TIDMHGPC
RNS Number : 0682W
Henderson Global Property Companies
11 November 2010
11 November 2010
This announcement contains regulated information.
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
+-----------------------------------+-----------+---------+---------+
| | 31 August | 31 | % |
| | 2010 | August | change |
| | | 2009 | |
+-----------------------------------+-----------+---------+---------+
| Net asset value per share | 62.54p | 54.29p | 15.2 |
| | | | |
+-----------------------------------+-----------+---------+---------+
| Share mid-market price | 53.50p | 48.25p | 10.9 |
| | | | |
+-----------------------------------+-----------+---------+---------+
| Discount | 14.5% | 11.1% | - |
| | | | |
+-----------------------------------+-----------+---------+---------+
| Revenue earnings per share | 4.52p | 5.17p | -12.6 |
| | | | |
+-----------------------------------+-----------+---------+---------+
| Dividends paid and payable per | 3.20p | 4.75p | -32.6 |
| share | | | |
| | | | |
+-----------------------------------+-----------+---------+---------+
MANAGEMENT REPORT
Extracts from the Chairman's Statement
Real estate markets round the world have re-established a sounder basis of value
in the last year after the shocks of earlier years. Nonetheless recovery remains
a slow process because banks' exposure to the sector is still well over its
longer run average. A vast amount of real estate-related debt is due for
repayment in the next three years, requiring the injection of substantial new
equity to secure refinancings. That said, the risk premium on real estate
securities is now lower than a year ago, with a consequent increase in capital
values. Our shift from a predominantly yield-focused strategy to a more balanced
total return approach has enabled us to match the market's overall growth, as
well as our dividend target.
Performance
The net asset value total return per ordinary share rose by 22.83% whilst the
share price total return rose by 19.21% reflecting the widening of the discount
over the year from 11.1% to 14.5%. The FTSE EPRA/NAREIT Developed Net Total
Return Index (sterling adjusted) rose by 22.07% over the same period. No
performance fee is payable to our managers as the high watermark has not been
reached.
Earnings and Dividend
Net revenue before tax was GBP1,876,000 (2009: GBP2,211,000) reflecting the
lower income requirement following the reduction in the dividend target set in
2009. This revised dividend target of 0.80p per quarter or 3.20p per annum has
been comfortably exceeded with 1.32p added to the reserves. In the absence of
unforeseen circumstances, your board intends to maintain this dividend in the
coming year.
Discount Management and Future of the Company
I reported in the half year statement that the board would introduce another
discount test this year. Shareholders would have a vote on the continuation of
the Company at the 2010 Annual General Meeting if in the three months to 31
October 2010, the average level of discount to the Company's NAV was greater
than 10%. The discount to NAV would be calculated on a daily basis and take the
NAV on a cum income basis. In the event the average level was 12.95% and
therefore a continuation resolution will be put to the annual general meeting.
The uncertainty over the outcome of the vote causes inevitable technical
complications in presenting the accounts. The decision to continue or not is
entirely in the hands of our shareholders. Meanwhile, and regardless of the
result, the board has complete confidence in the company's ability to meet all
of its future obligations.
Your board believes that many shareholders support the company because they like
the globally diversified exposure to property markets at various stages of
recovery, combined with a generous dividend yield.
Our shares trade at a narrower discount to our peers. Your board believes that
the dividend yield, continuing growth in property values and the successful
implementation of the company's strategy will narrow the discount further over
time. In turn this would reduce the impact of sub-optimal size.
Shareholders must make up their own minds on the continuation vote, according to
their particular circumstances. So far as the directors are concerned, they
intend to vote all their shares in favour of continuation; they urge all
shareholders to do likewise.
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
MANAGEMENT REPORT (continued)
Extracts from the Chairman's Statement (continued)
Board
Bill Scott was not re-elected to the Board by shareholders at the 2009 Annual
General Meeting and therefore retired from the board. Richard Battey joined the
Board in his stead on 8 January 2010. Bill made an immense contribution to your
company's affairs both as a director and as chairman of our audit committee and
we wish him well in the future.
