Henderson HighIncome - Annual Financial Report
31/03/2023 07:00
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RNS Number : 8458U Henderson High Income Trust PLC 31 March 2023
LEGAL ENTITY IDENTIFIER: 213800OEXAGFSF7Y6G11
HENDERSON HIGH INCOME TRUST PLC
Financial results for the year ended 31 December 2022
This announcement contains regulated information
PERFORMANCE HIGHLIGHTS
Total return performance to 31 December One year % Five years %
Benchmark(1) -3.3 11.6
NAV(2) -1.9 12.6
Share price(3) -1.1 17.5
FINANCIAL HIGHLIGHTS
2022 2021
NAV per share(4) 164.24p 177.92p
Mid-market price per share 165.25p 177.50p
Revenue return per share 10.37p 9.44p
Net assets £214.3m £236.2m
Dividend for the year 10.15p 9.95p
Dividend yield(5) 6.1% 5.6%
Ongoing charge for the year(6) 0.84% 0.84%
Gearing 21.4% 22.4%
(1) The benchmark is a composite of 80% of the FTSE All-Share Index (total
return) and 20% of the ICE BofA Sterling Non-Gilts Index (total return)
rebalanced annually
(2) Net asset value with debt at fair value per ordinary share total return
(including dividends reinvested and excluding transaction costs)
(3) Includes dividends reinvested
(4) Net asset value with debt at fair value as published by the Association of
Investment Companies (AIC)
(5) Based on the dividends paid or announced for the year and the share price
at the year-end
(6) Calculated using the methodology prescribed by the AIC
Sources: Morningstar Direct, Janus Henderson and Refinitiv DataStream.
All data is either as at 31 December 2022 or for the year-ended 31 December
2022.
INTERIM MANAGEMENT REPORT
CHAIRMAN'S STATEMENT
After the strong investment performance from Henderson High Income Trust plc
in 2021, 2022 was a more challenging period. The Company's Net Asset Value
(NAV) with debt at fair value fell by 1.9% during the year whilst the
Company's share price (total return including dividends reinvested) fared a
little better, falling by 1.1%.
Performance
2022 was a difficult year for the world's financial markets. The war in
Ukraine, the surge in global energy prices and considerable disruption to
supply chains around the world led to the highest rates of general inflation
in 40 years. As a consequence, central banks announced significant increases
in interest rates which caused a sharp sell off in both global equity and bond
markets as yields rose. Investors were concerned about the impact on real
economic activity and the prospect of lower corporate profits, while rising
interest rates also caused a devaluation of those profits. Both equity and
bond markets produced negative returns during the year with the former
particularly impacted by the de-rating of growth stocks given higher interest
(discount) rates, and the latter undermined by the impact of inflation on
nominal returns. Within the UK market the additional impact of the mini-budget
announcement in the Autumn was significant and caused a sharp fall in UK
government bonds and alternative assets as pension funds were forced to raise
liquidity.
Of some comfort given the overall widespread negative returns during 2022 was
the relatively resilient performance of the UK equity market, with the FTSE
100 Index generating a positive return, albeit medium-sized and smaller
companies fared less well. Against this backdrop the Company's NAV fell 1.9%
compared with the 3.3% fall in the composite benchmark (80% FTSE All-Share
Index, 20% ICE BofA Sterling Non-Gilts Index), meaning that the Company
outperformed by 1.4%. The Company's share price performance during the year
was also relatively strong; having started the year at a very small discount
to NAV of 0.2%, the share price closed 2022 at a small premium to NAV of 0.6%.
A number of factors helped investment performance versus the benchmark, in
particular asset allocation, with an overweight position in equities and an
underweight position in bonds of benefit as bonds generally produced poorer
returns than equities during 2022.
Dividends
The Company's investment objective is to provide investors with a high
dividend income stream while also maintaining the prospect of capital growth.
The current period of high inflation makes this objective even more important.
Although financial markets were volatile in 2022, the Board was encouraged to
see a continuing recovery in company dividends and the total income received
by the Company during 2022 exceeded the total dividends paid to shareholders,
enabling the Company to increase its revenue reserves. At the end of 2022, the
Company held £8.8 million of reserves, equating to around 8 months of current
dividend cover, a healthy position with which to start 2023.
During the course of the year the Board continued to monitor carefully the
level and sustainability of dividends from the Company's investee companies.
David Smith, the Company's Fund Manager, regularly evaluates prospective
income levels under various scenarios looking several years ahead. Whilst at
this stage of the financial year and particularly given the uncertain economic
backdrop it is sensible to be cautious about overall income levels for 2023,
the current level of reserves continues to give the Board confidence in the
Company's ability to deliver a high level of income to shareholders.
During 2022 the Board recommended the payment of dividends totalling 10.15
pence per share, an increase of 2.0% over the payment in 2021. This increase
represented the 10th consecutive year of dividend growth from the Company.
Gearing
The Company's policy on gearing is provided in the Annual Report. During the
course of 2022, overall borrowings decreased by approximately £8 million,
predominantly due to sales of equities as the Board, in conjunction with the
Fund Manager, took a slightly more cautious view of prospects as the year
unfolded. As a percentage of net assets, gearing finished the year at 21.4%, a
reduction of approximately 1% from the start of the year. Overall asset
allocation changed a little during the year with the Company adding around £7
million to its fixed interest investments, although the bias in favour of
equities versus bonds (and versus the Company's investment benchmark of 80%
equities/20% bonds) remained, with a weighting of around 89% in equities and
11% in bonds at the year end.
In December 2022 the Company renewed its committed loan facility of £45
million with the Bank of Nova Scotia (Scotiabank), London Branch. This
facility also includes the option to increase borrowings by a further £12
million up to a total of £57 million. The facility has been renewed for a
further period of 12 months and the terms on which the facility was renewed
were competitive.
The Board
In September Penny Lovell stepped down from the Board due to other business
commitments. Penny had joined as a Director in January 2021 and whilst her
tenure was relatively short, she made a valuable contribution during her time
on the Board. Having instigated an external search to find a successor, I am
delighted to report that Francesca Ecsery was appointed as a Director at the
end of 2022. Francesca has extensive experience in marketing, branding and
commercial strategies and currently serves on the Boards of F&C Investment
Trust PLC and the Association of Investment Companies. Her background and
experience will be of significant benefit to the Company as it seeks to
compete effectively in today's marketplace.
