TIDMHGPC
RNS Number : 4000K
Henderson Global Property Companies
19 April 2010
19 April 2010
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Unaudited Results for the half year ended 28 February 2010
Performance Summary
+--------------------------------------+-------------+-----------+----------+
| | 28 | 31 | |
| | February | August | % |
| | 2010 | 2009 | Increase |
| | (Unaudited) | (Audited) | |
+--------------------------------------+-------------+-----------+----------+
| Net asset value per share | 60.7p | 54.3p | 11.8 |
+--------------------------------------+-------------+-----------+----------+
| Share price | 54.0p | 48.3p | 11.8 |
+--------------------------------------+-------------+-----------+----------+
| Discount | 11.0% | 11.0% | n/a |
+--------------------------------------+-------------+-----------+----------+
| Revenue earnings per share (6 months | 2.3p | 5.2p | n/a |
| and 12 months) | | | |
+--------------------------------------+-------------+-----------+----------+
| Net asset value total return (6 | - | - | 16.2 |
| months)* | | | |
+--------------------------------------+-------------+-----------+----------+
| Share price total return (6 months)* | - | - | 16.9 |
+--------------------------------------+-------------+-----------+----------+
| FTSE EPRA/NAREIT Developed Net Total | | | |
| Return Index (GBP adjusted)** | 2,481.5 | 2,164.2 | 14.7 |
+--------------------------------------+-------------+-----------+----------+
Source: *Morningstar ** Datastream
Interim Management Report
Chairman's Statement
The last six months have been a lot less hostile to equity investors than the
previous twelve months. There has been a general upward trend in the value of
real estate related stocks and a welcome return to awareness that commercial
property offers a strong yield advantage over some other sectors. Commercial
property leases are relatively long term and so give us some comfort when we are
assessing dividend prospects for your company. Against this there is still a
large structural imbalance within the commercial real estate sector. Total debt
owed by the sector is still far too high to be sustainable; the amounts due for
repayment in each of the next two years far exceed the new debt and equity
likely to be available. However, the best assets will be refinanced while others
will be the subject of write-downs.
Over the six months to 28 February 2010 the FTSE EPRA/NAREIT Developed Net Total
Return Index ( sterling adjusted) rose by 14.7%, while your company's net asset
value total return rose by 16.2%, an outperformance of 1.5%.
Dividends
As indicated in the last annual report, following consultation with the ten
largest shareholders, representing approximately 65% of your company, the board
has reduced the annual dividend target from 4.75p to 3.20p, payable in four
quarterly dividends.
A first interim dividend of 0.80p was paid in respect of the current year on 25
January 2010. A second interim dividend of the same amount was announced on 1
April which will be paid on 30 April 2010.
Discount
Your board monitors the discount to net asset value at which your company's
shares trade very closely. While it appears from the start and end dates of the
period that the discount remained constant at approximately 11.0% there was a
great deal of variation due to market movements in between these dates.
-MORE-
The board remains of the view that share buybacks would not be appropriate for
such a small company. As you will be aware, a continuation vote would have been
put at the 2009 AGM if the average discount was above 10.0% in September and
October 2009. In the event the vote was not triggered but the board has decided
nonetheless to introduce an annual discount test, with an annual right to a
continuation vote at the AGM conditional on it. The new discount test period
will be the three months to 31 October each year. If at the end of the period
the average discount to cum-income net asset value is greater than 10.0% there
will be a continuation vote at the AGM in the following December.
Material events or transactions during the period
We continue to maintain revenues without the use of borrowings at the company
level. At the moment we have no plans to change this policy. However, we have
authorised the managers to use contracts for difference, to a limited extent, to
introduce gearing at the level of individual stocks.
In December 2009 William Scott was not re-elected to the board when standing for
re-election by rotation. He did an excellent job both as a director and as
chairman of the audit committee. I should like to record our thanks to him for
his service to the company. We are pleased that Richard Battey joined the board
on 8 January 2010 as a director and chairman of the audit committee.
Related party transactions
Details of related party transactions are contained in the annual report. There
have been no material transactions with our related parties during the six month
period under review.
Outlook (including principal risks and uncertainties) for the six months to 31
August 2010
Real estate markets in many of the countries in which we invest are now very
affected by their macro economies and in particular government reactions to
substantially increased public sector debt. Decisions taken by governments to
deal with these challenges will have inevitable and sometimes large impacts on
total demand from occupiers. This will affect rental growth prospects.
