Half-yearly Report
THE EUROPEAN INVESTMENT TRUST PLC
Half-Yearly Financial Report
for the period ended 31 March 2011
The Directors announce the unaudited Half-Yearly Financial Report for the six
months to 31 March 2011 as follows:-
Highlights
* In the six months to 31 March 2011 the net asset value ("NAV") per share
increased by 7.1% to 696.79p. The NAV total return per share was 9.4% for the
six month period which compared to the total return from the FTSE All-World
Europe ex UK Index in sterling of 11.4%.
* The Company's share price increased by 7.2% to 584.00p in the six month
period to 31 March 2011. The share price discount to net asset value remained
at 16.2%. During the six month period the Company bought back and cancelled
300,000 shares at a total cost of £1,736,000.
* Following the major portfolio restructuring of February 2010, portfolio
activity has been relatively limited in the first full year under the
management of Edinburgh Partners. Investment focus on two key themes - the
importance of dividends and balance sheet strength.
* Research efforts focussed on the search for companies where long-term
valuations do not match up to their potential growth prospects. Market
pessimism over certain countries and sectors within Europe gives reasons for
optimism that future good new investment opportunities can be found.
Financial summary
31 March 30 September Change
2011 2010
Capital
Net assets £295.44m £277.85m 6.3%
Net asset value per share ("NAV") 696.79p 650.69p 7.1%
Share price 584.00p 545.00p 7.2%
Share price discount to NAV 16.2% 16.2%
Six months to Six months to Year to
31 March 31 March 30 September
2011 2010 2010
Total return per ordinary share*
Capital 58.56p 28.40p 7.60p
Revenue 0.98p 0.94p 13.79p
Total 59.54p 29.34p 21.39p
* Based on the weighted average number of shares in issue during the period.
Performance Six months to Six months to Year to
31 March 31 March 30 September
2011 2010 2010
NAV Total Return +9.4% +6.2% +4.8%
FTSE All-World Europe ex
UK Index Total Return* +11.4% +5.3% +2.3%
* In sterling.
The NAV Total Returns are sourced from Edinburgh Partners and include 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
figures are sourced from Thomson 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 the Continental European 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. 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
Results
The net asset value per share at the Company's half-year end of 31 March 2011
was 696.79p, an increase of 7.1% on the net asset value per share at 30
September 2010 of 650.69p. After including the special and final dividends
totalling 14.00p per share which were paid in January 2011, the total return
per share was 9.4% for the six month period. The total return from the FTSE
All-World Europe ex UK Index in sterling was 11.4%.
Share Price and Discount
During the six months to 31 March 2011 the Company's share price increased by
7.2% from 545.00p to 584.00p. The share price discount to net asset value
remained at 16.2%. During the six month period the Company bought back and
cancelled 300,000 shares at a total cost of £1,736,000. The shares bought back
represented 0.7% of the share capital at the beginning of the Company's
financial year on 1 October 2010.
Revenue
The net revenue return per share in the six months to 31 March 2011 was 0.98p.
This is a marginal increase in the net revenue return of 0.94p in the six
months to 31 March 2010. 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.
Economic and Market Overview
Since we last formally communicated with you in last year's Annual Report there
have been two events which have had a major impact on investor sentiment. The
first of these was a series of uprisings in North Africa and the Persian Gulf.
This was closely followed by a catastrophic earthquake and consequent tsunami
in Japan. Although attention was understandably focussed on these events,
negative developments in Ireland, Portugal and Greece have continued to
undermine confidence in Europe.
Reform measures and austerity plans in Europe are only as strong as the
electoral position of politicians who introduce them and this represents a key
risk to the economic rehabilitation process in many European countries.
Germany's commitment to the euro remains as important as ever.
Portfolio Strategy
In the 2010 Annual Report and at the Annual General Meeting I referred to two
principal themes on which your portfolio focussed. These were the importance of
dividends and the opportunities which balance sheet strength can bring. Both of
these themes are intact and still relevant. I would like to cover one example
of each.
In October of last year we purchased the savings shares of Telecom Italia. This
is a company which in recent years has largely taken all the right actions to
protect and enhance profitability; namely deleveraging the balance sheet,
growing its Latin American operations and improving competitiveness in domestic
operations. These actions have largely gone unnoticed, partly due to the
domicile of the company on the southern periphery of Europe. At the time of purchase
the shares had anattractive dividend yield of 7.5%. Management have subsequently
committed to grow this dividend at 15.0% per annum for the next three years.