Responsible Investment
Responsible investing relates to how environmental, social and corporate
governance (ESG) factors impact a company's long-term sustainability. Analysis
of the sustainability of a business and its profits has always been at the
core of the Company's investment strategy, and ESG factors are fully
integrated into the investment processes employed by the Fund Manager.
The Board believes that voting the Company's shareholdings at general meetings
is essential to good corporate stewardship and is an effective means of
expressing its views on the policies and practices of its investee companies.
Voting decisions reflect the provisions of Janus Henderson's ESG Corporate
Statement and ESG Investment Principles which are publicly available at
www.janushenderson.com (http://www.janushenderson.com) and records the high
standards of corporate behaviour that are expected. Ultimately, however, our
Fund Manager makes the final decision after consultation with the Board, as
necessary.
Janus Henderson will actively engage with those companies that fall below such
expectations to encourage improvement over time. The final sanction is the
divestment of those holdings that fail to make an acceptable transition and
adapt sufficiently. The Board monitors the process by reviewing a report on
the Company's voting pattern on an annual basis.
Growth
Each year the Company seeks shareholder approval to authorise the allotment of
new shares at a premium to NAV. The Board continues to believe that it is in
the best interests of shareholders for the Company to issue new shares to
grow; it serves to improve the liquidity in the Company's shares and spreads
the cost base over a larger number of shares which is of benefit to all
shareholders.
Notwithstanding the difficult market conditions in 2022 it was pleasing that
there was robust demand for the Company's shares enabling it to issue 1.2
million new shares during the course of the year, raising approximately £2.1
million of net proceeds.
AGM
We look forward to seeing as many of our shareholders as possible at our AGM
which will be held at 12 noon on Tuesday 16 May 2023 at the offices of Janus
Henderson at 201 Bishopsgate, London EC2M 3AE.
As usual David Smith, the Company's Fund Manager, will give a presentation on
the Company's portfolio and performance, and you will, as usual, have the
opportunity to talk to the Board, David and other Janus Henderson
representatives. We very much welcome your comments and questions at the AGM
and we would encourage those of you who are unable to attend in person to use
your proxy votes and to watch the AGM live by logging onto
www.janushenderson.com/trustslive (http://www.janushenderson.com/trustslive) .
Prospects and Outlook
Whilst the near-term economic outlook remains uncertain, particularly given
the strains within the global banking sector, there are some early signs that
inflationary pressures are abating and whilst interest rates have continued to
move higher with policy makers determined to dampen price rises and wage
settlements, investors have started to believe that the peak of the tightening
cycle may be in sight, even if we should expect interest rates generally to
remain at slightly more normalised levels.
At the corporate level, company balance sheets are in generally robust shape,
the UK banking system appears well capitalised and continuing tight labour
markets should help to support the economy. Key will be the upcoming results
season, to establish how well UK companies are coping with supply side pricing
pressure and softer end markets. That said, the valuation of the UK equity
market in particular remains low in an international context and there has
been some corporate takeover activity which should help to sustain the market.
The Company holds the majority of its assets in UK quoted companies and David
Smith, our Fund Manager, will continue to focus on finding stocks with the
best dividend and dividend growth prospects to enable the Company to deliver
high levels of income for our shareholders, while also seeking to invest in
companies capable of capital growth.
Jeremy Rigg
Chairman
30 March 2023
Fund Manager's Report
Market Review
The FTSE All-Share Index returned 0.3% on a total return basis in 2022, which
was particularly resilient given the economic and political backdrop.
Inflation in the UK peaked in October at 11.1% (as measured by CPI), a 40 year
high, the Bank of England increased interest rates from 0.25% to 3.5%, the
highest level since 2008, energy prices soared, Russia invaded Ukraine and
there was political instability in the UK as the Government was led by three
different Prime Ministers and four different Chancellors in the year.
However, the resilience of the FTSE All-Share Index masked a significant
divergence in returns within the equity market. The surge in the oil price and
other commodities due to the Russo-Ukraine war saw a significant
outperformance by oil & gas (+47.2%) and mining (+31.6%) companies, while
the rise in interest rates led to strong performances from banking shares
(+12.4%). Elsewhere, concerns about the potential impact of tightening
monetary policy and inflation on economic growth, consumer discretionary
spending and profit margins saw cyclical businesses perform poorly, with real
estate (-32.1%), retailers (-32.0%) and industrials (-14.7%) significantly
underperforming.
The extreme nature of the dispersion of returns within the market could also
be seen by the extent to which the FTSE 100 Index (+4.7%) outperformed the
FTSE 250 Index (-17.4%) in 2022, its greatest annual outperformance on record.
Dissecting the FTSE 100 Index further shows that the performance of the UK
market was even more skewed: the top 20 largest companies in the UK market
returned 15.7% on a weighted basis for the year, whereas the other 80 stocks
in the FTSE 100 Index declined by 17.2%, much more in line with UK mid and
small cap companies and global equity indices generally. It has been very
unusual to see performance dominated by so few large companies.
Higher inflation and rising interest rates saw bond yields spike, and prices
fall sharply. UK government bonds fell by 23.8% in 2022, the worst annual
return for gilts since 1974. Although bond yields rose globally, the move
higher in the UK was exacerbated by political instability, especially during
Liz Truss's short reign as Prime Minister. The unfunded tax cuts that were
central to the "mini-budget" caused turmoil in the UK bond market and prompted
the Bank of England (BoE) to announce a £65 billion emergency plan to provide
financial stability. The appointment of Rishi Sunak as her successor and the
U-turns on the tax-cutting policies helped to alleviate concerns, and saw
stability return to the bond market and Sterling.
Performance Review
The Company's NAV (debt at fair value) returned -1.9% on a total return basis,
outperforming the benchmark's fall of -3.3%. The overweight position in
equities relative to bonds versus the benchmark contributed to relative
performance, as did the outperformance of the individual stocks within the
bond portfolio.