The result of this is that we should be prepared for policy surprises and the
knock-on effect that these have on demand to occupy commercial property. All of
this also feeds through to the prices of stocks.
Growth in property rental and capital values is returning in some regions of the
world faster than in the UK. Your company is well placed to benefit from this
trend with its globally diversified portfolio and our new dividend policy should
enable us to enjoy the potential for continued capital growth as well as income
distributions.
Christopher Jonas
Chairman. 19 April 2010
DIRECTORS' RESPONSIBILITY STATEMENT
The Directors confirm that, to the best of their knowledge:
a) the condensed set of financial statements has been prepared in accordance
with IAS34;
b) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party
transactions and changes therein).
Christopher Jonas
Chairman. 19 April 2010
- MORE -
Manager's Report
Investment Market
Global equity markets continued their upward trend in the period under review,
albeit at a more moderate rate, buoyed by ongoing signs of a global economic
recovery, rising consumer confidence and the strength of corporate debt markets.
Direct property markets continued to benefit from the historically wide spread
between the cost of money and property yields and from further confidence in the
continuation of low interest rates. Sentiment is now divided between strong
investor interest and static or deteriorating rental values in most developed
markets. However, after a synchronised global downturn there are now several
markets where a fundamental recovery is already evident, such as the office
markets of London and Hong Kong.
The FTSE EPRA/NAREIT Developed Net Total Return index (sterling adjusted) rose
by 14.7% during the six months to 28 February 2010. North American REITs were
the strongest performers, rising by 25.3% in sterling terms, with those based in
Canada gaining 33.3%. Asian property equities gained 9.7%, but country level
performance saw significant divergence. Australia was the strongest performer,
up 20.5%, driven by the country's economic rebound and companies' repaired
balance sheets. Conversely Japan saw further underperformance, losing 2.4%. In
Europe the market gained 3.9%, with Swedish stocks among the top performers, up
15.8%.
Performance & Portfolio
We achieved the company's dual objective of covering the target dividend and at
least matching the benchmark's total return. During the period the company's net
asset value total return was 16.2%, including revenue earnings of 2.26p per
share, leaving us well placed to cover the income target for the year. The
weakness of sterling, which lost 6.4% against the US dollar, was a positive
factor for UK investors.
We continue to maintain a broadly neutral regional exposure, seeking to drive
performance through stock selection. We remain active in capturing dividends and
benefit from the unsynchronised timing of global dividend payments. After
reducing the company's dividend target we have been able to allocate a larger
part of the portfolio to stocks with capital growth potential.
In Asia, the portfolio benefitted from strong stock selection in Hong Kong and
Singapore, with stocks such as Henderson Land, Fortune REIT and Keppel Land
making gains on the back of strength in the Chinese and Hong Kong property
markets. Holdings in Japan were less positive as hopes for an economic revival
under the new government faded. However, dividend yields from several J-REITs
are close to all-time highs, and we have been active in capturing income
opportunities from companies such as ORIX and the Japan Retail Fund. In
Australia we added to Westfield Group and initiated a new position in Stockland.
Elsewhere we began to build exposure to emerging markets through holdings in
Beijing Capital Land, LPN Development and Bumi Serpong Damai, property
development companies in China, Thailand and Indonesia respectively.
In Europe, our decision to increase holdings in the UK was detrimental to
performance. Despite the strength of the direct property investment market,
property equities remained subdued amid concerns that weak consumer demand and a
potential flood of asset sales by banks could lead to a 'double dip'. We remain
more positive, most notably on the London market, where we have exposure through
Derwent London and Shaftesbury.
We participated in several equity raisings, including those by opportunity fund
LXB Properties, residential landlord Grainger and the Invista European Real
Estate Trust. Elsewhere in Europe, stock selection in France and the Netherlands
was positive, most notably through high-yielding stocks Tour Eiffel and
Eurocommercial. We expect a continued recovery in the Swedish market and added
holdings in Fabege and Kungsleden.
- MORE -
In North America we benefitted from our overweight position in Canada. Stock
selection further enhanced returns, with strong contributions from REITs Dundee
and Extendicare. With dividend yields in Canada still averaging close to 8.0%,
we continue to see value there, taking comfort from the relative strength of the
economy. We recently added Artis REIT in Canada, with a prospective yield above
10.0%. In the US, healthcare REIT Medical Properties Trust was our top performer
as the sector showed continued strength. Retail REITs also rallied strongly
during February as Simon Properties Group announced a bid for General Growth,
formerly one of the largest listed REITs before over-leverage resulted in the
company filing for Chapter 11 last April. Our holding in Macerich benefitted
from the subsequent rally. We continue to hold approximately 11.0% of the fund
in US REIT preference shares and have profited from their above average income
yields. Preference shares also showed strong capital growth during the period,
rallying in line with credit markets. We see attractive income opportunities in
the US market and have added Ramco-Gershenson Properties and Sun Communities. We
expect the market to benefit from capital flows, attracted by dividends and an
expectation of rising capital values.