Borrowing
Having remained ungeared in the first half of the year, some synthetic gearing
was introduced into the portfolio in the second half of the year through the
flexible use of contracts for difference ("CFD"), with the intention of
increasing revenue as well as enhancing capital returns. Since their
introduction approximately GBP170,000 of income has been received. At the year
end leverage as a result of CFD exposure stood at 5.8%.
Outlook
The global economy is in delicate balance, with conflicting pressures still
evident. Quantitative easing in the "old economies" of the US, Europe and Japan,
on the one hand, contrasts with the inflationary trends and quantitative
tightening in many emerging markets on the other. Employment growth, the key
driver of demand for commercial property, is strongest in Asia and is likely to
remain so for some time. Urbanisation and increasing household wealth in China
has an effect far beyond its borders.
At the same time there are areas of growth in both the US and Europe, notably in
London. Property is not a commodity, and so the liquidity of public markets
allows us to focus on the locations, sectors and companies with the best
prospects.
We are focused on balancing capital and income returns. In this we benefit from
the excellent growth prospects in parts of Asia and the strong dividend income
and the prospect of a steady recovery from a serious malaise in parts of the
west. The Manager believes that the right balance has been found and that it
can be maintained in the coming years.
Annual General Meeting
Shareholders are welcome to attend the Annual General Meeting, which will be
held at 10.00am on Thursday 16 December 2010 at BNP Paribas House, 1 St Julian's
Avenue, St Peter Port, Guernsey GY1 6BH. Your board recognises the location of
the meeting may be difficult for investors domiciled on the UK mainland, and as
in past years we will hold an open presentation to shareholders on Wednesday 19
January 2011 at 3.p.m. at Henderson's offices at 201 Bishopsgate, London EC2M
2AE where the Manager will make an investment presentation and he and I shall be
happy to answer questions. If you would like to attend please complete and
return the invitation enclosed with this report.
Christopher Jonas
11 November 2010
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
MANAGEMENT REPORT (continued)
Principal risks and uncertainties
The board has drawn up a matrix of risks facing the company and has put in place
a schedule of investment limits and restrictions, appropriate to the company's
investment objective and policy, in order to mitigate these risks as far as
practicable. The principal risks which have been identified and the steps taken
by the board to mitigate these are as follows:
Investment activity and performance
An inappropriate investment strategy, (for example, in terms of asset allocation
or level of gearing), may result in under performance against the company's
benchmark index and the companies in its peer group. The board manages these
risks by ensuring a diversification of investments and a regular review of the
extent of borrowings. The manager operates in accordance with an investment
limits and restrictions policy determined by the board, which includes limits on
the extent to which borrowings may be employed. The board reviews the limits and
restrictions on a regular basis and the manager confirms adherence to them every
month. The manager provides the board with management information, including
performance data and reports and shareholder analysis. The directors monitor the
implementation and results of the investment process with the portfolio manager
at each board meeting and monitor risk factors in respect of the portfolio.
Investment strategy is reviewed at each meeting.
The discount to net asset value at which shares trade in the market is
continually monitored. In recognition of the volatility of the market and the
variable value of the company's shares a 'discount control test' has been
implemented by the board whereby a continuation vote will be put to shareholders
in the event that the test fails.
Market
Market risk arises from uncertainty about the future prices of the company's
investments.
Accounting, legal and regulatory
The company must comply with the provisions of The Companies (Guernsey) Law,
2008 (as amended) and since its shares are listed on the London Stock Exchange,
the UKLA's Listing and Disclosure Rules. A breach of the Guernsey legislation
could result in the company and/or the directors being fined or the subject of
criminal proceedings. A breach of the UKLA Rules could result in the suspension
of the company's shares. The board relies on its company secretary and advisers
to ensure adherence to the Guernsey legislation and UKLA Rules. The manager,
Henderson and the administrator, BNP Paribas are contracted to provide
investment, company secretarial, administration and accounting services through
qualified professionals. The board receives regular internal controls reports
which confirm compliance.
Operational
Disruption to, or the failure of, either the manager's or the administrator's
accounting, dealing or payment systems or the custodians' records could prevent
the accurate reporting or monitoring of the company's financial position. The
administrator, BNP Paribas Fund Services (Guernsey) Limited sub-contracts some
of the operational functions (principally those relating to trade processing,
investment administration and accounting), to BNP Paribas Securities Services
Limited. Details of how the board monitors the services provided by the manager
and the administrator, and the key elements designed to provide effective
internal control, are explained further in the internal controls section of the
Corporate Governance Statement in the Annual Report.