The equity portfolio fell 1.3% on a total return basis during the year,
underperforming the FTSE All-Share Index return of 0.3%. Although the
portfolio includes shares in oil majors BP and Shell, the percentage invested
in oil companies is less than that in the benchmark index, hence the
significant outperformance of the oil majors was detrimental to relative
performance. The portfolio's positions in Hilton Food Group, Intermediate
Capital and Big Yellow were also detrimental to performance. All three
companies have been successful long-term holdings for the Company, but saw
their share prices underperform in 2022. Hilton Food Group's profitability was
impacted by cost inflation in its seafood business, which it was unable to
pass through to customers. Despite reporting strong results in the period,
Intermediate Capital underperformed over fears that rising interest rates and
slowing economic growth would lead to the company being forced to mark down
the value of its investments in private credit markets. Finally, self storage
company Big Yellow also reported good results during the year but the share
price was impacted by the significant rise in bond yields, which led to a
de-rating across the entire real estate sector.
The equity portfolio also suffered from its exposure to more domestic cyclical
businesses, such as housebuilders Persimmon and Vistry. Both shares
underperformed during the year as investors feared that higher interest rates
and the end of 'Help to Buy' would slow demand for housing, and this was
exacerbated in the aftermath of the "mini-budget" in September, which saw
mortgage rates surge and cancellation rates rise.
On the positive side, the portfolio's holdings in British American Tobacco and
Imperial Brands were positive for performance. Both shares benefited as
investors sought out companies with relatively defensive earnings, amid fears
over slowing economic growth. Imperial Brands was further supported by better
operational performance after a number of disappointing years, and its
intention to start buying back its own shares. The Company's overweight
position in NatWest benefited performance after the company announced good
results with better net interest income given higher than expected interest
rate sensitivity. The company also upgraded its medium-term profit targets and
announced a £1.75 billion special dividend.
Elsewhere, holdings in Burberry, Anglo American and Devro aided performance.
The announcement of Daniel Lee as Burberry's new Creative Director was well
received, while the share price was further supported by rumours that China
could relax its zero Covid policy which had curtailed growth for the company
in the region. Anglo American also benefited from optimism that Chinese
economic growth could accelerate, supporting commodity prices. Food casings
manufacturer Devro, a new holding in 2022, saw its shares surge after the
company was subject to a bid approach by Saria Nederland at a 65% share price
premium.
Although the fixed income portfolio fell by 7.7% on a total return basis
during the year, it significantly outperformed the 17.8% fall in the ICE BofA
Sterling Non-Gilts Index. The portfolio benefited from its exposure to US
investment grade credit, given its outperformance versus UK corporate bonds,
while the Dollar's strength increased the value of the bonds to Sterling
investors. The portfolio was also aided by its holdings in some short duration
high yield bonds, such as Crown Americas (packaging), Aramark (food services)
and Service Corp (death care services), which were less sensitive to interest
rate moves.
Income Review
It was another positive year in terms of UK market income with aggregate
dividends growing by 16.5% in 2022 on an underlying dividend basis (ex special
dividends) according to the Link UK Dividend Monitor. This was primarily
driven by strong growth in dividends from banks and oil & gas companies,
albeit overall dividend payments for both are still below their pre-pandemic
levels.
The income return for the Company in 2022 also showed good growth, increasing
to 10.37p per share, from 9.44p in 2021. While dividend payments from mining
companies Rio Tinto and Anglo American reduced in line with falling commodity
prices in the first half of the year, this was offset by good dividend growth
from Lloyds and NatWest in the banking sector, and from oil majors BP and
Shell. NatWest also paid a large special dividend in the year, as did Victrex,
Volvo and PageGroup. In total, the Company earned £1.1 million in special
dividends in 2022.
After the last two years of funding a small portion of the dividend from
revenue reserves, it was pleasing to cover the dividend fully with
underlying earnings in 2022, with an excess £384,000 being added to the
Company's reserves. During the year, the Board increased the dividend to
10.15p, growth of 2% over 2021 (9.95p). The Company has now raised its
dividend for ten consecutive years at a compound average growth rate of 2.0%,
in line with the long-term historical average for UK inflation (as measured by
CPI). Revenue reserves as at 31 December 2022 were £8.8 million, providing
67% cover over the Company's dividend as at 31 December 2022.
Portfolio Activity
During the year a net £6.6 million was added to the bond portfolio,
specifically US investment grade credit, taking advantage of the move higher
in yields and widening of credit spreads. Bonds were purchased in typically
higher quality, non-cyclical businesses such as Abbvie (pharma), Amazon and
T-Mobile (telecommunications). Further additions were made to the bond
portfolio in October after the move higher in UK gilt yields caused by the
"mini-budget", including high quality UK investment grade credit from issuers
such as Brown Forman, AB Inbev (both beverage companies), Nestlé and Sky. The
bond portfolio represented 11.0% and 13.6% of gross and net assets
respectively as at the end of December.
Gearing was reduced during the year with approximately £8 million of
borrowings paid down. This was funded by the sale of more cyclical businesses
within the equity portfolio, including Ashmore, Informa, Volvo and TI Fluids.
Investment performance at emerging market debt manager Ashmore has been poor,
and with fears that Russia's invasion of Ukraine could cause more volatility
in Emerging Markets debt markets and further outflows, the position was sold.
Informa shares had performed well since the pandemic lows and the valuation
had risen to discount a full recovery in its events business, but we were
concerned about the potential of further lockdowns in China and slowing
economic growth further afield and decided to capitalise on that recent
outperformance. European truck manufacturer Volvo is a well-managed business
but has high operational gearing, hence any slowdown in the trucking and
construction markets could have a significant impact on its profitability and
limit cash returns to shareholders. Finally, TI Fluids supplies parts to the
automobile market, and the position was sold due to fears about the long term
sustainability of its fuel tanks division given the long term transition to
electric vehicles. With the company having a set dividend pay-out ratio based
on annual cash flow, a fall in profits would likely lead to a cut in the
dividend.
Within the pharmaceutical sector we made a number of changes. Following its
demerger from GSK, we sold the position in Haleon, its consumer health
division. The company's balance sheet is stretched and with the dividend yield
low as the company prioritises debt reduction, we feel this does not fairly
compensate shareholders for the elevated risks. The holding in GSK was also
reduced to an underweight position when news of potential Zantac (medication
for indigestion) liabilities started to emerge. We added a new position in
Sanofi, the French pharmaceutical company, given its low valuation relative to
its potential future earnings growth (supported by the success of Dupixent,
its treatment for eczema), and continued cost rationalisation.