Solvay, a Belgian chemicals company, was an example of a company with
significant net cash to spend on an acquisition. We considered that the market
was taking an overly pessimistic view on management's ability to make a
successful acquisition and that when they did announce an acquisition this
could significantly enhance earnings. In April this year Solvay announced the
acquisition of Rhodia, the French based speciality chemicals producer.
Subsequently the share price rose sharply as investment analysts rushed to
upgrade profit forecasts. The discipline that management showed was no surprise
to us and as the shares had met our valuation target we disposed of our holding
in the company.
Following the portfolio restructuring of February 2010, portfolio activity has
been relatively limited in our first full year of management of your
investments. Despite this, research efforts are focussed on the search for
companies where long-term valuations do not match up to their potential growth
prospects. Market pessimism over certain countries and sectors within Europe
gives reasons for optimism that future good new investment opportunities can be
found.
Outlook
Markets have reacted to the confluence of macro-economic factors noted above in
a relatively sanguine fashion. The combination of this and long-term valuations
generally above average levels suggest that recent market moves cannot simply
be extrapolated onwards and upwards in a straight line. As always we remain
vigilant for opportunities to enhance long-term returns at reasonable valuation
levels and currently remain fully invested.
Dale Robertson
Edinburgh Partners Limited
25 May 2011
Portfolio of Investments
as at 31 March 2011
Net
Company Sector Country Valuation Assets
£'000 %
Equity investments
Teleperformance Consumer Services France 9,838 3.3
Telecom Italia Telecommunications Italy 9,234 3.1
Royal Dutch Shell Oil & Gas Netherlands 8,831 3.0
Vivendi Consumer Services France 8,660 2.9
Ahold Consumer Services Netherlands 8,454 2.9
ENI Oil & Gas Italy 8,409 2.8
Gerresheimer Health Care Germany 8,201 2.8
Michelin Consumer Goods France 8,174 2.8
Ryanair Consumer Services Ireland 8,083 2.7
Solvay Basic Materials Belgium 7,988 2.7
GEA Group Industrials Germany 7,926 2.7
Swedbank Financials Sweden 7,901 2.7
Deutsche Post Industrials Germany 7,832 2.7
Gazprom Oil & Gas Russia 7,816 2.6
Total Oil & Gas France 7,764 2.6
AXA Financials France 7,561 2.6
Sanofi-aventis Health Care France 7,503 2.5
Kabel Deutschland Consumer Services Germany 7,357 2.5
BCV Financials Switzerland 7,331 2.5
Nokia Technology Finland 7,316 2.5
Total - 20 largest equity investments 162,179 54.9
Other equity 132,666 44.9
investments
Total equity 294,845 99.8
investments
Cash and other net assets 599 0.2
Net assets 295,444 100.0
The value of the twenty largest equity holdings represents 54.9% of the
Company's net assets (31 March 2010: 56.4%; 30 September 2010: 55.4%).
The geographical distribution is based on each investment's principal stock
exchange listing, except in instances where this would not give a proper
indication of where its activities predominate.
Distribution of Investments
as at 31 March 2011 (% of net assets)
Sector distribution
Sector Percentage
Industrials 18.9%
Financials 16.7%
Consumer Services 16.7%
Oil & Gas 11.1%
Health Care 9.4%
Telecommunications 7.7%
Consumer Goods 7.6%
Basic Materials 5.1%
Technology 4.6%
Utilities 2.0%
Cash and other net assets 0.2%
100.0%
Geographical distribution
Geographical Percentage
France 23.3%
Germany 17.1%
Netherlands 13.1%
Switzerland 11.1%
Italy 10.3%
Ireland 7.2%
Belgium 5.1%
Spain 4.8%
Sweden 2.7%
Russia 2.6%
Finland 2.5%
Cash and other net assets* 0.2%
100.0%
* Cash and other net assets includes foreign currency balances of £473,000 (0.2%).
The geographical distribution is based on each investment's principal stock
exchange listing, except in instances where this would not give a proper
indication of where its activities predominate.