Financial
By its nature as an investment company, the company's business activities are
exposed to market risk (including market price risk, currency risk and interest
rate risk), liquidity risk and credit and counterparty risk. Further details of
how these risks are managed are contained in the notes in the Annual Report.
Gearing
The company's borrowing policy permits it to borrow up to 20 per cent. of its
gross assets (measured at the time any borrowings are drawn down). At 31 August
2010 the company had no outstanding borrowings (31 August 2009: nil).
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
MANAGEMENT REPORT (continued)
Related party transactions
The contracts with Henderson and the BNP Paribas companies are the only related
party transactions currently in place. Other than fees payable in the ordinary
course of business, there have been no material transactions with these related
parties which have affected the financial position or performance of the company
in the financial year.
Statement under Disclosure and Transparency Rules
The directors each confirm to the best of their knowledge that:
(a) the financial statements, prepared in accordance with applicable
accounting standards, give a true and fair view of the assets, liabilities,
financial position and profit of the group; and
(b) this Annual Report includes a fair review of the development and
performance of the business and the position of the group, together with a
description of the principal risks and uncertainties that they face.
For and on behalf of the Board
Richard Battey
Director
9 November 2010
Twenty Largest Holdings
These twenty investments total GBP12,589,000 representing 55.5% by value of the
total investments.
+--------------------------------+----------------+---------+
| | | Value |
| Name of Investment | Country | GBP'000 |
| | | |
+--------------------------------+----------------+---------+
| Sun Hung Kai Properties | Hong Kong & | 1,184 |
| | China | |
+--------------------------------+----------------+---------+
| Westfield | Australia | 1,086 |
+--------------------------------+----------------+---------+
| Mitsubishi Estate | Japan | 976 |
+--------------------------------+----------------+---------+
| Kenedix Realty | Japan | 909 |
+--------------------------------+----------------+---------+
| Simon Property Group | United States | 754 |
+--------------------------------+----------------+---------+
| Kerry Properties | Hong Kong & | 653 |
| | China | |
+--------------------------------+----------------+---------+
| Unibail-Rodamco | France | 615 |
+--------------------------------+----------------+---------+
| Ventas | United States | 558 |
+--------------------------------+----------------+---------+
| Keppel Land | Singapore | 553 |
+--------------------------------+----------------+---------+
| Macerich | United States | 539 |
+--------------------------------+----------------+---------+
| Mitsui Fudosan | Japan | 527 |
+--------------------------------+----------------+---------+
| Kimco Realty | United States | 524 |
+--------------------------------+----------------+---------+
| Medical Properties Trust | United States | 511 |
+--------------------------------+----------------+---------+
| Sumitomo Realty & Development | Japan | 496 |
+--------------------------------+----------------+---------+
| Land Securities | United Kingdom | 459 |
+--------------------------------+----------------+---------+
| Entertainment Properties Trust | United States | 455 |
| 7.375% Pref Series D | | |
+--------------------------------+----------------+---------+
| Extendicare REIT | Canada | 454 |
+--------------------------------+----------------+---------+
| CFS Retail Property | Australia | 447 |
+--------------------------------+----------------+---------+
| Camden Property Trust | United States | 446 |
+--------------------------------+----------------+---------+
| Brandywine Realty Trust | United States | 443 |
+--------------------------------+----------------+---------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
Consolidated Statement of Comprehensive Income
for the year ended 31 August 2010
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | Year ended | Year ended |
| | 31 August 2010 | 31 August 2009 |
+---------------------------+---------------------------------------+-----------------------------------+
| | Revenue | Capital | | Revenue | Capital | |
| | | | Total | | | Total |
| | return | return | | return | return | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Gains/(losses) on | - | 2,851 | 2,851 | - | (5,990) | (5,990) |
| investments held at fair | | | | | | |
| value through profit or | | | | | | |
| loss | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Net return on contracts | 168 | 43 | 211 | - | - | -- |
| for difference | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Income from investments | 2,107 | - | 2,107 | 2,617 | - | 2,617 |
| held at fair value | | | | | | |
| through profit or loss | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Foreign exchange | - | 51 | 51 | - | 36 | 36 |
