares as opportunities arise as we consider that they
represent good relative value against our peers. However, with the future size
and performance of the company in mind, the Board is considering the
introduction of treasury shares at the AGM in 2006.
Dividend
In accordance with our past policy we have not declared an interim dividend but
shareholders will recall that at the year end we will be paying out a high
proportion of earnings, following the change in dividend policy undertaken at
the last year end.
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Extracts from the Chairman's Half Year Statement cont'd
Outlook
We were pleased to see the strength of Far East stock markets but would observe
that it was the weakness of sterling more than the underlying fundamental
performance that accounted for most of the Trust's positive advance. Asian
companies are having to come to terms with still rising costs of oil and some
raw materials, which, for the most part, they have not been able to pass on.
Company profits growth has slowed and economic growth is being revised down
across the region as expectations for Far East economies reflect the global slow
down. The US economy to date has confounded expectations and enjoyed relatively
strong growth but it is hard to see this continuing if short term interest rates
continue to rise. Economic data and leading indicators are mixed at present. As
the outlook for stock market sentiment remains opaque at present we will
continue to follow a reasonably cautious investment policy.
David Robins
3 August 2005
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 30 June 2005
(Unaudited) (Unaudited) (Audited and Restated+)
Half year ended 30 June Half year ended 30 June 2004 Year ended 31 December 2004
2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
--------- -------- -------- --------- -------- -------- -------- -------- --------
Total capital gains/(losses) - 20,341 20,341 - (15,506) (15,506) - (5,788) (5,788)
on investments
Income from investments 3,159 - 3,159 3,028 - 3,028 5,525 - 5,525
Other interest receivable and 42 - 42 19 - 19 66 - 66
similar income
-------- -------- -------- -------- -------- -------- -------- -------- --------
Gross revenue and capital 3,201 20,341 23,542 3,047 (15,506) (12,459) 5,591 (5,788) (197)
gains/(losses)
Management fee (316) (574) (890) (299) (513) (812) (593) (1,015) (1,608)
Other expenses (256) (212) (468) (333) (88) (421) (630) (328) (958)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss) on ordinary
activities before interest
payable
and taxation 2,629 19,555 22,184 2,415 (16,107) (13,692) 4,368 (7,131) (2,763)
Interest payable (44) (131) (175) (41) (124) (165) (72) (214) (286)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss) on ordinary 2,585 19,424 22,009 2,374 (16,231) (13,857) 4,296 (7,345) (3,049)
activities before taxation
Taxation on net return on (828) 270 (558) (723) 397 (326) (1,423) 727 (696)
ordinary activities
-------- -------- -------- -------- -------- -------- -------- -------- --------
Net return/(loss) on ordinary 1,757 19,694 21,451 1,651 (15,834) (14,183) 2,873 (6,618) (3,745)
activities
======== ======== ======== ======== ======== ======== ======== ======== ========
Return/(loss) per ordinary 11.19p (6.98p) (1.88p)
share (note 3)
======== ======== ========
The total columns of this statement represent the profit and loss accounts
of the company.
