RNS Number:8058A
Henderson Japanese Smlr Cos Tst PLC
21 March 2001
HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Financial Highlights
(Unaudited) (Audited)
31 January 2001 31 July 2000 % Change
Total net assets (#'000) 40,550 53,337 -24.0
Net asset value per:
Ordinary share 50.3p 64.6p -22.1
Mid-market price per:
Ordinary share 39.8p 52.0p -23.5
Warrant 3.75p 5.25p -28.6
Tokyo Stock Exchanges (sterling adjusted)
First Section Index -13.6
Second Section Index -15.7
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HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Chairman's Statement
Results
During the first six months of our financial year the net asset value of the
company fell by 22.1% while in sterling terms the Tokyo Stock Exchange Second
Section Index was down by 15.7%. 3% of this index decline was due to the
weakening of the yen. As in previous years, all expenses are applied to the
revenue account and it is unlikely that there will be any earnings available
to pay a dividend.
Commentary
In the last annual report I described how the locus of investment management
was shifted to Tokyo in March last year to bring management closer to the
small companies in which we invest. There was improved performance over the
period to the end of September, but in the four months to the end of January
the portfolio showed underperformance of the market due to a faster than
expected deterioration in the outlook for technology and growth stocks
globally.
Over the six months, and particularly in the final quarter, evidence of slow
down in the US economy accumulated and there was a sharp decline in NASDAQ,
the main US small/growth company index. The Second Section tends to move with
NASDAQ and as a result Japanese high growth stocks declined sharply.
I commented in September that continuation of the modest economic recovery in
Japan in the first part of 2000 depended upon stronger domestic consumption.
Unfortunately negative external influences, the continued fragility in the
Japanese financial system and the continued failure of the government to
announce policies to revitalise the economy have all undermined consumer
confidence in the second half of the year. Japanese stock markets drifted
downwards, and our portfolio suffered from being overweight in
technology-related shares. Our belief that shares had become fundamentally
cheap led us to maintain a slightly geared exposure to the market, which also
hurt performance.
Outlook
If the US downturn becomes more entrenched or serious than it currently shows
sign of, the already anaemic recovery in the Japanese economy is bound to be
stopped in its tracks and there may well be additional problems in the
financial sector. The Japanese market may be oversold, but improved stock
market performance depends upon Japanese consumers, and Japanese policy
makers, recovering some measure of confidence and direction.
Anthony Loehnis
Chairman
19 March 2001
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HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Statement of Total Return (incorporating the revenue account)
for the half-year ended 31 January 2001
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
31 January 2001 31 January 2000 31 July 2000
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
------- ------- ----- ------ ----- ----- ----- ----- -----
Total - (11,455)(11,455) - 8,287 8,287 - (11,375)(11,375)
capital
(losses)/
gains from
investments
Income 166 - 166 322 - 322 684 - 684
from
fixed asset
investments
Other 10 - 10 19 - 19 64 - 64
interest
receivable
and similar
income
------- ----- ----- ----- ----- ----- ----- ----- -----
Gross 176 (11,455)(11,279) 341 8,287 8,628 748(11,375)(10,627)
revenue
and capital
(losses)/
gains
Management (286) - (286) (332) - (332) (635) - (635)
fee
Other (104) - (104) (140) - (140) (243) - (243)
administrative
expenses
------- ----- ----- ----- ---- ---- ----- ------ -----
Net (losses)/
gains on ordinary
activities before
interest payable
and taxation (214)(11,455)(11,669) (131) 8,287 8,156 (130)(11,375)(11,505)
Interest (46) - (46) (63) - (63) (178) - (178)
payable
------- ----- ----- ----- ----- ---- ----- ------ -----
Net losses/ (260)(11,455)(11,715) (194) 8,287 8,093 (308)(11,375)(11,683)
gains
on ordinary
activities
before
taxation
Taxation (25) - (25) (48) - (48) (103) - (103)
on net
return on
ordinary
activities
------ ----- ----- ----- ---- ---- ----- ----- -----
Net (285)(11,455)(11,740) (242) 8,287 8,045 (411)(11,375)(11,786)
(losses)/
gains on
ordinary
activities
after taxation
===== ===== ===== ===== ==== ==== ===== ===== =====
(Loss)/ (0.35)p(14.21)p(14.56)p(0.24)p 8.30p 8.06p(0.44)p (12.11)p(12.55)p
return
per ordinary
share - basic
(see note 1)
The revenue columns of this statement represent the revenue accounts of the
Company.