| movements | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Other income | 45 | - | 45 | 23 | - | 23 |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | --------- | ----------- | ----------- | --------- | --------- | --------- |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Total income | 2,320 | 2,945 | 5,265 | 2,640 | (5,954) | (3,314) |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | --------- | ----------- | ----------- | --------- | --------- | --------- |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Expenses | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Management fees | (67) | (100) | (167) | (49) | (74) | (123) |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Other expenses | (376) | - | (376) | (377) | - | (377) |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | --------- | ----------- | ----------- | --------- | --------- | --------- |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Profit/(loss) before | 1,877 | 2,845 | 4,722 | 2,214 | (6,028) | (3,814) |
| finance costs and | | | | | | |
| taxation | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Finance costs | (1) | (2) | (3) | (3) | (4) | (7) |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | --------- | ----------- | ----------- | --------- | --------- | --------- |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Profit/(loss) before | 1,876 | 2,843 | 4,719 | 2,211 | (6,032) | (3,821) |
| taxation | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Taxation | (181) | - | (181) | (273) | - | (273) |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | --------- | ----------- | ----------- | --------- | --------- | --------- |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Profit/(loss) for the | 1,695 | 2,843 | 4,538 | 1,938 | (6,032) | (4,094) |
| year | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | ===== | ====== | ====== | ===== | ===== | ===== |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| Earnings/(loss) per | 4.52p | 7.58p | 12.10p | 5.17p | (16.09)p | (10.92)p |
| ordinary share | | | | | | |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
| | ===== | ====== | ====== | ===== | ===== | ===== |
+---------------------------+-----------+-------------+-------------+-----------+-----------+-----------+
The total column of this statement represents the Consolidated Statement of
Comprehensive Income Statement, prepared in accordance with IFRS as adopted by
the European Union.
The revenue and capital 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 holders of Henderson Global Property Companies Limited.
The Group does not have any other comprehensive income and hence the net
profit/(loss) for the year as disclosed above is the same as the Group's total
comprehensive income.
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
Consolidated Statement of Changes in Equity
for the year ended 31 August 2010
+------------------------------+-----------+---------------+------------+------------+-----------+
| | Share | Distributable | Capital | Revenue | Total |
| | capital | reserves | reserves | reserve | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+-----------+---------------+------------+------------+-----------+
| At 31 August 2009 | 3,750 | 32,865 | (17,503) | 1,248 | 20,360 |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Total comprehensive income: | - | - | 2,843 | 1,695 | 4,538 |
| Profit for the year | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Transactions with owners | | | | | |
| recorded directly to equity: | | | | | |
| Payment of interim dividends | - | - | - | (1,444) | (1,444) |
| of 3.85p | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | --------- | --------- | --------- | --------- | --------- |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Total equity at 31 August | 3,750 | 32,865 | (14,660) | 1,499 | 23,454 |
| 2010 | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | ===== | ===== | ===== | ===== | ===== |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | Share | Distributable | Capital | Revenue | Total |
| | capital | reserves | reserves | reserve | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | GBP'000 | GBP'000 | GBP'000 | GBP'000 | GBP'000 |
+------------------------------+-----------+---------------+------------+------------+-----------+
| At 31 August 2008 | 3,750 | 32,865 | (11,471) | 1,093 | 26,237 |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Total comprehensive income: | | | | | |
| (Loss)/Profit for the year | - | - | (6,032) | 1,938 | (4,094) |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Transactions with owners | | | | | |
| recorded directly to equity: | | | | | |
| Payment of interim dividends | - | - | - | (1,783) | (1,783) |
| of 4.75p | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | -------- | -------- | ---------- | ---------- | -------- |
+------------------------------+-----------+---------------+------------+------------+-----------+
| Total equity at 31 August | 3,750 | 32,865 | (17,503) | 1,248 | 20,360 |
| 2009 | | | | | |
+------------------------------+-----------+---------------+------------+------------+-----------+
| | ===== | ===== | ====== | ====== | ===== |
+------------------------------+-----------+---------------+------------+------------+-----------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
