Half-yearly Report
THE EUROPEAN INVESTMENT TRUST PLC
Half-Yearly Financial Report
31 March 2010
The Directors announce the unaudited half-yearly financial report for the six
months to 31 March 2010 as follows:-
Key highlights
* In the six months to 31 March 2010 the net asset value ("NAV") per share
increased by 4.0% to 659.54p. The total NAV return per share was 6.2% for
the six month period which compared to the total return from the FTSE All
World Europe ex UK Index in sterling of 5.3%.
* The Company's share price fell by 0.4% to 552p. The share price discount to
net asset value increased from 12.6% to 16.3%. During the period, which
covered the change of investment manager and notice of withdrawal of the
Company from the F&C savings plans, the Company bought back and cancelled
3,019,000 shares at a total cost of £15,288,000, which represented 6.6% of
the share capital at the start of the period. The Board will continue to
monitor the level of discount to NAV per share at which the shares trade as
it continues to believe that share buybacks are an important factor in
addressing supply/demand imbalances.
* Following the appointment of Edinburgh Partners Limited as investment
manager from 1 February 2010 there was a significant portfolio
repositioning. Of the 46 holdings inherited, 20 have been retained. 20 new
investments have been made.
* Principal portfolio changes have been in the financial sector, where
exposure to investment banking and insurance was reduced. Irish food and
drinks companies were disposed of. New positions were established in the
telecommunications sector, with its high and sustainable dividend yields,
where there was no exposure previously.
* The rally in equity markets we have witnessed since early last year has
closed out many of the more obvious valuation gaps which existed at that
time. Equity valuations currently look to be in the territory of fair
value, if not slightly above. However the portfolio comprises a diverse
selection of companies which we are confident will reward investors over
the longer term.
Copies of the half-yearly report can be obtained from the following websites:
www.theeuropeaninvestmenttrust.com and www.edinburghpartners.com.
Financial summary
31 March 30 September Change
2010 2009
Capital
Net assets £281.85m £290.16m (2.9)%
Net asset value per share 659.54p 634.18p 4.0%
("NAV")
Share price 552.00p 554.00p (0.4)%
Share price discount to NAV 16.3% 12.6%
Six monthsto Six months to Year to
31 March 31 March 30 September
2010 2009 2009
Total return per Ordinary Share *
Capital 28.40p (137.89)p 25.53p
Revenue 0.94p 5.02p 13.24p
Total 29.34p (132.87)p 38.77p
* Based on the weighted average number of shares in issue in issue during the period.
Performance Six months to
31 March
2010
NAV Total Return +6.2%
FTSE All-World Europe ex
UK Index Total Return* +5.3%
* in sterling
The NAV Total Return is sourced from Edinburgh Partners and includes dividends
reinvested. Prior to 1 February 2010, the investment manager was F&C Management
Limited ("F&C") and NAV returns were sourced from F&C. The index performance
figure is sourced from Thompson Reuters Datastream. Past performance is not a
guide to future performance.
Objective and Investment Policy
Objective
The objective of The European Investment Trust plc is to achieve long-term
capital growth through a diversified portfolio of Continental European
securities.
Investment Policy
The Board believes that investment in the diverse and increasingly accessible
markets of this region provides opportunities for capital growth over the long
term. At the same time it considers the structure of the Company as a UK listed
investment trust, with a fixed capital and an independent Board of Directors,
to be well suited to investors seeking longer-term returns.
The Board recognises that investment in some European countries can be riskier
than in others. Investment risks are diversified through holding a wide range
of securities in different countries and industrial sectors. No more than 10%
of the value of the portfolio in aggregate may be held in securities in those
countries which are not included in the FTSE All-World European indices.
The Board has the authority to hedge the Company's exposure to movements in the
rate of exchange of currencies, principally the euro, in which the Company's
investments are denominated, against sterling, its reporting currency. However,
it is not generally the Board's practice to do this and the portfolio is not
currently hedged.
No investments in unquoted stocks can be made without the prior approval of the
Board. There are no unquoted investments at present. The level of gearing
within the portfolio is agreed by the Board and should not exceed 20% in normal
market conditions.