(+ see note 2)
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Balance Sheet
As at 30 June 2005
(Unaudited) (Unaudited) (Audited and
Restated+)
At 30 June At 30 June At 31 December
2005 2004 2004
£'000 £'000 £'000
------------- ------------- -------------
Fixed asset investments
Listed at market value - overseas 179,785 175,858 181,221
---------- ---------- ----------
Current assets
Debtors 2,138 1,418 142
Bank balances and short term deposits 8,658 2,952 5,685
---------- ---------- ----------
10,796 4,370 5,827
Creditors: amounts falling due within one year (3,749) (15,826) (16,137)
---------- ---------- ----------
Net current assets/(liabilities) 7,047 (11,456) (10,310)
Provision for liabilities and charges (2) - -
---------- ---------- ----------
Total net assets 186,830 164,402 170,911
========== ========== ==========
Capital and reserves
Called-up share capital 9,483 9,959 9,660
Capital redemption reserve 6,423 5,947 6,246
Special reserve 89,583 96,339 92,410
Other capital reserves 73,607 44,697 53,913
Revenue reserve 7,734 7,460 8,682
---------- ---------- ----------
Equity shareholders' funds 186,830 164,402 170,911
========== ========== ==========
Net asset value per ordinary share (note 5) 98.5p 82.5p 88.5p
(+ see note 2)
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Cash Flow Statement
for the half year ended 30 June 2005
(Unaudited) (Unaudited) (Audited)
Half year Half year Year
ended ended ended
30 June 2005 30 June 2004 31 December 2004
£'000 £'000 £'000
----------- ----------- -----------
Net cash inflow from operating activities 1,559 1,225 2,182
Interest paid (185) (195) (309)
Net tax paid - - (118)
Net cash inflow from financial investments 21,332 24,565 30,799
Equity dividends paid (2,705) (2,036) (2,036)
---------- ---------- ----------
Net cash inflow before financing 20,001 23,559 30,518
Net cash outflow from financing (16,994) (23,645) (28,360)
---------- ---------- ----------
Increase/(decrease) in cash 3,007 (86) 2,158
========== ========== ==========
Reconciliation of operating revenue to net cash inflow
from operating activities
Net revenue before interest payable and taxation 2,629 2,415 4,368
Increase in accrued income (152) (205) (6)
Increase in other debtors - (17) (19)
(Decrease)/increase in creditors (47) 32 34
Management charge taken to other capital reserves (574) (513) (1,015)
Overseas withholding tax (288) (286) (578)
Taiwanese stock dividends (9) (201) (602)
---------- ---------- ----------
Net cash inflow from operating activities 1,559 1,225 2,182
========== ========== ==========
Reconciliation of net cash flow to movement in net funds/
(debt)
Increase/(decrease) in cash as above 3,007 (86) 2,158
Decrease in debt 14,167 20,602 21,278
---------- ---------- ----------
Change in net funds resulting from cash flows 17,174 20,516 23,436
Exchange movements (176) (206) 124
---------- ---------- ----------
Movement in net funds during the period 16,998 20,310 23,560
Net debt at beginning of the period (8,600) (32,160) (32,160)
----------- ----------- ----------
Net funds/(debt) at the end of the period 8,398 (11,850) (8,600)
========== ========== ==========
Represented by:
Cash at bank and short term deposits less bank overdrafts 8,398 2,868 5,252
Debt falling due within one year - (14,718) (13,852)
---------- ---------- ----------
8,398 (11,850) (8,600)
========== ========== ==========
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Notes
1. Accounting policies
The accounts have been prepared under the historical cost convention,
modified to include the revaluation of investments and in accordance with
applicable Accounting Standards and with the Statement of Recommended
Practice 'Financial Statements of Investment Trust Companies' ('SORP')
dated January 2003. All of the company's operations are of a continuing
nature.
The same accounting policies used for the year ended 31 December 2004 have
been applied with the following exceptions:
(a) Investments - Prior to 1 January 2005, listed investments were valued
at middle market prices. Following the introduction of FRS 26 -
Financial Instruments: Recognition and Measurement, listed investments
are now valued at fair value deemed to be bid market prices. Unlisted
investments continue to be valued by the directors taking into account
the information available on the investee company and funds held by
the company. The effect of this change is to decrease the value of
listed investments at 30 June 2005, and therefore the net return on
ordinary activities after taxation, by £512,000. Comparatives have not
been restated. FRS 26 also requires, where investments are held at
fair value through the profit and loss account, that the purchase
transaction costs should be recognised as a separate item from gains
and losses on investments. These costs are shown within other
expenses in the capital columns of the Statement of Total Return.
(b) Dividends - In accordance with FRS 21, Events after the Balance Sheet
Date, dividends are not accrued in the accounts unless they have been
declared before the balance sheet date. Final dividends are therefore
recognised in the period in which they are declared and paid. As a
result of this change the accounts for the year ended 31 December 2004
have been restated as per note 2 below.
2. Restatement in respect of final dividend
(a) Statement of Total Return
The Statement of Total Return no longer reflects payment of dividends,
these are now shown in the Statement of Changes in Equity during the
period in which they are declared and paid (see note 4). The
Statement of Total Return for the year ended 31 December 2004 has been
restated accordingly.
(b) Balance Sheet at 31 December 2004 £'000 Per ordinary share
Net assets as at 31 December 2004 as previously stated 168,206 87.1p
Add back 2004 final dividend declared on 8 February 2005 2,705 1.4p
--------- -------
Restated net assets as at 31 December 2004 170,911 88.5p
_______ _____
The balance sheet at 30 June 2004 remains unchanged.