Consolidated Balance Sheet
at 31 August 2010
+--------------------------------------+-------------+-------------+
| | 2010 | 2009 |
| | GBP'000 | GBP'000 |
+--------------------------------------+-------------+-------------+
| Fixed assets | | |
+--------------------------------------+-------------+-------------+
| Investments held at fair value | 22,631 | 19,869 |
| through profit or loss | | |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| Current assets | | |
+--------------------------------------+-------------+-------------+
| Derivatives - Contract for | 170 | - |
| difference | | |
+--------------------------------------+-------------+-------------+
| Other receivables | 259 | 684 |
+--------------------------------------+-------------+-------------+
| Cash and cash equivalents | 745 | 473 |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| | 1,174 | 1,157 |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| Total assets | 23,805 | 21,026 |
+--------------------------------------+-------------+-------------+
| | ====== | ====== |
+--------------------------------------+-------------+-------------+
| Current liabilities | | |
+--------------------------------------+-------------+-------------+
| Derivatives - Contracts for | (108) | - |
| difference | | |
+--------------------------------------+-------------+-------------+
| Other payables | (243) | (666) |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| | (351) | (666) |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| Net assets | 23,454 | 20,360 |
+--------------------------------------+-------------+-------------+
| | ====== | ====== |
+--------------------------------------+-------------+-------------+
| Equity attributable to equity | | |
| shareholders | | |
+--------------------------------------+-------------+-------------+
| Issued share capital | 3,750 | 3,750 |
+--------------------------------------+-------------+-------------+
| Distributable reserve | 32,865 | 32,865 |
+--------------------------------------+-------------+-------------+
| Retained earnings: | | |
+--------------------------------------+-------------+-------------+
| Capital reserves | (14,660) | (17,503) |
+--------------------------------------+-------------+-------------+
| Revenue reserve | 1,499 | 1,248 |
+--------------------------------------+-------------+-------------+
| | ---------- | ---------- |
+--------------------------------------+-------------+-------------+
| | 23,454 | 20,360 |
+--------------------------------------+-------------+-------------+
| | ====== | ====== |
+--------------------------------------+-------------+-------------+
| Number of shares | 37,500,000 | 37,500,000 |
+--------------------------------------+-------------+-------------+
| | ====== | ====== |
+--------------------------------------+-------------+-------------+
| Net asset value per ordinary share - | 62.54p | 54.29p |
| | ----------- | ----------- |
| basic and diluted | | |
+--------------------------------------+-------------+-------------+
The financial statements were approved by the board of directors on 11 November
2010 and signed on its behalf by:
Richard Battey
Christopher Sherwell
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
Consolidated Cash Flow Statement
for the year ended 31 August 2010
+-----------------------------------------------+------------+------------+
| | 2010 | 2009 |
| | GBP'000 | GBP'000 |
+-----------------------------------------------+------------+------------+
| Operating activities: | | |
+-----------------------------------------------+------------+------------+
| Net profit/(loss) before taxation | 4,719 | (3,821) |
+-----------------------------------------------+------------+------------+
| Add back interest paid | 3 | 7 |
+-----------------------------------------------+------------+------------+
| (Gains)/losses on investments held at fair | (2,851) | 5,990 |
| value through profit or loss | | |
+-----------------------------------------------+------------+------------+
| Net unrealised returns on contracts for | (62) | - |
| difference | | |
+-----------------------------------------------+------------+------------+
| Net gains on foreign exchange | (51) | (36) |
+-----------------------------------------------+------------+------------+
| Decrease in accrued income | 63 | 107 |
+-----------------------------------------------+------------+------------+
| (Increase)/decrease in other debtors | (5) | 152 |
+-----------------------------------------------+------------+------------+
| (Decrease)/increase in other creditors | (107) | 68 |
+-----------------------------------------------+------------+------------+
| Net sales of investments | 89 | 271 |
+-----------------------------------------------+------------+------------+
| Decrease/(increase) in sales settlement | 367 | (579) |
| debtor | | |
+-----------------------------------------------+------------+------------+
| Decrease in purchase settlement creditor | (316) | (10) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| Net cash inflow from operating activities | 1,849 | 2,149 |
| before interest and taxation | | |
+-----------------------------------------------+------------+------------+