Finally, the Company began to introduce 'contract for difference' (CFD)
positions into the portfolio over the period. CFDs represent a flexible,
low-cost method of leverage and help maximise dividend income. We are permitted
to leverage the portfolio up to 20.0%, but we do not currently anticipate
reaching this level in the near future.
Outlook
The revaluation of real estate in developed markets is in its early stages, and,
as usual, stockmarkets are anticipating this recovery. However, yields remain
above their long-term equilibrium levels, reflecting weak occupational demand
and severely rationed debt finance. The medium-term economic outlook remains
fraught with uncertainties, with the horizon clouded by the need to refinance
trillions of dollars of maturing real estate debt over the next decade. This
will split the market into two distinct camps: the "haves" and the "have nots",
and fortunately listed property companies tend to be in the former category by
virtue of their access to equity markets and, more recently, debt. Nevertheless,
there is enough uncertainty among investors to keep pricing within reasonable
limits at a point in the cycle where it often becomes "exuberant".
Our current view of the market is that the equity market pricing fairly reflects
the outlook for the physical market, with a wide dispersion around the mean. We
intend to continue to focus on exploiting these discrepancies through active and
thorough company research, investing only in companies where we have a high
degree of conviction.
Patrick Sumner
Portfolio Manager
19 April 2010
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Consolidated Income Statement
for the half year ended 28 February 2010
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | Half year ended | Half year ended | Year ended |
| | 28 February 2010 | 28 February 2009 | 31 August 2009 |
| | (Unaudited) | (Unaudited) | (Audited) |
+-----------------+-----------------------------------+-----------------------------------+-----------------------------------+
| | Revenue | Capital | | Revenue | Capital | | Revenue | Capital | |
| | return | return | Total | return | return | Total | return | return | Total |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Investment | 1,141 | - | 1,141 | 1,638 | - | 1,638 | 2,617 | - | 2,617 |
| Income | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Net | | | | | | | | | |
| gains/(losses) | | | | | | | | | |
| on investments | - | 2,392 | 2,392 | - | (12,237) | (12,237) | - | (5,990) | (5,990) |
| held at fair | | | | | | | | | |
| value through | | | | | | | | | |
| profit or loss | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Foreign | - | 49 | 49 | - | 38 | 38 | - | 36 | 36 |
| exchange | | | | | | | | | |
| movements | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Other income | 15 | - | 15 | 5 | - | 5 | 23 | - | 23 |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Total | 1,156 | 2,441 | 3,597 | 1,643 | (12,199) | (10,556) | 2,640 | (5,954) | (3,314) |
| revenue | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Expenses | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Management | (33) | (50) | (83) | (24) | (36) | (60) | (49) | (74) | (123) |
| fees | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Other | (179) | - | (179) | (208) | - | (208) | (377) | - | (377) |
| expenses | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Profit/(loss) | | | | | | | | | |
| before | 944 | 2,391 | 3,335 | 1,411 | (12,235) | (10,824) | 2,214 | (6,028) | (3,814) |
| finance costs | | | | | | | | | |
| and taxation | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Finance | - | - | - | (2) | (3) | (5) | (3) | (4) | (7) |
| costs | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Profit/(loss) | 944 | 2,391 | 3,335 | 1,409 | (12,238) | (10,829) | 2,211 | (6,032) | (3,821) |
| before | | | | | | | | | |
| taxation | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Taxation | (95) | - | (95) | (138) | - | (138) | (273) | - | (273) |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- | --------- |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Profit/(loss) | 849 | 2,391 | 3,240 | 1,271 | (12,238) | (10,967) | 1,938 | (6,032) | (4,094) |
| for the | | | | | | | | | |
| period | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | ====== | ====== | ===== | ====== | ====== | ===== | ====== | ====== | ===== |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| Basic and | | | | | | | | | |
| diluted | 2.26p | 6.38p | 8.64p | 3.39p | (32.63)p | (29.24)p | 5.17p | (16.09)p | (10.92)p |
| earnings/(loss) | | | | | | | | | |
| per share (note | | | | | | | | | |
| 2) | | | | | | | | | |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
| | ====== | ====== | ===== | ====== | ====== | ===== | ====== | ====== | ===== |
+-----------------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+-----------+
The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS. The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Companies. All items in the above statement derive
from continuing operations. All income is attributable to the equity
shareholders of Henderson Global Property Companies Limited. There are no
minority interests.