No more than 10% of the total assets of the Company may be invested in other
listed investment companies (including investment trusts) except in such other
investment companies which themselves have stated that they will invest no more
than 15% of their total assets in other listed investment companies, in which
case the limit is 15%.
The Manager's compliance with the limits set out in the investment policy is
monitored by the Board.
Manager's Review
Introduction
Edinburgh Partners was delighted and honoured to be selected as the Manager of
your Company's assets with effect from 1 February 2010. We believe that our
patient and disciplined approach is one which will serve shareholders well over
the long term. As this is our first opportunity to write to you, as well as
covering portfolio developments, I would like to take the opportunity to
introduce Edinburgh Partners and our way of investing.
Background and Investment Style of Edinburgh Partners
Edinburgh Partners was formed in 2003 by a small group of experienced
professionals who shared a common approach to investing. Whilst Edinburgh
Partners is only seven years old, the Founders and Partners had all worked
together in large investment houses in relationships going back well over
twenty years. We have a relatively simple view of what an asset management
company should be focused on, namely the production of superior long-term
investment returns. We have a flat, uncluttered structure which facilitates
long-term, disciplined, research-intensive investing.
Although we have only been articulating our investment philosophy at Edinburgh
Partners for seven years, it is in fact a very traditional approach. We believe
that time horizon is the key market imperfection. By this we note that over the
years, investors have become shorter and shorter term in their time horizons.
Fifty years ago the average holding period for a share in the USA was over six
years. Nowadays, companies can only rely on shareholder "loyalty" for an
average of slightly less than nine months. We would expect our holding period
to be between three to five years, in line with our experience to date.
It is the anomaly of short-termism which we seek to exploit through a patient
and disciplined approach which focuses on the long-term profit streams of
companies. This approach means that there will be times when the portfolio
looks, and hence performs, very differently from prevailing market sentiment.
However, it has always been our belief that short-term periods of
underperformance are the inevitable cost of superior long-term returns. This
has been our experience to date and I look forward to sharing with you in these
developments over the coming years.
Portfolio Repositioning
We were informed in December 2009 that we were to be managing your Company's
assets. There followed an intensive period of analytical due diligence on the
portfolio we would be inheriting. On 1 February 2010 we placed a number of
trades in the market to reposition the portfolio and 95% of this repositioning
was completed by the end of this first week of our stewardship, at a minimal
cost to shareholders. Of the 46 holdings we inherited, 20 have been retained.
20 new investments have been made. Your portfolio will at most times have in
the region of 40 holdings, a number we think optimal for achieving a
combination of diversification and high conviction in each investment.
Amongst the changes we made, the most noteworthy were in the financial sector,
where we reduced the exposure to investment banking and insurance. There is
certainly enough value in the financial sector to justify good portfolio
representation, but given the presence of elevated regulatory risk, we think
this is best achieved through a diversified (by product and geography) list of
companies. We also sold 3 Irish food and drinks companies as we considered
that, whilst they are reasonable companies, there was a better combination of
quality and value available elsewhere.
Your portfolio has new positions in the following areas where there was no
exposure previously: telecommunications (high and sustainable dividend yields);
travel (Ryanair - a more mature business); Russia (long-term gas reserves,
Gazprom) and Austria (leading global industrial company, Andritz). I look
forward to introducing more of the investments in future reports.
I was asked at the Annual General Meeting about our approach to investing in
"New" or Eastern Europe. We use a broad definition of Europe for our
geographical boundaries, and whilst we have the capability to invest in a
number of emerging countries, we currently see a better combination of risk and
reward in the core European markets.
Results
The net asset value at the Company's half-year end of 31 March 2010 was
659.54p, an increase of 4.0% on the net asset value at 30 September 2009 of
634.18p. After including the special and final dividends totalling 13.6p which
were paid in January 2010, the total return per share was 6.2% for the six
month period. The total return from the FTSE All-World Europe ex UK Index in
sterling was 5.3%.