| Interest paid | (3) | (7) |
+-----------------------------------------------+------------+------------+
| Tax on overseas income | (181) | (273) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| Net cash inflow from operating activities | 1,665 | 1,869 |
+-----------------------------------------------+------------+------------+
| | ====== | ====== |
+-----------------------------------------------+------------+------------+
| Financing activities | | |
+-----------------------------------------------+------------+------------+
| Equity dividends paid | (1.444) | (1,783) |
+-----------------------------------------------+------------+------------+
| Repayment of loans | - | (1,903) |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| Net cash outflow from financing activities | (1,444) | (3,686) |
+-----------------------------------------------+------------+------------+
| | ====== | ====== |
+-----------------------------------------------+------------+------------+
| | | |
+-----------------------------------------------+------------+------------+
| Increase/(decrease) in cash and cash | 221 | (1,817) |
| equivalents | | |
+-----------------------------------------------+------------+------------+
| Cash and cash equivalents at the start of the | 473 | 2,254 |
| year | | |
+-----------------------------------------------+------------+------------+
| Effect of foreign exchange rate changes | 51 | 36 |
+-----------------------------------------------+------------+------------+
| | ---------- | ---------- |
+-----------------------------------------------+------------+------------+
| Cash and cash equivalents at the end of the | 745 | 473 |
| period | | |
+-----------------------------------------------+------------+------------+
| | ====== | ====== |
+-----------------------------------------------+------------+------------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
+----+-------------------------------------------+----------------+--------------+----------+
| 1. | Principal accounting policies | |
| | | |
+----+---------------------------------------------------------------------------+----------+
| | Basis of preparation and accounting convention | |
+----+---------------------------------------------------------------------------+----------+
| | The consolidated financial statements consolidate the results of | |
| | Henderson Global Property Companies Limited ('the company') and | |
| | its wholly-owned subsidiary, Henderson Global Property Companies | |
| | (Luxembourg) s.a.r.l. together ('the group'). The financial | |
| | statements have been prepared in accordance with The Companies | |
| | (Guernsey) Law, 2008 (as amended) and International Financial | |
| | Reporting Standards ('IFRS') as adopted by the European Union | |
| | 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 financial statements have been prepared under the historical | |
| | cost basis, except for the revaluation of investments at fair | |
| | value through profit or loss and certain other derivatives which | |
| | are measured at fair value through profit or loss. | |
| | | |
| | | |
+----+---------------------------------------------------------------------------+----------+
| 2. | Investments held at fair value through | 2010 | 2009 |
| | profit or loss | GBP'000 | GBP'000 |
+----+-------------------------------------------+----------------+-------------------------+
| | Consolidated | | |
+----+-------------------------------------------+----------------+-------------------------+
| | | | |
+----+-------------------------------------------+----------------+-------------------------+
| | Valuation at 1 September | 19,869 | 26,130 |
+----+-------------------------------------------+----------------+-------------------------+
| | Movements during the year: | | |
+----+-------------------------------------------+----------------+-------------------------+
| | Purchases at cost | 49,531 | 51,580 |
+----+-------------------------------------------+----------------+-------------------------+
| | Sales - proceeds | (49,620) | (51,851) |
+----+-------------------------------------------+----------------+-------------------------+
| | - realised gain/(loss) on sales | 1,582 | (9,055) |
| | | | |
+----+-------------------------------------------+----------------+-------------------------+
| | Increase in investment holdings gains | 1,269 | 3,065 |
+----+-------------------------------------------+----------------+-------------------------+
| | | ----------- | ----------- |
+----+-------------------------------------------+----------------+-------------------------+
| | Valuation at 31 August (excluding CFDs) | 22,631 | 19,869 |
+----+-------------------------------------------+----------------+-------------------------+
| | |
+----+--------------------------------------------------------------------------------------+
| | |
+----+--------------------------------------------------------------------------------------+
| 3. | Earnings/(loss) per ordinary share |
+----+--------------------------------------------------------------------------------------+
| | The earnings/(loss) per ordinary share is based on the net total profit for |