The accompanying condensed notes are an integral part of these financial
statements.
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Consolidated Statement of Changes in Equity
for the half year ended 28 February 2010
+---------------------------------+---------+---------------+----------+---------+---------+
| | Half year ended 28 February 2010 |
| | (Unaudited) |
+---------------------------------+--------------------------------------------------------+
| | Share | Distributable | Capital | Revenue | |
| | capital | reserve | reserves | reserve | Total |
+---------------------------------+---------+---------------+----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| At 31 August 2009 | 3,750 | 32,865 | (17,503) | 1,248 | 20,360 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| Net profit from ordinary | - | - | 2,391 | 849 | 3,240 |
| activities after taxation | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| Payment of interim dividends of | - | - | - | (844) | (844) |
| 2.25p (note 5) | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| | _______ | _______ | ______ | ______ | ______ |
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| At 28 February 2010 | 3,750 | 32,865 | (15,112) | 1,253 | 22,756 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | _______ | _______ | ______ | ______ | ______ |
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
+---------------------------------+---------+---------------+----------+---------+----------+
| | Half year ended 28 February 2009 |
| | (Unaudited) |
+---------------------------------+---------------------------------------------------------+
| | Share | Distributable | Capital | Revenue | |
| | capital | reserve | reserves | reserve | Total |
+---------------------------------+---------+---------------+----------+---------+----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------------+----------+---------+----------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
| At 31 August 2008 | 3,750 | 32,865 | (11,471) | 1,093 | 26,237 |
+---------------------------------+---------+---------------+----------+---------+----------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
| Net (loss)/profit on ordinary | - | - | (12,238) | 1,271 | (10,967) |
| activities after taxation | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
| Payment of interim dividends of | - | - | - | (956) | (956) |
| 2.55p | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
| | ______ | _______ | ______ | _______ | _______ |
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
| At 28 February 2009 | 3,750 | 32,865 | (23,709) | 1,408 | 14,314 |
+---------------------------------+---------+---------------+----------+---------+----------+
| | ______ | _______ | ______ | _______ | _______ |
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+----------+
+---------------------------------+---------+---------------+----------+---------+---------+
| | Year ended 31 August 2009 |
| | (Audited) |
+---------------------------------+--------------------------------------------------------+
| | Share | Distributable | Capital | Revenue | |
| | capital | reserve | reserves | reserve | Total |
+---------------------------------+---------+---------------+----------+---------+---------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| At 31 August 2008 | 3,750 | 32,865 | (11,471) | 1,093 | 26,237 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| Net (loss)/profit from ordinary | - | - | (6,032) | 1,938 | (4,094) |
| activities after taxation | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| Payment of interim dividends of | - | - | - | (1,783) | (1,783) |
| 4.75p | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| | ______ | ______ | ______ | _______ | _______ |
| | | | | | |
+---------------------------------+---------+---------------+----------+---------+---------+
| At 31 August 2009 | 3,750 | 32,865 | (17,503) | 1,248 | 20,360 |
+---------------------------------+---------+---------------+----------+---------+---------+
| | ______ | ______ | ______ | _______ | _______ |
+---------------------------------+---------+---------------+----------+---------+---------+
The accompanying condensed notes are an integral part of these financial
statements.