Share Price and Discount
During the six months to 31 March 2010 the Company's share price saw a slight
reduction of 0.4% from 554p to 552p. With the increase in the net asset value
share detailed above this resulted in the share price discount to net asset
value increasing from 12.6% to 16.3%. During the period, which covered the
change of investment manager and notice of withdrawal of the Company from the F
&C savings plans, the Company bought back and cancelled 3,019,000 shares at a
total cost of £15,288,000. The shares bought back represented 6.6% of the share
capital at the beginning of the Company's financial year on 1 October 2009. As
stated in the annual report the Board will continue to monitor the level of
discount to net asset value per share at which your shares trade and it
believes that share buy backs are an important factor in addressing supply/
demand imbalances.
Revenue
The net revenue return per share in the six months to 31 March 2010 was 0.94p.
This compares with the net revenue return of 5.02p obtained in the six months
to 31 March 2009. The principal reason for the reduction is that in 2009 the
Company accounted for a recovery on historic investment management fees and
interest thereon totalling £2,166,000 which did not occur in 2010. The return
in the current year was similar to the net revenue return of 0.93p generated in
the 2008 half-year.
The revenue return for the half-year is not indicative of the full year return
as European companies tend to pay dividends between April and September while
expenses are incurred throughout the year.
Outlook
Investing with a five-year time horizon often means there can be periods when
we have little new or really interesting to say. The rally in equity markets we
have witnessed since early last year has closed out many of the more obvious
valuation gaps which existed at that time. This leaves us today at a point
where most equity valuations look to be in the territory of fair value, if not
slightly above. However, your portfolio comprises a diverse selection of
companies which we are confident will reward investors over the longer term.
Dale Robertson
Edinburgh Partners Limited
24 May 2010
Distribution of Investments
As at 31 March 2010 (% of net assets)
Sector distribution
Sector Percentage
Industrials 19.3
Financials 17.7
Consumer Services 14.5
Consumer Goods 12.5
Oil & Gas 8.0
Health Care 7.9
Technology 6.7
Telecommunications 4.8
Basic Materials 3.7
Cash and other net assets 4.9
100.0
Geographical distribution
Geographical Percentage
France 18.1
Netherlands 18.0
Switzerland 12.0
Germany 10.3
Italy 7.6
Ireland 7.0
Sweden 5.3
Finland 4.3
Spain 4.2
Belgium 3.7
Russia 2.4
Austria 2.2
Cash and other net assets* 4.9
100.0
* Cash and other net assets includes foreign currency balances of £14,400,000
(5.1%).
The figures detailed in the geographical distribution table represent the
Company's equity exposure to those countries.
Portfolio of Investments
as at 31 March 2010
Net
Company Sector Country Valuation Assets
£'000 %
Equity investments
Nokia Technology Finland 9,497 3.4
Ahold Consumer Services Netherlands 8,879 3.2
Adidas Consumer Goods Germany 8,838 3.1
Vivendi Consumer Services France 8,581 3.0
Heineken Consumer Goods Netherlands 8,569 3.0
UBS Financials Switzerland 8,495 3.0
ENI Oil & Gas Italy 8,438 3.0
Swedbank Financials Sweden 8,381 3.0
Reed Elsevier Consumer Services Netherlands 8,120 2.9
Deutsche Post Industrials Germany 7,916 2.8
Syngenta Basic Materials Switzerland 7,697 2.7
Teleperformance Consumer Services France 7,668 2.7
BNP Paribas Financials France 7,575 2.7
Belgacom Telecommunications Belgium 7,556 2.7
Ryanair Consumer Services Ireland 7,474 2.7
Royal Dutch Shell Oil & Gas Netherlands 7,428 2.6
Bureau Veritas Industrials France 7,352 2.6
SAP Technology Germany 6,994 2.5
Intesa Sanpaolo Financials Italy 6,839 2.4
Gazprom Oil & Gas Russia 6,771 2.4
Total - 20 largest equity investments 159,068 56.4
Other equity 109,049 38.7
investments
Total equity 268,117 95.1
investments
Cash and other net assets 13,731 4.9
Net assets 281,848 100.0
The value of the twenty largest equity holdings represents 56.4% of the
Company's net assets (30 September 2009: 57.9%).
The geographical distribution is based on each investment's principal stock
exchange listing except in instances when this would not give a proper
indication of where its activities predominate.