| | the year of GBP4,538,000 (2009: loss of GBP4,094,000) and on the weighted |
| | average number of ordinary shares in issue during the year of 37,500,000 |
| | (2009: 37,500,000). |
| | |
| | The earnings per ordinary share figure detailed above can be further analysed |
| | between revenue and capital, as follows. |
| | |
| | The company has no securities in issue that could dilute the return per |
| | ordinary share, therefore the basic and diluted earnings per ordinary share |
| | are the same. |
| | |
+----+--------------------------------------------------------------------------------------+
| | | Year | Year ended 31 August |
| | | ended | 2009 |
| | | 31 | |
| | | August | GBP'000 |
| | | 2010 | |
| | | | |
| | | GBP'000 | |
+----+-------------------------------------------+----------------+-------------------------+
| | Net revenue earnings | 1,695 | 1,938 |
+----+-------------------------------------------+----------------+-------------------------+
| | Net capital earning/(loss) | 2,843 | (6,032) |
+----+-------------------------------------------+----------------+-------------------------+
| | | ----------- | ----------- |
+----+-------------------------------------------+----------------+-------------------------+
| | Net total earning/(loss) | 4,538 | (4,094) |
+----+-------------------------------------------+----------------+-------------------------+
| | | ---------- | ---------- |
+----+-------------------------------------------+----------------+-------------------------+
| | Weighted average number of ordinary | 37,500,000 | 37,500,000 |
| | shares in issue during the period | | |
+----+-------------------------------------------+----------------+-------------------------+
| | | (pence) | (pence) |
+----+-------------------------------------------+----------------+-------------------------+
| | Revenue earnings per ordinary share | 4.52 | 5.17 |
+----+-------------------------------------------+----------------+-------------------------+
| | Capital earning/(loss) per ordinary share | 7.58 | (16.09) |
+----+-------------------------------------------+----------------+-------------------------+
| | | ----------- | ----------- |
+----+-------------------------------------------+----------------+-------------------------+
| | Total earning/(loss) per ordinary share | 12.10 | (10.92) |
+----+-------------------------------------------+----------------+-------------------------+
| | | | | |
+----+-------------------------------------------+----------------+--------------+----------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
+----------+----+---------------------------+----------+---------+----+----------+--------------+
| | 4. | Dividends | Year | Year ended |
| | | | ended 31 | 31 August |
| | | | August | 2009 |
| | | | 2010 | |
| | | | | GBP'000 |
| | | | GBP'000 | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Amounts recognised as distributions to | | |
| | | equity shareholders during the year: | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Fourth interim for the year ended 31 | | |
| | | August 2009 of 1.45p, paid October 2009 | 544 | 544 |
+----------+----+------------------------------------------------+---------------+--------------+
| | | First interim paid December 2009 of 0.80p | 300 | 413 |
| | | (2008 of 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Second interim paid April 2010 of 0.80p | 300 | 413 |
| | | (2009 of 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Third interim paid July 2010 of 0.80p (2009 | 300 | 413 |
| | | of 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | ----------- | ----------- |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | 1,444 | 1,783 |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | ---------- | ---------- |
+----------+----+------------------------------------------------+---------------+--------------+
| | | The fourth interim dividend has not been included as a liability in |
| | | these financial statements as it was announced and paid after 31 |
| | | August 2010. |
| | | |
| | | The table below sets out the total dividends payable in respect of |
| | | the financial year. The revenue available for distribution by way of |
| | | dividend for the year is GBP1,695,000 (2009: GBP1,938,000). |
| | | |
+----------+----+-------------------------------------------------------------------------------+
| | | | 2010 | 2009 |
| | | | GBP'000 | GBP'000 |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | First interim dividend - 0.80p per share | 300 | 413 |
| | | (2009: 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Second interim dividend - 0.80p per share | 300 | 413 |
| | | (2009: 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Third interim dividend - 0.80p per share | 300 | 413 |
| | | (2009: 1.10p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | Fourth interim dividend - 0.80p per share | 300 | 544 |
| | | (2009: 1.45p) | | |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | ---------- | ---------- |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | 1,200 | 1,783 |
+----------+----+------------------------------------------------+---------------+--------------+
| | | | ---------- | ---------- |
+----------+----+------------------------------------------------+---------------+--------------+