Elsewhere we initiated new positions in Woodside Petroleum, Spectris and HSBC.
Following Woodside's merger with BHP's oil & gas assets, the business is
well positioned in low-cost, long-life LNG (Liquefied Natural Gas) assets in
Australia and high margin oil production in the US Gulf of Mexico.
Woodside's leverage to LNG is particularly attractive as it is seen as a
"transition" energy due to it emitting less carbon than coal or oil but being
more efficient than renewables, which means that it should continue to be in
demand from emerging markets over the long term. Spectris develops precision
instrumentation and controls for various industries.
The company has a strong franchise in specialist niche markets and following
the sale of a number of low growth and low margin divisions, the remaining
business is better quality, with higher and more stable margins and returns.
HSBC has strong franchises in retail and commercial banking in the UK and Asia
(ex Japan); the company also has a strong capital position, with profits
benefiting from an increased net interest rate margin on its large deposit
base and supporting good dividend growth.
Outlook
Markets had rallied from their October lows as inflation has shown signs of
slowing, leading to hopes that central banks may pare back further increases
to interest rates. In addition, falling European gas prices have eased fears
about an impending recession, and China has relaxed its stringent zero Covid
policy. However, the impact of the rapid rise in interest rates globally is
starting to be felt with some weaker banks in the US and Europe getting into
financial difficulty. This will undoubtably lead to a higher level of
volatility within equity and bond markets even though consumer and corporate
balance sheets are strong, UK banks are well capitalised and unemployment
remains low.
Although disinflationary forces are emerging, there are reasons to believe
that inflation will settle at levels higher than we have been used to and be
more volatile in the years ahead. Labour markets remain tight, putting upward
pressure on wages, while the move away from globalisation towards
protectionism, the reshoring of manufacturing facilities and the move to net
zero will all add to inflation in the developed world. Hence it is our belief
that the age of ultra-low interest rates is over, and that the global economy
is moving to a new more normalised world for interest rates. After an extended
period where investors sought growth irrespective of value, now that the era
of "free money" is over, asset valuations will become increasingly important
once again.
Although the macro economic outlook is uncertain and concerns within the
banking sector need to be monitored, the UK equity market is attractively
valued. The focus remains on finding good quality businesses at compelling
valuations that can pay and grow attractive dividends.
David Smith
Fund Manager
30 March 2023
PRINCIPAL RISKS
Principal Risk Mitigating Measures
Climate Change Risk ESG considerations are a fully integrated component of the investment process.
The Fund Manager seeks to understand how a company is managing ESG risks
Risk that investee companies within the Company's portfolio fail to respond to through its policies and processes and where its investments are targeted, to
the pressures of the growing climate emergency and fail to limit their carbon ensure that its business model remains sustainable over the longer term.
footprint to regulated targets, resulting in reduced investor demand for their
shares and falling market values.
Please refer to Environmental, Social and Governance Matters in the Annual
Report for further details.
Investment Risk The Manager provides the Board with regular investment performance statistics
against the benchmark and the peer group.
Risk of long-term underperformance of the Company against the benchmark and/or
peer group. This could result in the shares of the Company trading at a
persistent discount to net asset value and/or reduced liquidity in the
Company's shares. The implementation of the investment strategy and results of the investment
process for which the Fund Manager is responsible, are discussed with the
Manager and reviewed at each Board meeting.
Risk that insufficient income generation could lead to a cut in the dividend.
The premium/discount to net asset value and the trading volume of the
Company's shares are also regularly reviewed, taking account of market
conditions.
The Manager and the Board maintain close contact with the Company's Broker to
understand the supply of and demand for shares.
The Board reviews the Income Statement and revenue forecasts at each meeting
and continually monitors the Company's revenue reserves.
Market/Financial Risk The Board reviews the Company's compliance with its loan covenants (for both
the short-term and long-term facilities) on a monthly basis and additional
Risk that market conditions lead to a fall in the value of the portfolio covenant testing is undertaken in extreme market conditions to give comfort
(magnified by any gearing) and/or a reduction of income. that the Company can meet its financial liabilities.
Risks associated with rising interest rates and its impact on the broader The portfolio is diverse, containing a sufficient range of investments to
financial system. ensure that no single investment puts undue risk on the sustainability of the
income generated by the portfolio or indeed the capital value. Regard is also
given to having a broad mix of companies in the portfolio, as well as a spread
across a range of economic sectors. The Board reviews the portfolio on a
This could result in loss of capital value for shareholders and/or a cut in monthly basis.
the dividend payment.
The Manager operates within investment limits and restrictions set by the
Board, including limits for gearing and derivatives and confirms compliance
with these each month. Any particularly high risks are highlighted and
discussed, and appropriate follow up action is taken where necessary.
A detailed analysis of the Company's financial risk management policies and
procedures can be found in the Financial Risk Management Policies and
Procedures note in the Annual Report.
The Board reviews the Income Statement and revenue forecasts at each meeting
and continually monitors the Company's revenue reserves.
Operational Risks including cyber risks, pandemic risks and epidemic risks and The Board receives a quarterly internal control report from the Manager to
risks relating to terrorism and international conflicts assist with the ongoing review and monitoring of the internal control and risk
management systems it has in place.
Risk of loss through inadequate or failed internal procedures, policies,
processes, systems or human error. This includes risk of loss to the Company's
third-party service providers.
The Board regularly receives reports from the Manager's Internal Audit, Risk,
Compliance, Information Security and Business Continuity teams. This provides
Risk of financial loss, disruption or damage to the reputation of the assurance that the Manager has appropriate policies and procedures in place to
Company, the Manager and the Company's other key third-party service be able to continue in operation and maintain stability in times of such
providers, as a result of failure of information technology systems. risks. In particular, the Board asks the Manager to confirm that the Fund
Manager can continue to manage the portfolio in these circumstances.
Risk of loss as a result of external events outside of the Board's control
such as pandemic and/or epidemic risks and risks relating to terrorism and/or The Board makes similar enquiries of its other key third-party service
international conflicts that disrupt and impact the global economy. This providers to gain assurance that they too have appropriate policies and
includes the risk of loss to the Company's third-party service providers that procedures in place to be able to continue in operation and maintain stability
are also disrupted and impacted by such events. in times of such risks.