Directors' Statement of Principal Risks and Uncertainties
The Board considers that the following are the principal risks associated with
investing in the Company: investment and strategy, discount volatility, market
risk (comprising interest rate risk, currency risk and other price risk),
liquidity risk, credit risk, gearing risk, regulatory risk, operational risk
and financial risk. These risks, and the way in which they are managed, are
described in more detail under the heading "Principal risks and uncertainties"
within the Directors' Report and Business Review in the Company's Annual Report
and Financial Statements for the year ended 30 September 2010. 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 25
May 2011 and the above responsibility statement was signed on its behalf by
Douglas McDougall, Chairman.
Income Statement (unaudited)
for the six months to 31 March 2011
Six months to Six months to Year to
31 March 2011 31 March 2010 30 September 2010
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on - 24,777 24,777 - 12,949 12,949 - 3,616 3,616
investments
Foreign 18 76 94 (3) (185) (188) (10) (287) (297)
exchange
gains/
(losses)
Income 2 1,370 - 1,370 1,663 - 1,663 8,554 - 8,554
Investment (656) - (656) (702) - (702) (1,199) - (1,199)
management
fee
Other (193) - (193) (379) - (379) (531) 2 (529)
expenses
Net return 539 24,853 25,392 579 12,764 13,343 6,814 3,331 10,145
on ordinary
activities
before
taxation
Taxation on 3 (123) - (123) (157) - (157) (772) - (772)
ordinary
activities
Net return 416 24,853 25,269 422 12,764 13,186 6,042 3,331 9,373
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 0.98 58.56 59.54 0.94 28.40 29.34 13.79 7.60 21.39
ordinary
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 2011 is based on the net
revenue return after taxation of £416,000 (six months to 31 March 2010: £
422,000; year to 30 September 2010: £6,042,000) and the net capital return
after taxation of £24,853,000 (six months to 31 March 2010: £12,764,000; year
to 30 September 2010: £3,331,000) and on 42,440,309 (six months to 31 March
2010: 44,939,984; year to 30 September 2010: 43,818,474) shares, being the
weighted average number of shares in issue during the period.
Balance Sheet (unaudited)
as at 31 March 2011
31 March 31 March 30 September
2011 2010 2010
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value 294,845 268,117 268,944
through profit or loss
Current assets
Debtors 305 333 4,087
Taxation recoverable 337 430 387
Cash at bank 463 14,445 9,789
1,105 15,208 14,263
Creditors - amounts falling due 506 1,477 5,360
within one year
Net current assets 599 13,731 8,903
Net assets 295,444 281,848 277,847
Capital and reserves
Called-up share capital 4 10,600 10,683 10,675
Special premium account 123,749 123,749 123,749
Capital redemption reserve 8,211 8,128 8,136
Capital reserve 148,302 134,806 125,185
Revenue reserve 4,582 4,482 10,102
Total equity shareholders' 295,444 281,848 277,847
funds
pence pence pence
Net asset value per ordinary 6 696.79 659.54 650.69
share
Cash Flow Statement (unaudited)
for the six months to 31 March 2011
Six months Six months
to to Year to
31 March 31 March 30 September
2011 2010 2010
Note £'000 £'000 £'000
Operating activities
Investment income received 1,899 1,466 7,855
Interest received - 4 10
Investment management fees paid (628) (631) (1,164)
Other cash payments (201) (331) (493)
Net cash inflow from operating 7 1,070 508 6,208
activities
Servicing of finance
Interest paid - - (21)
Taxation (72) (1,035) (1,625)
Capital expenditure and
financial investment
Purchases of investments (44,712) (173,820) (225,428)
Sales of investments 41,984 209,100 251,252
Exchange gains on settlement 212 287 406
Net cash (outflow)/inflow from (2,516) 35,567 26,230
capital expenditure and
financial investment
Equity dividends paid 5 (5,936) (6,205) (6,205)
Net cash(outflow)/inflowbefore (7,454) 28,835 24,587
financing
Financing
Own shares purchased and (1,736) (16,118) (16,306)
cancelled
Net cash outflow from financing (1,736) (16,118) (16,306)
(Decrease)/increasein cash 8 (9,190) 12,717 8,281
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the six months to 31 March 2011
Six months Six months
to to Year to
31 March 31 March 30 September
2011 2010 2010
£'000 £'000 £'000
Opening equity shareholders' 277,847 290,155 290,155
funds
Dividends paid (5,936) (6,205) (6,205)
Shares purchased and (1,736) (15,288) (15,476)
cancelled
Net return after taxation 25,269 13,186 9,373
for the period
Closing equity shareholders' 295,444 281,848 277,847
funds
Notes to the Financial Statements (unaudited)
for the six months to 31 March 2011
1 Accounting policies
These financial statements have been prepared on the basis of the accounting
policies set out in the Company's Annual Report and Financial Statements for
the year ended 30 September 2010. These accounting policies are expected to be
followed throughout the year ending 30 September 2011.