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HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Balance Sheets
As at 31 January 2001
(Unaudited) (Unaudited) (Audited)
31 January 2001 31 January 2000 31 July 2000
#'000 #'000 #'000
------------------- ------------------- ------------------
Fixed asset
investments
Listed at 45,289 88,144 59,090
market valuation -
overseas
---------- --------- ----------
Current assets
Debtors 185 1,324 2,352
Cash at bank 436 1,146 231
and short
term deposits
---------- ---------- ----------
621 2,470 2,583
Creditors: (2,123) (7,207) (4,985)
amounts
falling due
within one
year
---------- ---------- ----------
Net current (1,502) (4,737) (2,402)
liabilities
---------- ---------- ----------
Total assets 43,787 83,407 56,688
less current
liabilities
Creditors: (3,237) - (3,351)
amounts
falling due
after more
than one year
---------- ---------- ----------
Total net 40,550 83,407 53,337
assets
====== ====== ======
Capital and
reserves
Called-up 20,155 24,605 20,655
share capital
Warrant 9,289 9,289 9,289
reserve
Non-distributable (34,818) (8,152) (23,863)
reserves
Capital 49,526 60,813 50,573
reserve
Revenue (3,602) (3,148) (3,317)
reserve
---------- ---------- ----------
40,550 83,407 53,337
====== ====== ======
Net asset 50.3p 84.7p 64.6p
value per
ordinary share
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HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Cash Flow Statement
for the half-year to 31 January 2001
(Unaudited) (Unaudited) (Audited)
Half-year ended Half-year ended Year ended
31 January 2001 31 January 2000 31 July 2000
#'000 #'000 #'000
------------------ ---------------- -----------------
Net cash outflow (58) (204) (397)
from operating
activities
Interest paid (49) (64) (178)
Tax recovered - - 18
Net cash inflow 3,777 3,179 12,648
from capital
expenditure and
financial
investments
---------- ---------- ----------
Net cash inflow 3,670 2,911 12,091
before financing
Net cash outflow (3,931) (1,239) (10,623)
from financing
---------- ---------- ----------
(Decrease)/increase (261) 1,672 1,468
in cash
====== ====== ======
Reconciliation of operating loss to
net cash outflow from operating activities
Net loss before (214) (131) (130)
interest payable
and taxation
Decrease 9 (19) 21
/(increase) in
accrued income
Decrease/(increase) 120 (15) (91)
in other debtors
Increase/(decrease) 52 9 (94)
in creditors
Overseas tax (25) (48) (103)
suffered
---------- ---------- ----------
(58) (204) (397)
====== ====== ======
Reconciliation of net cash flow to
movement in net debt
(Decrease)/increase (261) 1,672 1,468
in cash as above
Cash 2,882 46 (811)
outflow/(inflow)
from movement in
financing
Exchange difference 267 (286) (1,088)
---------- ---------- ----------
Movement in net 2,888 1,432 (431)
debt
Net debt at start (7,691) (7,260) (7,260)
of period
---------- ---------- ----------
Net debt at end of (4,803) (5,828) (7,691)
the period
====== ====== ======
Represented by:
Cash 436 1,146 231
Debt falling due (2,002) (6,974) (4,571)
within one year
Debt falling due (3,237) - (3,351)
after more than
one year
---------- ---------- ----------
(4,803) (5,828) (7,691)
====== ====== ======
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HENDERSON JAPANESE SMALLER COMPANIES TRUST PLC
Unaudited Interim Results for the half-year ended 31 January 2001
Notes
1. (Loss)/return per ordinary share
Revenue loss per ordinary share for the half year ended 31 January 2001 is
calculated by dividing the net loss attributable to ordinary shareholders of
#285,000 (half year ended 31 January 2000: #242,000 and year ended 31 July
2000: #411,000) by the weighted average number of ordinary shares in issue,
being 80,630,172 (half year ended 31 January 2000: 99,832,265 and year ended
31 July 2000: 93,916,160).
Capital loss per ordinary share for the half year ended 31 January 2001 is
calculated by dividing the net loss attributable to ordinary shareholders of
#11,455,000 (half year ended 31 January 2000: gain of #8,287,000 and year
ended 31 July 2000: loss of #11,375,000) by the weighted average number of
ordinary shares in issue, being 80,630,172 (half year ended 31 January 2000:
99,832,265 and year ended 31 July 2000: 93,916,160).
2. Comparative information
The figures and financial information for the year ended 31 July 2000 are an
extract from the latest published accounts and do not constitute statutory
accounts for the 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. The interim accounts have been neither audited nor
reviewed by the auditors.
3. Buy-Backs
Since the year end, and as at 19 March 2001, the last practicable date prior
to publication, the Company has repurchased 2,000,000 shares for cancellation
at a cost of #1,047,000, which represented a discount of 21.65% to the net
asset value. Shareholders granted the Company authority to repurchase
12,084,828 shares at the Annual General Meeting held in November last year.
The Company has not repurchased any shares since the Annual General Meeting.
4. Issued Share Capital
On 30 November 2000 400 warrants were exercised at a price of 100p resulting
in the issue of 400 new ordinary shares. At 31 January 2001 there were
80,619,672 ordinary shares in issue.
Press enquiries :
Stephen Westwood
Head of Investment Trusts, Henderson Global Investors
Telephone: 020 7477 5517
Anthony Loehnis
Henderson Japanese Smaller Companies Trust plc
Telephone: 020 7925 1144
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