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Consolidated Balance Sheet
at 28 February 2010
+-----------------------------+-----+-------------+-------------+------------+
| | | 28 | 28 | 31 |
| | | February | February | August |
| | | 2010 | 2009 | 2009 |
| | | (Unaudited) | (Unaudited) | (Audited) |
+-----------------------------+-----+-------------+-------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-----------------------------+-----+-------------+-------------+------------+
| Non-current assets | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Investments held at fair | | | | |
| value through profit or | | 22,123 | 13,740 | 19,869 |
| loss | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| | | ________ | ________ | ________ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Current assets | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Amounts due from brokers | | 1,156 | 1,209 | 579 |
+-----------------------------+-----+-------------+-------------+------------+
| Other receivables | | 280 | 356 | 105 |
+-----------------------------+-----+-------------+-------------+------------+
| Cash and cash equivalents | | 982 | 179 | 473 |
+-----------------------------+-----+-------------+-------------+------------+
| | | ________ | ________ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| | | 2,418 | 1,744 | 1,157 |
+-----------------------------+-----+-------------+-------------+------------+
| | | ________ | ________ | _______ |
+-----------------------------+-----+-------------+-------------+------------+
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Total assets | | 24,541 | 15,484 | 21,026 |
+-----------------------------+-----+-------------+-------------+------------+
| | | ________ | ________ | _______ |
+-----------------------------+-----+-------------+-------------+------------+
| Current liabilities | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Amounts due to brokers | | (1,603) | (977) | (415) |
+-----------------------------+-----+-------------+-------------+------------+
| Net unrealised loss on | | | | |
| Contracts for Difference | | (10) | - | - |
+-----------------------------+-----+-------------+-------------+------------+
| Other payables | | (172) | (193) | (251) |
+-----------------------------+-----+-------------+-------------+------------+
| | | _______ | _______ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| | | (1,785) | (1,170) | (666) |
+-----------------------------+-----+-------------+-------------+------------+
| | | _______ | _______ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Net assets | | 22,756 | 14,314 | 20,360 |
+-----------------------------+-----+-------------+-------------+------------+
| | | _______ | _______ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Equity attributable to | | | | |
| equity shareholders | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Share capital | | 3,750 | 3,750 | 3,750 |
+-----------------------------+-----+-------------+-------------+------------+
| Distributable reserve | | 32,865 | 32,865 | 32,865 |
+-----------------------------+-----+-------------+-------------+------------+
| Retained earnings: | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Capital reserves | | (15,112) | (23,709) | (17,503) |
+-----------------------------+-----+-------------+-------------+------------+
| Revenue reserve | | 1,253 | 1,408 | 1,248 |
+-----------------------------+-----+-------------+-------------+------------+
| | | _______ | _______ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| | | 22,756 | 14,314 | 20,360 |
+-----------------------------+-----+-------------+-------------+------------+
| | | _______ | _______ | _______ |
| | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| Number of shares | | 37,500,000 | 37,500,000 | 37,500,000 |
+-----------------------------+-----+-------------+-------------+------------+
| Net asset value per | | | | |
| ordinary share - basic and | | 60.68p | 38.17p | 54.29p |
| diluted (note 3) | | | | |
+-----------------------------+-----+-------------+-------------+------------+
| | | _________ | _________ | _________ |
+-----------------------------+-----+-------------+-------------+------------+
The accompanying condensed notes are an integral part of these financial
statements
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Consolidated Cash Flow Statement
for the half year ended 28 February 2010
+-------------------------+----------------+-------------+------------+
| | | | |
| | Half year | Half year | Year ended |
| | ended | ended | |
| | 28 February | 28 February | 31 August |
| | 2010 | 2009 | 2009 |
| | (Unaudited) | (Unaudited) | (Audited) |
+-------------------------+----------------+-------------+------------+
| | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+----------------+-------------+------------+
| | | | |
+-------------------------+----------------+-------------+------------+
| Net cash inflow from | | | |
| operating activities | 1,304 | 746 | 1,869 |
| (note 4) | | | |
+-------------------------+----------------+-------------+------------+
| | _______ | _______ | _______ |
+-------------------------+----------------+-------------+------------+
| Financing activities | | | |
+-------------------------+----------------+-------------+------------+
| Equity dividends paid | (844) | (956) | (1,783) |
+-------------------------+----------------+-------------+------------+
| Repayment of loans | - | (1,903) | (1,903) |
+-------------------------+----------------+-------------+------------+
| | _______ | _______ | _______ |
+-------------------------+----------------+-------------+------------+
| Net cash outflow from | | | |
| financing activities | (844) | (2,859) | (3,686) |
+-------------------------+----------------+-------------+------------+
| | _______ | _______ | _______ |
+-------------------------+----------------+-------------+------------+
| Increase /(decrease) in | | | |
| cash and cash | 460 | (2,113) | (1,817) |
| equivalents | | | |
+-------------------------+----------------+-------------+------------+
| Cash and cash | | | |
| equivalents at start of | 473 | 2,254 | 2,254 |
| the period | | | |
+-------------------------+----------------+-------------+------------+
| Effect of foreign | | | |
| exchange rate changes | 49 | 38 | 36 |
+-------------------------+----------------+-------------+------------+
| | _______ | _______ | _______ |
+-------------------------+----------------+-------------+------------+
| Cash and cash | | | |
| equivalents at end of | 982 | 179 | 473 |
| period | | | |
+-------------------------+----------------+-------------+------------+
| | _______ | _______ | _______ |
+-------------------------+----------------+-------------+------------+
The accompanying condensed notes are an integral part of these financial
statements.