Please refer to the Internal Control and Risk Management section in the Annual
Report for further details.
Tax, Legal and Regulatory Risk The Manager has been contracted to provide investment, company secretarial,
administration and accounting services through qualified professionals.
Risk that a breach of, or a change in laws and regulations, could materially
affect the viability and appeal of the Company, in particular section 1158/9
Corporation Tax Act 2010 which exempts capital gains from being taxed within
investment trusts. The Board receives internal control reports produced by the Manager on a
quarterly basis, which confirm tax, legal and regulatory compliance.
Emerging Risks
With the help of the Manager's research resources and using its own market
intelligence, the Board continually monitors the changing risk landscape and
any emerging and increasing threats to the Company's business model. Such
emerging risks could cause disruption for the Company if ignored, but if
identified could provide business opportunities. Should an emerging risk
become sufficiently clear, it may be moved to a principal risk.
VIABILITY STATEMENT
The Company seeks to provide superior income generation and long-term capital
growth for its shareholders. The Board aims to achieve this by implementing
the Company's business model and strategy through the investment objective and
policy. The Board will continue to consider and assess how it can adapt the
business model and strategy of the Company to ensure its long-term viability
in relation to its principal and emerging risks.
The Board also considers:
· the prospects for the Company including the liquidity of the portfolio (which
is mainly invested in readily realisable listed securities);
· the level of borrowings (which are restricted);
· the closed-end nature as an investment company (therefore there are no issues
arising from unexpected redemptions);
· a low ongoing charge (0.84% for the year-ended 31 December 2022 (2021:
0.84%)); and
· long-term borrowings in place in the form of the 3.67% senior unsecured loan
note which matures in July 2034 (the value of this long-term borrowing is at
9.3% of net assets as at 31 December 2022, relatively small in comparison to
the value of total net assets).
Furthermore, the Company retains title to all assets held by the Custodian
(under the terms of the formal agreement with the Depositary), cash is held
with approved banks and revenue and expenditure forecasts are reviewed at each
Board meeting. The Fund Manager provides an additional, conservative
stress-tested revenue forecast at least once a year to assist the Board with
its dividend decision making. The Company's revenue reserves remain strong
with approximately 8 months' worth of dividend cover, which gives additional
comfort for any difficult years that may arise in the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term horizon and taking account of
the Company's current position and the assessment factors detailed above.
When assessing the viability of the Company over the next five years the
Directors considered its ability to meet liabilities as they fall due. This
included consideration of the duration of the Company's borrowing facilities
and how a breach of any loan covenants could impact on the Company's net asset
value and share price.
The Board does not envisage any change in strategy or investment objective, or
any events that would prevent the Company from continuing to operate over the
next five years as the Company's assets are liquid, its commitments are
limited, and the Company intends to continue to operate as an investment
trust. The Board notes the Company's next continuation vote is due to take
place at the AGM in 2025.
In 2022 the Board received feedback from the Fund Manager and the Janus
Henderson Investment Trust Sales Team on meetings held with shareholders. The
feedback suggested that the shareholders were supportive of the Company
continuing in operation. The Board remains confident that shareholders remain
supportive of the Company.
The Board takes comfort in the robustness of the Company's position,
performance, liquidity and the well-diversified portfolio, as well as the Fund
Manager's monitoring of the portfolio and therefore has a reasonable
expectation that the Company will continue in operation and meet its
liabilities as they fall due up to and including the year-ending 31 December
2027.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with the
Directors and the Manager. There have been no material transactions between
the Company and its Directors during the year. The only amounts paid to them
were in respect of remuneration for which there were no outstanding amounts
payable at the year-end. Directors' interests in shares are disclosed in the
Directors' Remuneration Report in the Annual Report. In relation to the
provision of services by the Manager (other than fees payable by the Company
in the ordinary course of business and the provision of marketing services)
there have been no material transactions with the Manager affecting the
financial position or performance of the Company during the year under review.
More details on Transactions with Janus Henderson and Related Parties
including amounts outstanding at the year-end, are given in Note 21 to the
financial statements within the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL
STATEMENTS
Having taken advice from the Audit and Risk Committee, the Directors consider
that the Annual Report and financial statements, taken as a whole, are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the Company's position and performance, business model
and strategy. Each of the Directors, whose names and functions are listed in
the Board of Directors section within the Annual Report confirm that, to the
best of their knowledge:
· the Company's financial statements, which have been prepared in
accordance with United Kingdom Accounting Standards, comprising FRS 102, give
a true and fair view of the assets, liabilities, financial position and profit
of the Company; and
· the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Jeremy Rigg
Chairman
30 March 2023
Furthermore, the Company retains title to all assets held by the Custodian
(under the terms of the formal agreement with the Depositary), cash is held
with approved banks and revenue and expenditure forecasts are reviewed at each
Board meeting. The Fund Manager provides an additional, conservative
stress-tested revenue forecast at least once a year to assist the Board with
its dividend decision making. The Company's revenue reserves remain strong
with approximately 8 months' worth of dividend cover, which gives additional
comfort for any difficult years that may arise in the future.
The Board believes it is appropriate to assess the Company's viability over a
five-year period in recognition of its long-term horizon and taking account of
the Company's current position and the assessment factors detailed above.
When assessing the viability of the Company over the next five years the
Directors considered its ability to meet liabilities as they fall due. This
included consideration of the duration of the Company's borrowing facilities
and how a breach of any loan covenants could impact on the Company's net asset
value and share price.
The Board does not envisage any change in strategy or investment objective, or
any events that would prevent the Company from continuing to operate over the
next five years as the Company's assets are liquid, its commitments are
limited, and the Company intends to continue to operate as an investment
trust. The Board notes the Company's next continuation vote is due to take
place at the AGM in 2025.
In 2022 the Board received feedback from the Fund Manager and the Janus
Henderson Investment Trust Sales Team on meetings held with shareholders. The
feedback suggested that the shareholders were supportive of the Company
continuing in operation. The Board remains confident that shareholders remain
supportive of the Company.