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Notes continued
3. Return/(loss) per ordinary share (Unaudited) (Unaudited) (Audited)
Half Year Ended Half Year Ended Year Ended
30 June 2005 30 June 2004 31 December 2004
£'000 £'000 £'000
The return per ordinary share is based on the following
figures:
Revenue return 1,757 1,651 2,873
Capital return 19,694 (15,834) (6,618)
-------- ---------- ---------
Total return 21,451 (14,183) (3,745)
________ __________ _________
Weighted average number of ordinary shares in issue 191,640,651 203,070,501 198,788,181
Revenue return per ordinary share 0.91p 0.81p 1.45p
Capital return per ordinary share 10.28p (7.79p) (3.33p)
-------- ---------- ---------
Total return per ordinary share 11.19p (6.98p) (1.88p)
________ __________ _________
4. Statement of Changes in Equity Capital
Notes Share redemption Special Capital Revenue
capital reserve reserve reserve reserve Total
£'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2003 (as previously
stated) 10,180 5,726 99,492 60,531 5,809 181,738
Add final dividend 2003 declared 2 1(b)
February 2004 - - - - 2,036 2,036
At 31 December 2003 (as restated)
10,180 5,726 99,492 60,531 7,845 183,774
Shares bought back and cancelled (520) 520 (7,082) - - (7,082)
Net (loss)/return from ordinary
activities - - - (6,618) 2,873 (3,745)
Final dividend for 2003 paid and
declared 1(b) - - - - (2,036) (2,036)
At 31 December 2004 (as restated) 9,660 6,246 92,410 53,913 8,682 170,911
Shares bought back and cancelled (177) 177 (2,827) - - (2,827)
Net return from ordinary
activities - - - 19,694 1,757 21,451
Final dividend for 2004 paid and
declared 2 - - - - (2,705) (2,705)
At 30 June 2005
9,483 6,423 89,583 73,607 7,734 186,830
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
Notes continued
5. Net asset value per ordinary share and issued share capital
Net asset value per ordinary share is calculated on the basis of
shareholders' funds attributable to ordinary shares divided by the number
of ordinary shares in issue at 30 June 2005, being 189,653,359 (30 June
2004: 199,183,359 and 31 December 2004: 193,203,359). During the six
months to 30 June 2005, the company bought 3,550,000 of its own issued
ordinary shares in the market for cancellation at a total cost of
£2,827,000.
6. 2004 Accounts
The figures and financial information for the year ended 31 December 2004
are extracted from the latest published accounts of the company as restated
and do not constitute statutory accounts for that year. Those accounts
(prior to restatement) 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.
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
APPENDIX 1
Geographical Distribution of the Investment Portfolio
As at 30 June 2005 As at 31 December 2004
Company Index* Company Index*
South Korea 18.2% 24.3% 16.5% 25.9%
Taiwan 24.9% 25.9% 15.9% 20.5%
China 13.2% 11.2% 14.6% 11.3%
Hong Kong 16.1% 18.0% 19.8% 19.9%
Thailand 5.7% 3.1% 9.9% 3.6%
The Philippines 0.0% 0.7% 0.0% 0.7%
Malaysia 6.0% 5.3% 6.9% 5.8%
Singapore 12.0% 9.0% 10.3% 9.6%
Indonesia 2.2% 2.5% 4.6% 2.7%
Vietnam 1.7% 0.0% 1.5% 0.0%
India 0.0% 0.0% 0.0% 0.0%
--------- --------- --------- ---------
100.0% 100.0% 100.0% 100.0%
========= ========= ========= =========
* MSCI AC Far East (Free) ex-Japan Index Country Weightings
APPENDIX 2
Stock Market Performance
Half year ended 30 June 2005
Local Currency Sterling Adjusted
South Korea 12.5% 20.7%
Taiwan 1.7% 9.2%
China 2.4% 9.7%
Hong Kong -0.2% 6.9%
Thailand 1.1% 1.8%
The Philippines 5.6% 13.5%
Malaysia -2.1% 4.9%
Singapore 7.0% 10.9%
Indonesia 12.2% 14.3%
Vietnam 2.9% 9.1%
India 9.0% 16.7%
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
APPENDIX 3
Sector Analysis of Investments at 30 June 2005
As at 30 June 2005 As at 31 December 2004
Company Index* Company Index*
Consumer Discretionary 10.8% 8.8% 11.7% 9.1%
Consumer Staples 3.4% 3.2% 3.5% 3.3%
Energy 5.7% 5.2% 3.4% 4.5%
Financials and Property 36.2% 27.1% 44.0% 28.8%
Healthcare 1.1% 0.2% 0.0% 0.2%
Industrials and Transport 1.4% 11.8% 7.9% 11.6%
Information Technology 30.0% 23.4% 11.2% 20.8%
Materials 1.6% 6.5% 4.8% 7.1%
Telecommunication Services 9.4% 8.6% 10.3% 9.0%
Utilities 0.4% 5.2% 3.2% 5.6%
---------- ---------- --------- ----------
100.0% 100.0% 100.0% 100.0%
========== ========== ========= ==========
* MSCI AC Far East (Free) ex-Japan Index Sector Weightings
Sources relate to notes (i) to (iii) on page 1.