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Notes :
+--+------------------------+-------------+-------------+------------+
| 1.| Accounting Policies |
| | |
+--+-----------------------------------------------------------------+
| | Basis of preparation |
+--+-----------------------------------------------------------------+
| | The consolidated financial statements consolidate the |
| | results of the company and its wholly-owned subsidiary, |
| | Henderson Global Property Companies (Luxembourg) s.a.r.l.. |
| | The financial statements have been prepared in accordance |
| | with the Companies (Guernsey) Law 2008 and International |
| | Financial Reporting Standards ('IFRS') which comprise |
| | standards and interpretations approved by the International |
| | Accounting Standards Board ('IASB'), together with the |
| | interpretations of the International Accounting Standards |
| | and Standing Interpretations Committee as approved by the |
| | International Accounting Standards Committee ('IASC') and |
| | which remain in effect. The condensed set of financial |
| | statements has been prepared using the same accounting |
| | policies as set out in the company's report and financial |
| | statements for the year ended 31 August 2009. |
| | |
| | The condensed set of financial statements has been prepared |
| | under the historical cost basis, except for the revaluation |
| | of investments at fair value through profit or loss. The |
| | condensed set of financial statements has not been either |
| | audited or reviewed by the company's auditors. |
| | |
+--+-----------------------------------------------------------------+
| | The board reported on the principal risks and uncertainties |
| | faced by the company in the annual report and financial |
| | statements for the year ended 31 August 2009. A detailed |
| | explanation can be found on page 12 of the annual report |
| | and financial statements which is available on the website |
| | at www.hendersonglobalproperty.com. |
| | |
| | In the view of the board, there have not been any changes |
| | to the fundamental nature of these risks since the previous |
| | report and these principal risks and uncertainties are |
| | equally applicable to the remaining six months of the |
| | financial year as they were to the six months under review. |
| | |
| | The taxation charge for the period is based on foreign tax |
| | suffered. |
| | |
+--+-----------------------------------------------------------------+
| 2.| Earnings/(loss) per | | | |
| | ordinary share | | | |
+--+------------------------+-------------+-------------+------------+
| | | Half | | |
| | | year | | |
| | | ended | Half year | Year ended |
| | | 28 | ended 28 | |
| | | February | February | 31 August |
| | | 2010 | 2009 | 2009 |
| | | (Unaudited) | (Unaudited) | (Audited) |
+--+------------------------+-------------+-------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+--+------------------------+-------------+-------------+------------+
| | Net revenue earnings | 849 | 1,271 | 1,938 |
+--+------------------------+-------------+-------------+------------+
| | Net capital | 2,391 | (12,238) | (6,032) |
| | gain/(loss) | | | |
+--+------------------------+-------------+-------------+------------+
| | | _______ | _______ | ______ |
+--+------------------------+-------------+-------------+------------+
| | Net total | 3,240 | (10,967) | (4,094) |
| | earnings/(loss) | | | |
+--+------------------------+-------------+-------------+------------+
| | | _______ | _______ | ______ |
| | | | | |
+--+------------------------+-------------+-------------+------------+
| | Revenue earnings per | 2.26p | 3.39p | 5.17p |
| | ordinary share | | | |
+--+------------------------+-------------+-------------+------------+
| | Capital gains/(losses) | 6.38p | (32.63)p | (16.09)p |
| | per share | | | |
+--+------------------------+-------------+-------------+------------+
| | | _______ | ________ | ________ |
+--+------------------------+-------------+-------------+------------+
| | Total earnings/(loss) | 8.64p | (29.24)p | (10.92)p |
| | per share | | | |
+--+------------------------+-------------+-------------+------------+
| | | _______ | ________ | ________ |
+--+------------------------+-------------+-------------+------------+
| | Weighted average | | | |
| | number of ordinary | 37,500,000 | 37,500,000 | 37,500,000 |
| | shares in issue during | | | |
| | the period | | | |
+--+------------------------+-------------+-------------+------------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Notes continued:
+-------------------------+-------------------------+-------------------------+-------------+------------+
| 3. | Net asset value per ordinary share |
+-------------------------+------------------------------------------------------------------------------+
| | The net asset value per ordinary share is calculated on the |
| | basis of shareholders' funds attributable to ordinary |
| | shareholders divided by the number of ordinary shares in |
| | issue at 28 February 2010, being 37,500,000 (28 February |
| | 2009: 37,500,000; 31 August 2009: 37,500,000). |