The Board takes comfort in the robustness of the Company's position,
performance, liquidity and the well-diversified portfolio, as well as the Fund
Manager's monitoring of the portfolio and therefore has a reasonable
expectation that the Company will continue in operation and meet its
liabilities as they fall due up to and including the year-ending 31 December
2027.
RELATED PARTY TRANSACTIONS
The Company's transactions with related parties in the year were with the
Directors and the Manager. There have been no material transactions between
the Company and its Directors during the year. The only amounts paid to them
were in respect of remuneration for which there were no outstanding amounts
payable at the year-end. Directors' interests in shares are disclosed in the
Directors' Remuneration Report in the Annual Report. In relation to the
provision of services by the Manager (other than fees payable by the Company
in the ordinary course of business and the provision of marketing services)
there have been no material transactions with the Manager affecting the
financial position or performance of the Company during the year under review.
More details on Transactions with Janus Henderson and Related Parties
including amounts outstanding at the year-end, are given in Note 21 to the
financial statements within the Annual Report.
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE FINANCIAL
STATEMENTS
Having taken advice from the Audit and Risk Committee, the Directors consider
that the Annual Report and financial statements, taken as a whole, are fair,
balanced and understandable and provide the information necessary for
shareholders to assess the Company's position and performance, business model
and strategy. Each of the Directors, whose names and functions are listed in
the Board of Directors section within the Annual Report confirm that, to the
best of their knowledge:
· the Company's financial statements, which have been prepared in
accordance with United Kingdom Accounting Standards, comprising FRS 102, give
a true and fair view of the assets, liabilities, financial position and profit
of the Company; and
· the Strategic Report includes a fair review of the development and
performance of the business and the position of the Company, together with a
description of the principal risks and uncertainties that it faces.
For and on behalf of the Board
Jeremy Rigg
Chairman
30 March 2023
AUDITED INCOME STATEMENT
Year-ended Year-ended
31 December 2022 31 December 2021
(Audited) (Audited)
Revenue Capital Total Revenue Capital Total
return return return return return return
£'000 £'000 £'000 £'000 £'000 £'000
(Losses)/gains on investments held at fair value through profit or loss (note - (22,469) (22,469) - 27,188 27,188
2)
Income from investments held at fair value through profit or loss (note 3) 14,632 - 14,632 13,470 - 13,470
Other interest receivable and similar income 307 - 307 98 - 98
----------- ----------- ----------- ----------- ----------- -----------
Gross revenue and capital (losses)/gains 14,939 (22,469) (7,530) 13,568 27,188 40,756
----------- ----------- ----------- ----------- ----------- -----------
Expenses
Management fees (557) (836) (1,393) (564) (846) (1,410)
(note 5)
Other administrative expenses (498) - (498) (460) - (460)
----------- ----------- ----------- ----------- ----------- -----------
Net return before finance costs and taxation 13,884 (23,305) (9,421) 12,544 26,342 38,886
Finance costs (380) (1,140) (1,520) (295) (885) (1,180)
----------- ----------- ----------- ----------- ----------- -----------
Net return before taxation 13,504 (24,445) (10,941) 12,249 25,457 37,706
Taxation on net return (81) - (81) (104) (7) (111)
----------- ----------- ----------- ----------- ----------- -----------
Net return after taxation 13,423 (24,445) (11,022) 12,145 25,450 37,595
----------- ----------- ----------- ----------- ----------- -----------
Return/(loss) per ordinary share (note 6) 10.37p (18.89p) (8.52p) 9.44p 19.79p 29.23p
======= ======= ======= ======= ======= =======
The total columns of this statement represent the Income Statement of the
Company. All capital and revenue items derive from continuing operations. No
operations were acquired or discontinued during the year. The Company has no
other comprehensive income other than those items recognised in the Income
Statement.
AUDITED Statement of CHANGES IN EQUITY
Year-ended Called Share premium account Capital redemption reserve Other capital reserves Revenue reserve Total
31 December 2022 up share capital £'000 £'000 £'000 £'000 £'000
£'000
At 1 January 2022 6,430 126,783 26,302 68,315 8,404 236,234
Net return after taxation - - - (24,445) 13,423 (11,022)
Issue of new shares (note 7) 60 2,044 - - - 2,104
Dividends paid (note 9) - - - - (13,039) (13,039)
-------- ----------- --------- --------- --------- ----------
At 31 December 2022 6,490 128,827 26,302 43,870 8,788 214,277
===== ====== ====== ===== ===== ======
Year-ended Called Share premium account £'000 Capital redemption reserve £'000 Other capital reserves £'000 Revenue reserve £'000 Total
31 December 2021 up share £'000
capital
£'000
At 1 January 2021 6,430 126,783 26,302 42,865 8,991 211,371
Net return after taxation - - - 25,450 12,145 37,595
Dividends paid (note 9) - - - - (12,732) (12,732)
-------- ----------- --------- --------- --------- ----------
At 31 December 2021 6,430 126,783 26,302 68,315 8,404 236,234
===== ====== ====== ===== ===== ======
AUDITED STATEMENT OF FINANCIAL POSITION
At 31 December 2022 At 31 December 2021
£'000 £'000
Fixed assets
Investments held at fair value through profit or loss 260,053 289,091
---------- ----------
Current assets
Debtors 1,928 1,934
Cash at bank and in hand 2,873 3,942
---------- ----------
4,801 5,876
---------- ----------
Creditors: amounts falling due within one year (30,719) (38,884)
---------- ----------
Net current liabilities (25,918) (33,008)
Total assets less current liabilities 234,135 256,083
---------- ----------
Creditors: amounts falling due after more than one year (19,858) (19,849)
---------- ----------
Net assets 214,277 236,234
====== ======
Capital and reserves
Called up share capital (note 7) 6,490 6,430
Share premium account 128,827 126,783
Capital redemption reserve 26,302 26,302
Other capital reserves 43,870 68,315
Revenue reserve 8,788 8,404
---------- ----------
Total shareholders' funds 214,277 236,234
====== ======
Net asset value per ordinary share (basic and diluted) (note 8) 165.09p 183.70p
====== ======
AUDITED Statement of Cash Flows
Year-ended Year-ended
31 December 2022 31 December 2021
£'000 £'000
Cash flows from operating activities
Net return before taxation (10,941) 37,706
Add back: finance costs 1,520 1,180
Add/(less): losses/(gains) on investments held at fair value through profit or 22,469 (27,188)
loss
Withholding tax on dividends deducted at source (81) (111)
Decrease/(increase) in debtors 6 (37)
Increase in creditors 287 38
-------------- --------------
Net cash inflow from operating activities(1) 13,260 11,588
-------------- --------------
Cash flows from investing activities
Sales of investments held at fair value through profit or loss 60,179 46,326
Purchases of investments held at fair value through profit or loss (51,435) (48,879)
-------------- --------------
Net cash inflow/(outflow) from investing activities 8,744 (2,553)
-------------- --------------
Cash flows from financing activities
Issue of ordinary share capital 2,104 -
Equity dividends paid (13,039) (12,732)
(Repayment)/drawdown of loans (11,330) 8,231
Interest paid (1,512) (1,171)
-------------- --------------
Net cash outflow from financing activities (23,777) (5,672)
-------------- --------------
Net (decrease)/increase in cash and cash equivalents (1,773) 3,363
Cash and cash equivalents at beginning of year 3,942 595
Exchange movements 704 (16)
-------------- --------------
Cash and cash equivalents at end of year 2,873 3,942
Comprising: -------------- --------------
Cash at bank and in hand 2,873 3,942
======== ========
(1) Cash inflow from dividends was £13,729,000 (2021: £12,508,000) and cash
inflow from interest was £1,093,000 (2021: £1,016,000).