(i) Source: AITC Services Ltd (net income reinvested).
(ii) The company's performance is compared against a group of leading investment
trust competitors. Source: AITC Services Ltd (net income reinvested).
(iii)MSCI AC Far East (Free) ex-Japan Index: (gross dividends reinvested).
Source: Thomson Financial Datastream
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
APPENDIX 4
List and Valuation of Investments as at 30 June 2005
% of Market % of Market
Investments Value Investments Value
£'000 £'000
CHINA 13.2 23,789 SINGAPORE 12.0 21,539
Beijing Capital Land 1,314 Chartered Semiconductor Manufacturing 3,492
China Heartland Fund 110 Citiraya Industries 714
China Life Insurance 3,014 Great Eastern 3,310
China Mengniu Dairy 1,739 Keppel Corporation 4,920
China Netcom 3,893 Noble Group 2,522
China Shineway Pharmaceutical 1,852 Singapore Petroleum 3,936
China Techfaith Wireless 1,747 Venture Corporation 2,645
China Telecom 3,187
Global Bio-Chem 2,205 TAIWAN 24.9 44,696
Kingboard Chemicals 2,123 Asustek Computer 4,237
Sinopec 2,605 Cathay Financial 3,603
Gemtek Technology 3,552
INDONESIA 2.2 4,005 High Tech Computer 2,364
Perusahaan Gas Negara 804 Mega Financial 2,936
Telekomunikasi Indonesia 3,201 Mitac International 3,234
Nanya Technology 3,480
HONG KONG 16.1 28,987 Novatek Microelectronics 3,123
Cheung Kong 4,335 Quanta Computer 3,416
Culturecom 1,447 Synnex Technology 3,221
Giordano International 3,804 Taiwan Cement 2,767
Henderson Land Development 3,204 Taiwan Semiconductor 5,336
Hutchison Whampoa 4,138 Vanguard International Semiconductor 3,427
Li & Fung 5,546
Linmark 1,597 THAILAND 5.7 10,195
Swire Pacific 4,916 Bank of Ayudhya 2,636
CP Seven Eleven 2,136
SOUTH KOREA 18.2 32,751 Central Pattana 1,879
Hankook Tire 4,819 Shin Corporation 3,544
Hynix Semiconductor 2,937
Industrial Bank of Korea 4,167 VIETNAM 1.7 3,128
Kookmin Bank 3,048 Vietnam Enterprise Investment Fund 3,128
Samsung Electronics 4,262
Samsung Fire & Marine 4,970 TOTAL INVESTMENTS 100.0 179,785
SK Corporation 3,543 ======
SK Telecom 2,743
Top Engineering 2,262
MALAYSIA 6.0 10,695
Genting 3,312
Malayan Banking 2,560
Roadbuilder 1,740
SP Setia 3,083
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HENDERSON TR PACIFIC INVESTMENT TRUST PLC
Unaudited Interim Results
for the half year ended 30 June 2005
For further information contact:
Michael Watt, Director and Manager
Tel: 020 7818 1818
Paul Vann
Binns & Co. PR
Tel: 020 7786 9600
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
- ENDS -
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