Directors' Statement of Principal Risks and Uncertainties
The Company's assets consist of quoted equity securities and its principal
risks are therefore market related. Other key risks faced by the Company relate
to investment strategy, currency, gearing, investment management resources,
regulatory issues, counterparties and financial controls. These risks, and the
way in which they are managed, are described in more detail under the heading
"Principal risks and their management" within the Directors' Report and
Business Review in the Company's annual report for the year ended 30 September
2009. The Company's principal risks and uncertainties have not changed
materially since the date of that report.
Directors' Statement of Responsibilities in respect of the Financial Statements
The Directors confirm that to the best of their knowledge:
• The condensed set of financial statements has been prepared in accordance
with the statement on Half-Yearly Financial Reports issued by the UK Accounting
Standards Board and gives a true and fair view of the assets, liabilities,
financial position and profit of the Company.
• This Half-Yearly Financial Report includes a fair review of the information
required by:
a) 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the
financial year and their impact on the condensed set of financial statements;
and a description of the principal risks and uncertainties for the remaining
six months of the year; and
b) 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period; and any changes in the related
party transactions described in the last annual report that could do so.
• There were no related party transactions during the period. Under the AIC
SORP issued in January 2009 the Investment Manager is not considered to be a
related party of the Company.
The Half-Yearly Financial Report was approved by the Board of Directors on 24
May 2010 and the above responsibility statement was signed on its behalf by
Douglas McDougall, Chairman.
Income Statement (unaudited)
for the six months to 31 March 2010
Six months to Six months to Year to
31 March 2010 31 March 2009 30 September 2009
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/ - 12,949 12,949 - (67,533) (67,533) - 11,105 11,105
(losses) on
investments
Foreign (3) (185) (188) 33 1,162 1,195 22 1,029 1,051
exchange
(losses)/
gains
Income 2 1,663 - 1,663 3,206 - 3,206 9,261 - 9,261
Investment (702) - (702) (591) - (591) (1,151) - (1,151)
management
fee
Recoverable - - - 1,103 - 1,103 1,103 - 1,103
VAT
Other (379) - (379) (328) (20) (348) (693) (19) (712)
expenses
Net return 579 12,764 13,343 3,423 (66,391) (62,968) 8,542 12,115 20,657
before
finance
costs and
taxation
Finance - - - (63) - (63) (68) - (68)
costs
Net return 579 12,764 13,343 3,360 (66,391) (63,031) 8,474 12,115 20,589
on ordinary
activities
before
taxation
Taxation on 3 (157) - (157) (943) - (943) (2,190) - (2,190)
ordinary
activities
Net return 422 12,764 13,186 2,417 (66,391) (63,974) 6,284 12,115 18,399
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 0.94 28.40 29.34 5.02 (137.89) (132.87) 13.24 25.53 38.77
share*
The total column of this statement is the profit and loss account of the
Company. The revenue return and capital return columns are supplementary
to this and are prepared in accordance with guidance issued by the Association
of Investment Companies.
All revenue and capital items in the above statement derive from continuing
operations.
A separate Statement of Recognised Gains and Losses has not been prepared as
all such gains and losses are included in the Income Statement.
* The return per share for the six months to 31 March 2010 is based on the net
revenue return after taxation of £422,000 (six months to 31 March 2009: £
2,417,000; year to 30 September 2009: £6,284,000) and the net capital return
after taxation of £12,764,000 (six months to 31 March 2009: £(66,391,000); year
to 30 September 2009: £12,115,000) and on 44,939,984 (six months to 31 March
2009: 48,147,218; year to 30 September 2009: 47,455,798) shares, being the
weighted average number of shares in issue during the period.