| | 5. | Net asset value per share - basic and diluted |
+----------+----+-------------------------------------------------------------------------------+
| | |
+---------------+-------------------------------------------------------------------------------+
| | The net asset value per ordinary share and the net asset value |
| | attributable to ordinary shareholders at the year end, calculated in |
| | accordance with the Articles of Association, were as follows: |
| | |
+---------------+-------------------------------------------------------------------------------+
| | | | | | |
| | | Net | Attributable | Net | Attributable |
| | | asset | net asset | asset | net asset |
| | | value | value | value | value |
| | | per | 2010 | per | 2009 |
| | | share | GBP'000 | share | GBP'000 |
| | | 2010 | | 2009 | |
| | | pence | | pence | |
+---------------+---------------------------+----------+--------------+----------+--------------+
| | | | | | |
| | Ordinary shares | 62.54 | 23,454 | 54.29 | 20,360 |
+---------------+---------------------------+----------+--------------+----------+--------------+
| | | -------- | --------- | -------- | --------- |
+---------------+---------------------------+----------+--------------+----------+--------------+
| | | The basic net asset value per ordinary share is based on 37,500,000 |
| | | (2009: 37,500,000) ordinary shares, being the number of ordinary |
| | | shares in issue at 31 August. |
+----------+----+-------------------------------------------------------------------------------+
| | | | | | | | |
+----------+----+---------------------------+----------+---------+----+----------+--------------+
HENDERSON GLOBAL PROPERTY COMPANIES LIMITED
Annual Financial Report for the year ended 31 August 2010
+--+-----------------------------------------+---------------+----------+
| 6.| Issued capital and reserves | | GBP'000 |
+--+-----------------------------------------+---------------+----------+
| | Authorised share capital | | |
+--+-----------------------------------------+---------------+----------+
| | 250,000,000 ordinary shares of 10 pence | | 25,000 |
| | each | | |
+--+-----------------------------------------+---------------+----------+
| | | | -------- |
+--+-----------------------------------------+---------------+----------+
| | Issued share capital | | |
| | | No. of | GBP'000 |
| | | shares | |
+--+-----------------------------------------+---------------+----------+
| | | | |
| | At 31 August 2010 and 2009 | 37,500,000 | 3,750 |
+--+-----------------------------------------+---------------+----------+
| | | ------------- | -------- |
+--+-----------------------------------------+---------------+----------+
| | | | |
+--+-----------------------------------------+---------------+----------+
| | Distributable reserve | 2010 | 2009 |
| | | GBP'000 | GBP'000 |
+--+-----------------------------------------+---------------+----------+
| | At 31 August | 32,865 | 32,865 |
+--+-----------------------------------------+---------------+----------+
| | | | |
+--+-----------------------------------------+---------------+----------+
| | | | |
+--+-----------------------------------------+---------------+----------+
+--+---------------------------------------------------------------+
| 7.| 2010 Financial information |
+--+---------------------------------------------------------------+
| | The figures and financial information for the year ended 31 |
| | August 2010 are compiled from an extract of the latest |
| | accounts and do not constitute statutory accounts. Those |
| | accounts included the report of the auditors which was |
| | unqualified. |
| | |
+--+---------------------------------------------------------------+
| 8.| 2009 Financial information |
+--+---------------------------------------------------------------+
| | The figures and financial information for the year ended 31 |
| | August 2009 are compiled from an extract of the latest |
| | published accounts and do not constitute the statutory |
| | accounts for that year. Those accounts included the report of |
| | the auditors which was unqualified. |
| | |
+--+---------------------------------------------------------------+
| 9.| Annual Report |
+--+---------------------------------------------------------------+
| | The Annual Report and Accounts will be posted to shareholders |
| | on 17 November 2010 and will be available in hard copy format |
| | from the company's registered office, BNP Paribas House, 1 St |
| | Julian's Avenue, St Peter Port, Guernsey, GY1 1WA, Channel |
| | Islands. |
| | |
| | |
+--+---------------------------------------------------------------+
ENDS
For further information please contact:
Patrick Sumner,
Portfolio Manager
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
The Annual Report and Accounts will be also be available on the Company's
website (www.hendersonglobalproperty.com). Neither the contents of the
Company's website nor the contents of any website accessible from hyperlinks on
the Company's website (or any other website) is incorporated into, or forms part
of, his announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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