+-------------------------+------------------------------------------------------------------------------+
| | |
+-------------------------+------------------------------------------------------------------------------+
| 4. | Reconciliation of net profit/(loss) before tax to net cash |
| | flow to operating activities |
| | |
+-------------------------+------------------------------------------------------------------------------+
| | | Half year | Half year | Year |
| | | ended | ended 29 | ended |
| | | 28 | February | 31 |
| | | February | 2009 | August |
| | | 2010 | (Unaudited) | 2009 |
| | | (Unaudited) | | (Audited) |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | | GBP'000 | GBP'000 | GBP'000 |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Operating activities: | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Net profit/(loss) | 3,335 | (10,829) | (3,821) |
| | before tax | | | |
+ +-------------------------+-------------------------+-------------+------------+
| | Add back interest paid | - | 5 | 7 |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Net (gains)/losses on | | | |
| | investments held at | | | |
| | fair value through | (2,392) | 12,237 | 5,990 |
| | profit or loss | | | |
| | including transaction | | | |
| | costs | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Net gains on foreign | (49) | (38) | (36) |
| | exchange | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | (Increase)/decrease in | | | |
| | accrued income | (175) | (144) | 107 |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Decrease in other | - | 152 | 152 |
| | debtors | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | (Decrease)/increase in | (79) | 10 | 68 |
| | other creditors | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Net sales of | 148 | 153 | 271 |
| | investments | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Increase in sales for | | | |
| | settlement debtor | (577) | (1,209) | (579) |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Increase/(decrease) in | 1,188 | 552 | (10) |
| | purchase settlement | | | |
| | creditor | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | | _______ | _______ | _______ |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Net cash inflow from | | | |
| | operating activities | 1,399 | 889 | 2,149 |
| | before interest and | | | |
| | taxation | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Interest paid | - | (5) | (7) |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | Tax on overseas income | (95) | (138) | (273) |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | | _______ | _______ | _______ |
| | Net cash inflow from | 1,304 | 746 | 1,869 |
| | operating activities | | | |
+-------------------------+-------------------------+-------------------------+-------------+------------+
| | | _______ | _______ | _______ |
+-------------------------+-------------------------+-------------------------+-------------+------------+
+--+---------------------------------------------------------------+
| 5.| Interim dividends |
+--+---------------------------------------------------------------+
| | On 29 October 2009 the company paid a fourth interim dividend |
| | of 1.45p (2008: 1.45p) per ordinary share for the year ended |
| | 31 August 2009. For the year ending 31 August 2010, the |
| | company paid a first interim dividend of 0.80p (2009: 1.10p) |
| | per ordinary share on 25 January 2010 to shareholders on the |
| | register on 29 December 2009. A second interim dividend of |
| | 0.80p will be paid on 30 April 2010 to shareholders on the |
| | register on 16 April 2010. Dividends are recognised in the |
| | consolidated statement of changes in equity in the period in |
| | which they are paid. |
+--+---------------------------------------------------------------+
| 6.| Going concern |
+--+---------------------------------------------------------------+
| | The directors believe that it is appropriate to adopt the |
| | going concern basis in preparing the financial statements. |
| | Having made enquiries and bearing in mind the nature of the |
| | company's business, the directors consider that the company |
| | has adequate financial resources to continue in operational |
| | existence for the foreseeable future. |
| | |
| | |
+--+---------------------------------------------------------------+
-MORE-
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Unaudited Results for the half year ended 28 February 2010
Geographical Distribution of the Investment Portfolio
+--------------+-----------------+-----------------+
| Country | | As at 28 |
| Exposure* | | February 2010 |
| | | % |
+--------------+-----------------+-----------------+
| | | |
+--------------+-----------------+-----------------+
| United | | 37.8 |
| States | | |
+--------------+-----------------+-----------------+
| Japan | | 11.7 |
+--------------+-----------------+-----------------+
| United | | 10.8 |
| Kingdom | | |
+--------------+-----------------+-----------------+
| Hong Kong | | 7.5 |
+--------------+-----------------+-----------------+
| Australia | | 6.1 |
+--------------+-----------------+-----------------+