NOTES TO THE FINANCIAL STATEMENTS
1a. Accounting policies: basis of accounting
The Company is an investment company as defined in Section 833 of the
Companies Act 2006. It operates in England and Wales and is registered at
201 Bishopsgate, London EC2M 3AE. The financial statements have been prepared
in accordance with the Companies Act 2006, FRS 102 - The Financial Reporting
Standard applicable in the UK and Republic of Ireland, and with the AIC
Statement of Recommended Practice: Financial Statements of Investment Trust
Companies and Venture Capital Trusts (SORP).
The principal accounting policies applied in the presentation of these
financial statements are set out below. These policies have been consistently
applied to all the years presented.
The financial statements have been prepared under the historical cost basis
except for the measurement at fair value of investments.
In applying FRS 102, financial instruments have been accounted for in
accordance with Sections 11 and 12 of the standard. All of the Company's
operations are of a continuing nature.
1b. Significant judgments and estimates
The decision to allocate special dividends as income or capital is a judgment
but not deemed to be material. The allocation of expenses as income or capital
is not material but has an impact on distributable reserves. The Directors do
not consider these to be significant judgments or estimates and do not believe
that any accounting judgments or estimates have been applied to this set of
financial statements that have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities within the next
financial year.
1c. Going concern
The assets of the Company consist of securities that are readily realisable
and, accordingly, the Directors believe that the Company has adequate
resources to continue in operational existence for at least twelve months from
the date of approval of the financial statements.
The Company's shareholders are asked every five years to vote for the
continuation of the Company. An ordinary resolution to this effect was passed
by the shareholders at the annual general meeting held on 23 June 2020.
The Directors have considered the risks associated with rising interest rates
and its impact on the broader financial system, as well as considering cash
flow forecasting, a review of covenant compliance including the headroom above
the most restrictive covenants and an assessment of the liquidity of the
portfolio. They have concluded that they are able to meet their financial
obligations, including the repayment of the bank loan, as they fall due for a
period of at least twelve months from the date of issuance. Having assessed
these factors, the principal risks and other matters discussed in connection
with the viability statement, the Board has determined that it is appropriate
for the financial statements to be prepared on a going concern basis.
2. (Losses)/gains on investments held at fair value through profit or loss
Management fees are charged in accordance with the terms of the management
agreement which are set out in the Company's Annual Report for the year-ended
31 December 2022.
2022 2021
£'000 £'000
Gains on the sale of investments based on historical cost 1,102 4,396
Revaluation losses recognised in previous years (3,655) (1,803)
--------- ---------
(Losses)/gains on investments sold in the year based on carrying value at (2,553)
previous Statement of Financial Position date
2,593
--------- ---------
Net movement on revaluation of investments (17,748) 24,069
Effective yield movement 6 32
Exchange (losses)/gains (2,174) 494
----------- -----------
(22,469) 27,188
====== ======
3. Income from Investments Held at Fair Value through Profit or Loss 2022 2021
£'000 £'000
UK dividend income - listed 10,198 9,546
UK dividend income - special dividends 1,016 686
---------- ----------
11,214 10,232
---------- ----------
Interest income - listed 1,082 915
Overseas and other dividend income - listed 2,245 2,100
Overseas and other dividend income - special dividends 91 223
------- -------
3,418 3,238
---------- ----------
14,632 13,470
====== ======
4. Other Interest Receivable and Similar Income 2022 2021
£'000 £'000
Deposit interest 18 -
Traded option premiums 289 79
Underwriting commission - 19
----- -----
307 98
=== ===
5. Management Fee
2022 2021
Revenue return Capital Total Revenue return Capital Total
£'000 return £'000 £'000 return £'000
£'000 £'000
Management fee 557 836 1,393 564 846 1,410
------ ------- -------- ------ ------- --------
Total fee 557 836 1,393 564 846 1,410
=== === ===== === === =====
A summary of the terms of the Investment Management Agreement is given in the
Annual Report. An explanation of the split between revenue and capital is
contained in Note 1g to the financial statements in the Annual Report.
6. Total (Loss)/Return per Ordinary Share
The (loss)/return per ordinary share figure is based on the loss attributable
to the ordinary shares of £11,022,000 (2021: gain of £37,595,000) and on the
129,401,141 weighted average number of ordinary shares in issue during the
year (2021: 128,596,278).