Balance Sheet (unaudited)
as at 31 March 2010
31 March 31 March 30 September
2010 2009 2009
Note £'000 £'000 £'000
Fixed assets
Investments at fair value 268,117 214,233 290,067
through profit or loss
Current assets
Debtors 333 4,975 851
Taxation recoverable 430 354 425
Cash at bank 14,445 200 2,200
15,208 5,529 3,476
Creditors - amounts falling due 1,477 3,868 3,388
within one year
Net current assets 13,731 1,661 88
Net assets 281,848 215,894 290,155
Capital and reserves
Called-up share capital 4 10,683 11,876 11,438
Special premium account 123,749 123,749 123,749
Capital redemption reserve 8,128 6,935 7,373
Capital reserve 134,806 66,936 137,330
Distributable revenue reserve 4,482 6,398 10,265
Total equity shareholders' 281,848 215,894 290,155
funds
pence pence pence
Net asset value per share 6 659.54 454.46 634.18
Cash Flow Statement (unaudited)
for the six months to 31 March 2010
Six months Six months Year to
to to 30
31 March 31 March September
2010 2009 2009
Note £'000 £'000 £'000
Operating activities
Investment income received 1,466 1,929 8,046
Interest received 4 114 120
Other income - - 52
Investment management fees paid (631) (591) (1,276)
VAT recovered (including - 4,039 4,166
interest thereon)
Other cash payments (331) (355) (671)
Net cash inflow from operating 7 508 5,136 10,437
activities
Servicing of finance
Interest paid - (82) (87)
Taxation (1,035) (1,628) (2,784)
Capital expenditure and
financial investment
Purchases of investments (173,820) (198,554) (257,803)
Sales of investments 209,100 217,626 282,172
Exchange gains on settlement 287 - -
Other capital charges - (17) (21)
Net cash inflow from capital 35,567 19,055 24,348
expenditure and financial
investment
Equity dividends paid 5 (6,205) (7,219) (7,219)
Net cash inflowbefore financing 28,835 15,262 24,695
Financing
Loans redeemed - (11,912) (11,912)
Own shares purchased and (16,118) (5,294) (12,576)
cancelled
Net cash outflow from financing (16,118) (17,206) (24,488)
Increase/(decrease) in cash 8 12,717 (1,944) 207
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the six months to 31 March 2010
Six months to Six months to Year to
31 March 31 March 30 September
2010 2009 2009
£'000 £'000 £'000
Opening equity shareholders' 290,155 292,378 292,378
funds
Dividends paid (6,205) (7,219) (7,219)
Shares purchased and (15,288) (5,291) (13,403)
cancelled
Net return attributable to 13,186 (63,974) 18,399
equity shareholders
Closing equity shareholders' 281,848 215,894 290,155
funds
Notes to the Financial Statements (unaudited)
for the six months to 31 March 2010
1 Accounting policies
These financial statements have been prepared on the basis of the accounting
policies set out in the Company's financial statements for the year ended 30
September 2009. These accounting policies are expected to be followed
throughout the year ending 30 September 2010.
2. Income
Six months to Six months to Year to
31 March 31 March 30 September
2010 2009 2009
£'000 £'000 £'000
Income from investments:
Overseas dividends 1,642 2,029 7,795
UK dividends 17 - 231
1,659 2,029 8,026
Other income:
Interest on recoverable VAT - 1,063 1,063
Bank interest 4 114 120
Underwriting commission - - 52
4 1,177 1,235
Total income 1,663 3,206 9,261
3. Taxation
The taxation charge for the six months to 31 March 2010 is £157,000 (six months
to 31 March 2009: £943,000; year to 30 September 2009: £2,190,000).
The tax charge comprises a corporation tax charge for the six months to 31
March 2010 of £nil (six months to 31 March 2009: £912,000; year to 30 September
2009: £1,489,000) and irrecoverable withholding tax suffered of £157,000 (six
months to 31 March 2009: £31,000; year to 30 September 2009: £701,000).
4. Share capital
Authorised Issued and fully paid
Equity share capital Number of £'000 Number of £'000
shares shares
Ordinary shares of 25p
each
Balance at 30 September 100,000,000 25,000 45,752,748 11,438
2009
Shares cancelled - - (3,019,000) (755)
Balance at 31 March 2010 100,000,000 25,000 42,733,748 10,683
During the six months to 31 March 2010 3,019,000 ordinary shares were purchased
and cancelled at a cost of £15,288,000. Since the period end a further 33,000
ordinary shares have been purchased and cancelled at a cost of £188,000.