| Singapore | | 5.4 |
+--------------+-----------------+-----------------+
| Canada | | 4.6 |
+--------------+-----------------+-----------------+
| France | | 4.3 |
+--------------+-----------------+-----------------+
| China | | 4.0 |
+--------------+-----------------+-----------------+
| Other Europe | | 3.5 |
| including | | |
| CEE & Russia | | |
+--------------+-----------------+-----------------+
| Sweden | | 1.7 |
+--------------+-----------------+-----------------+
| Netherlands | | 1.3 |
+--------------+-----------------+-----------------+
| Other | | 1.3 |
+--------------+-----------------+-----------------+
| | | ______ |
+--------------+-----------------+-----------------+
| | | 100.0 |
+--------------+-----------------+-----------------+
| | | ===== |
+--------------+-----------------+-----------------+
* By location of assets
+--------------+-----------------+-----------------+
| Sector | | As at 28 |
| Exposure | | February 2010 |
| | | % |
+--------------+-----------------+-----------------+
| Retail | | 39.3 |
+--------------+-----------------+-----------------+
| Office | 20.7 |
+--------------------------------+-----------------+
| Industrial | | 11.8 |
+--------------+-----------------+-----------------+
| Residential | | 11.1 |
+--------------+-----------------+-----------------+
| Healthcare | | 3.3 |
+--------------+-----------------+-----------------+
| Hotel | | 2.2 |
+--------------+-----------------+-----------------+
| Storage | | 0.6 |
+--------------+-----------------+-----------------+
| Other | | 11.0 |
+--------------+-----------------+-----------------+
| | | _____ |
+--------------+-----------------+-----------------+
| | | 100.0 |
+--------------+-----------------+-----------------+
| | | ===== |
+--------------+-----------------+-----------------+
- MORE -
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Unaudited Results for the half year ended 28 February 2010
Top Twenty Investments as at 28 February 2010
+----------------------------------+-------------+------------+
| | | Value of |
| | Country of | Investment |
| Company | Listing | GBP'000 |
+----------------------------------+-------------+------------+
| Mitsubishi Estate | Japan | 1,028 |
+----------------------------------+-------------+------------+
| Sun Hung Kai Properties | Hong Kong | 1,001 |
+----------------------------------+-------------+------------+
| Hongkong Land | Singapore | 907 |
+----------------------------------+-------------+------------+
| Westfield | Australia | 777 |
+----------------------------------+-------------+------------+
| Japan Retail Fund | Japan | 710 |
+----------------------------------+-------------+------------+
| Unibail-Rodamco | France | 676 |
+----------------------------------+-------------+------------+
| Simon Property Group | United | 658 |
| | States | |
+----------------------------------+-------------+------------+
| Entertainment Properties Trust | United | 501 |
| | States | |
+----------------------------------+-------------+------------+
| Fortune REIT | Singapore | 480 |
+----------------------------------+-------------+------------+
| Sun Communities | United | 468 |
| | States | |
+----------------------------------+-------------+------------+
| CFS Retail Property | Australia | 446 |
+----------------------------------+-------------+------------+
| Entertainment Properties Trust | United | 426 |
| 7.375% | States | |
| Pref Series D | | |
+----------------------------------+-------------+------------+
| Medical Properties Trust | United | 405 |
| | States | |
+----------------------------------+-------------+------------+
| FF&P Russia Real Estate | Guernsey | 394 |
| Development* | | |
+----------------------------------+-------------+------------+
| Land Securities | United | 384 |
| | Kingdom | |
+----------------------------------+-------------+------------+
| Macerich | United | 359 |
| | States | |
+----------------------------------+-------------+------------+
| Stockland | Australia | 357 |
+----------------------------------+-------------+------------+
| Alexandria Real Estate | United | 344 |
| | States | |
+----------------------------------+-------------+------------+
| Apartment Investment & | United | 336 |
| Management 8.00% Pref Series T | States | |
+----------------------------------+-------------+------------+
| Extendicare REIT | Canada | 332 |
+----------------------------------+-------------+------------+
| | | ______ |
+----------------------------------+-------------+------------+
| | Total | 10,989 |
| | Investments | |
+----------------------------------+-------------+------------+
| | ===== |
| * Unquoted stocks | |
+------------------------------------------------+------------+
| | |
+------------------------------------------------+------------+
| Top 20 as a percentage of total investments | 49.7% |
+----------------------------------+-------------+------------+
- ENDS -
For further information please contact:
Patrick Sumner, Henderson Global Property Companies Limited
Telephone: 020 7818 4291
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUQPCUPUGGB
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