The Company had no securities in issue that could dilute the return per
ordinary share. The return per ordinary share can be analysed between revenue
and capital as shown below:
2022 2021
£'000 £'000
Net revenue return 13,423 12,145
Net capital (loss)/return (24,445) 25,450
------------ ----------
Total (loss)/return (11,022) 37,595
======= ======
Weighted average number of ordinary shares 129,401,141 128,596,278
Revenue return per ordinary share 10.37p 9.44p
Capital (loss)/return per ordinary share (18.89p) 19.79p
------------ ------------
Total (loss)/return per ordinary share (8.52p) 29.23p
======= =======
7. Called Up Share Capital
Shares entitled Total shares Nominal value
to dividend in issue in issue
£'000
Issued ordinary shares of 5p each 128,596,278 128,596,278 6,430
At 1 January 2022
Issued during the year 1,200,000 1,200,000 60
-------------- -------------- -------
At 31 December 2022 129,796,278 129,796,278 6,490
-------------- -------------- -------
During the year the Company issued 1,200,000 shares (2021: nil shares) for net
proceeds of £2,104,000 (2021: £nil). Between 1 January and 30 March 2023, no
shares have been issued.
8. Net Asset Value Per Ordinary Share (Basic and Diluted)
The net asset value per ordinary share is based on the net assets attributable
to the ordinary shares of £214,277,000 (2021: £236,234,000) and on the
129,796,278 ordinary shares in issue at 31 December 2022 (2021: 128,596,278).
The movements during the year of the assets attributable to the ordinary
shares were as follows:
2022 2021
£'000 £'000
Net assets at start of year 236,234 211,371
Total net (loss)/return after taxation (11,022) 37,595
Dividends paid in the year (13,039) (12,732)
Issue of ordinary shares less issue costs 2,104 -
----------- -----------
214,277 236,234
======= =======
9. Dividends Paid on Ordinary Shares
Payment date 2022 2021
£'000 £'000
Fourth interim dividend (2.475p per share) for the year-ended 29 January 2021 - 3,183
31 December 2020
First interim dividend (2.475p per share) for the year-ended 30 April 2021 - 3,183
31 December 2021
Second interim dividend (2.475p per share) for the year-ended 31 December 2021 30 July 2021 - 3,183
Third interim dividend (2.475p per share) for the year-ended 29 October 2021 - 3,183
31 December 2021
Fourth interim dividend (2.525p per share) for the year-ended 28 January 2022 3,247 -
31 December 2021
First interim dividend (2.525p per share) for the year-ended 29 April 2022 3,255 -
31 December 2022
Second interim dividend (2.525p per share) for the year-ended 31 December 2022 29 July 2022 3,275 -
Third interim dividend (2.525p per share) for the year-ended 28 October 2022 3,277 -
31 December 2022
Unclaimed dividends (15) -
---------- ----------
13,039 12,732
====== ======
The total dividends payable in respect of the financial year which form the
basis of the test under Section 1158 of the Corporation Tax Act 2010 are set
out below:
2022 2021
£'000 £'000
Revenue available for distribution by way of dividend for the year 13,423 12,145
First interim dividend of 2.525p (2021: 2.475p) (3,255) (3,183)
Second interim dividend of 2.525p (2021: 2.475p) (3,275) (3,183)
Third interim dividend of 2.525p (2021: 2.475p) (3,277) (3,183)
Fourth interim dividend 2.575p (2021: 2.525p) (3,342) (3,247)
-------- ----------
274 (651)
===== ======
In accordance with FRS 102, interim dividends payable to equity shareholders
are recognised in the Statement of Changes in Equity when they have been paid
to shareholders. All dividends have been paid out of revenue reserves or
current year revenue profits and at no point during the year did the revenue
reserve move to a negative position.
10. 2022 Financial Information
The figures and financial information for the year-ended 31 December 2022 are
extracted from the Company's Annual Financial Statements for that period and
do not constitute statutory financial statements for that period. The
Company's Annual Financial Statements for the year-ended 31 December 2022 have
been audited but have not yet been delivered to the Registrar of Companies.
The Independent Auditors' Report on the 2022 Financial Statements was
unqualified, did not include a reference to any matter to which the Auditors
drew attention without qualifying the report, and did not contain any
statements under Sections 498(2) and 498(3) of the Companies Act 2006.
11. 2021 Financial Information
The figures and financial information for the year-ended 31 December 2021 are
extracted from the Company's Annual Financial Statements for that period and
do not constitute statutory financial statements for that period. The
Company's Annual Financial Statements for the year-ended 31 December 2021
have been audited and delivered to the Registrar of Companies. The Independent
Auditors' Report on the 2021 Financial Statements was unqualified, did not
include a reference to any matter to which the Auditors drew attention without
qualifying the report, and did not contain any statements under Sections
498(2) and 498(3) of the Companies Act 2006.
12. Annual report
The Annual Report will be posted to shareholders in April 2023 and will be
available at www.hendersonhighincome.com or in hard copy from the Corporate
Secretary at the Company's registered office, 201 Bishopsgate, London EC2M
3AE.
13. Annual General Meeting (AGM)
The AGM will be held on Tuesday, 16 May 2023 at 12 noon at the Company's
registered office, 201 Bishopsgate, London EC2M 3AE. The Notice of Meeting
will be posted to shareholders with the Annual Report.
14. General information
a) Company Status
The Company is a UK domiciled investment trust company with registered number
02422514.
SEDOL/ISIN number: 0958057/GB0009580571
London Stock Exchange (TIDM) Code: HHI
Global Intermediary Identification Number (GIIN): JBA08I.99999.SL.826
Legal Entity Identifier (LEI): 213800OEXAGFSF7Y6G11
b) Directors, Corporate Secretary and Registered Office
The Directors of the Company are Jeremy Rigg (Chairman), Jonathan Silver
(Chairman of the Audit & Risk Committee), Zoe King (Senior Independent
Director), Richard Cranfield and Francesca Ecsery. The Corporate Secretary is
Janus Henderson Secretarial Services UK Limited, represented by Samantha
McDonald, ACG. The registered office is 201 Bishopsgate, London EC2M 3AE.
c) Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, copies of
announcements, reports and details of general meetings can be found at
www.hendersonhighincome.com
For further information please contact:
David Smith Dan Howe
Fund Manager Head of Investment Trusts
Janus Henderson Investors Janus Henderson Investors
Telephone: 020 7818 4443 Telephone: 020 7818 4458
Harriet Hall
Investment Trust PR Manager
Janus Henderson Investors
Telephone: 020 7818 2919
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) are
incorporated into, or form part of, this announcement.
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