5. Dividends
Six months Six months Year
to to to
31 March 31 March 30 September
Payment 2010 2009 2009
date £'000 £'000 £'000
Final dividend for the year 25 January
ended
30 September 2009 of 10.2p 2010 4,654 - -
Special dividend for the 25 January
year ended
30 September 2009 of 3.4p 2010 1,551 - -
Final dividend for the year 22 December
ended
30 September 2008 of 12.0p 2008 - 5,814 5,814
Special dividend for the 22 December
year ended
30 September 2008 of 2.9p 2008 - 1,405 1,405
6,205 7,219 7,219
6. Net asset value per share
31 March 31 March 30 September
2010 2009 2009
Net assets attributable at the £ £ £
period end 281,848,000 215,894,000 290,155,000
Number of ordinary shares in 42,733,748 47,506,053 45,752,748
issue at the period end
Net asset value per share 659.54p 454.46p 634.18p
7. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months to Six months to Year to
31 March 31 March 30 September
2010 2009 2009
£'000 £'000 £'000
Net return before finance 13,343 (62,968) 20,657
costs and taxation
Adjustment for returns from
non-operating activities:
- (Gains)/losses on (12,949) 67,533 (11,105)
investments
- Foreign exchange losses/ 185 (1,162) (1,029)
(gains) of a
capital nature
- Non-operating expenses of - 20 19
a capital
nature
Return from operating 579 3,423 8,542
activities
Adjustment for non-cash flow
items:
- Foreign exchange gains of - (33) (22)
a revenue
nature
- Decrease in recoverable - 2,000 2,000
VAT debtor
- (Increase)/decrease in (192) (105) 20
debtors and
accrued income
- Increase/(decrease) in 126 (149) (103)
creditors
- Tax recoverable (5) - -
Net cash inflow from 508 5,136 10,437
operating activities
8. Reconciliation of net cash flow to net cash
Six months to Six months to Year to
31 March 31 March 30 September
2010 2009 2009
£'000 £'000 £'000
Increase/(decrease) in cash 12,717 (1,944) 207
in the period
Decrease in short-term loans - 11,912 11,912
Movement in net cash 12,717 9,968 12,119
resulting from cash flows
Foreign exchange movement (472) 1,175 1,024
Movement in net cash 12,245 11,143 13,143
Net cash/(debt) bought 2,200 (10,943) (10,943)
forward
Net cash carried forward 14,445 200 2,200
9. Financial information
The financial information for the six months to 31 March 2010 and for the six
months to 31 March 2009 has not been audited or reviewed by the Company's
Auditor pursuant to the Auditing Practices Board guidance on such reviews. The
financial information contained in this report does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006.
The latest published audited financial statements which have been delivered to
the Registrar of Companies are for the year ended 30 September 2009; the report
of the independent auditors thereon was unqualified and did not contain a
statement under Section 498 of the Companies Act 2006. The information for the
year ended 30 September 2009 is an extract from those financial statements.
10. Status of the Company
It is the intention of the Directors to conduct the affairs of the Company so
that it continues to satisfy the conditions for approval as an investment trust
company as set out in Section 842 of the Income and Corporation Taxes Act 1988.
Shareholder Information
Investing in the Company
The Company's ordinary shares are traded on the London Stock Exchange and the
New Zealand Stock Exchange. You can buy or sell shares through your
stockbroker, bank or other professional investment adviser. Shares in the
Company may also be bought and held in a Share Plan or ISA through the BNP
Paribas - Edinburgh Partners Savings Scheme and ISA. Further information is
available on the Company's website: www.theeuropeaninvestmenttrust.com or on
the Edinburgh Partners' website: www.edinburghpartners.com or by telephone on
0845 358 1100.
Frequency of net asset value ("NAV") publication
The Company's ordinary share net asset value is released daily to the London
Stock Exchange and the New Zealand Stock Exchange and published on the
Company's website: www.theeuropeaninvestmenttrust.com and the Edinburgh
Partners' website: www.edinburghpartners.com.
Share price and sources of other information
The Company's ordinary share price is quoted daily in the Financial Times, the
Daily Telegraph and The Times under "Investment Companies". Investors in New
Zealand can obtain share prices from leading newspapers in that country.
Previous day closing price, daily net asset value and other portfolio
information is published on the Company's website:
www.theeuropeaninvestmenttrust.com and on Edinburgh Partners' website:
www.edinburghpartners.com. Other useful information on investment trusts, such
as prices, net asset values and company announcements, can be found on the
websites of the London Stock Exchange:
www.londonstockexchange.com and the Association of Investment Companies:
www.theaic.co.uk.
Share register enquiries
The register for the ordinary shares is maintained by Computershare Investor
Services PLC. In the event of queries regarding your holding, please contact
the UK Registrar on 0870 889 4086 or email web.queries@computershare.co.uk.
Changes of name and/or address must be notified in writing to the Registrar, at
the address shown below.
Key dates
Company's year end 30 September
Annual results announced December
Annual General Meeting January
Annual dividend paid January
Company's half-year end 31 March
Half-yearly results May
announced
The Company will be releasing Interim Management Statements ("IMS") for the
quarters ending 31 December and 30 June. These will be released to the London
Stock Exchange and the New Zealand Stock Exchange and may be viewed on the
Company's website.
Association of Investment Companies ("AIC")
The European Investment Trust plc is a member of the AIC, which publishes
monthly statistical information in respect of member companies. The publication
also has details of investment plans available. For further details, please
contact the AIC on 020 7282 5555, or visit the website www.theaic.co.uk
Risk Factors
This document is not a recommendation, offer or invitation to buy, sell or hold
shares of the Company. If you wish to deal in the shares of the Company, you
may wish to contact an authorised professional investment adviser.
An investment in the Company should be regarded as long term and is only
suitable for investors who are capable of evaluating the risks and merits of
such investment and who have sufficient resources to bear any loss which might
result from such investment.
The market value of, and the income derived from, the ordinary shares can
fluctuate. The Company's share price may go down as well as up. Past
performance is not a guide to future performance. There is no guarantee that
the market price of the ordinary shares will fully reflect their underlying net
asset value. Fluctuations in exchange rates will affect the value of overseas
investments (and any income received) held by the Company. Investors may not
get back the full value of their investment. There can be no guarantee that the
investment objective of the Company will be met. The levels of, and reliefs
from, taxation may change.
This Half-Yearly Financial Report contains "forward looking statements" with
respect to the Company's plans and its current goals and expectations relating
to its future financial condition, performance and results. By their nature,
all forward looking statements involve risk and uncertainty because they relate
to future events that are beyond the Company's control. As a result, the
Company's actual future financial condition, performance and results may differ
materially from the plans, goals and expectations set forth in the Company's
forward looking statements. The Company undertakes no obligation to update the
forward looking statements contained within this Half-Yearly Financial Report
or any other forward looking statements it makes.
The Company is a public company. It is registered in England and its shares are
listed on the London Stock Exchange and the New Zealand Stock Exchange. The
Company is not regulated or authorised by the Financial Services Authority.
Employees of Edinburgh Partners Limited may (subject to applicable laws and
regulations) hold shares in the Company and may buy, sell or offer to deal in
the Company's shares from time to time.
Directors, Investment Manager and Advisers
Directors (all non-executive) Douglas C P McDougall OBE (Chairman)
William D Eason
Ralph Kanza
Michael B Moule
Secretary and Registered Office Kenneth J Greig
Beaufort House
51 New North Road
Exeter EX4 4EP
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
Auditors PricewaterhouseCoopers LLP
Hay's Galleria
1 Hay's Lane
London SE1 2RD
Registrar - UK Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
Registrar - New Zealand Computershare Investor Services Limited
Private Bag 92119
Auckland 1142
159 Hurstmere Road
Takapuna, North Shore City 0622
New Zealand
Solicitor Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Marketing Adviser G&N Collective Fund Services Limited
14 Alva Street
Edinburgh EH2 4QG
Bankers and Custodian JPMorgan Chase Bank, N.A.
Chaseside
Bournemouth BH7 7DA
Registered in Englandand Wales No. 1055384
An investment company as defined under Section 833of the Companies Act 2006
The Company is a member of the Association of Investment Companies
Enquiries:
Dale Robertson 0131 270 3800
Kenneth Greig 0131 270 3800
Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
24 May 2010
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