2. Income
Six months Six months
to to Year to
31 March 31 March 30 September
2011 2010 2010
£'000 £'000 £'000
Income from investments:
Overseas dividends 1,370 1,642 8,527
UK dividends - 17 17
1,370 1,659 8,544
Other income:
Bank interest - 4 10
Total income 1,370 1,663 8,554
3. Taxation
The taxation charge for the six months to 31 March 2011 is £123,000 (six months
to 31 March 2010: £157,000; year to 30 September 2010: £772,000).
The taxation charge comprises a corporation tax charge for the six months to
31 March 2011 of £nil (six months to 31 March 2010: £nil; year to 30 September
2010: £nil) and irrecoverable withholding tax suffered of £123,000 (six months
to 31 March 2010: £157,000; year to 30 September 2010: £772,000).
4. Share capital
Allotted, called up and
fully paid
Equity share capital Number of shares £'000
Ordinary shares of 25p
each
Balance at 30 September 42,700,748 10,675
2010
Shares cancelled (300,000) (75)
Balance at 31 March 2011 42,400,748 10,600
During the six months to 31 March 2011 300,000 ordinary shares were purchased
and cancelled at a cost of £1,736,000.
5. Dividends
Six months Six months Year
to to to
31 March 31 March 30 September
Payment 2011 2010 2010
date £'000 £'000 £'000
Final dividend for the year 31 January
ended
30 September 2010 of 11.0p 2011 4,664 - -
Special dividend for the 31 January
year ended
30 September 2010 of 3.0p 2011 1,272 - -
Final dividend for the year 25 January
ended
30 September 2009 of 10.2p 2010 - 4,654 4,654
Special dividend for the 25 January
year ended
30 September 2009 of 3.4p 2010 - 1,551 1,551
5,936 6,205 6,205
6. Net asset value per ordinary share
31 March 31 March 30 September
2011 2010 2010
Net assets attributable at the £295,444,000 £281,848,000 £277,847,000
period end
Number of ordinary shares in 42,400,748 42,733,748 42,700,748
issue at the period end
Net asset value per ordinary 696.79p 659.54p 650.69p
share
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
2011 2010 2010
£'000 £'000 £'000
Net return before finance 25,392 13,343 10,145
costs and taxation
Adjustment for returns from
non-operating activities:
- Gains on investments (24,777) (12,949) (3,616)
- Foreign exchange(gains)/ (76) 185 287
losses of a capital
nature
- Non-operating expenses of - - (2)
a capital nature
Return from operating 539 579 6,814
activities
Adjustment for non-cash flow
items:
- Decrease/(increase) in 514 (192) (679)
debtors and accrued
income
- Increase in creditors 18 126 73
- Tax recoverable (1) (5) -
Net cash inflow from 1,070 508 6,208
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
2011 2010 2010
£'000 £'000 £'000
(Decrease)/increase in (9,190) 12,717 8,281
cash in the period
Movement in net cash (9,190) 12,717 8,281
resulting from cash flows
Foreign exchange movement (136) (472) (692)
Movement in net cash (9,326) 12,245 7,589
Net cash brought forward 9,789 2,200 2,200
Net cash carried forward 463 14,445 9,789
9. Financial information
The financial information for the six months to 31 March 2011 and for the six
months to 31 March 2010 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 2010; 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 2010 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 Sections 1158 and 1159 of the Corporation Tax Act 2010.
11. Going Concern
The Company's business activities, together with factors likely to affect its
future development, performance and financial performance, are set out in the
Manager's Review and Directors' Statements contained in the Half-Yearly
Financial Report. The Company's principal risks are investment and strategy,
discount volatility, market risk (comprising interest rate risk, currency risk
and other price risk), liquidity risk, credit risk, gearing risk, regulatory
risk, operational risk and financial risk. The Company's assets consist
principally of a diversified portfolio of listed European equity shares, which
in most circumstances are realisable within a short period of time and exceed
its liabilities by a significant amount. The Directors have concluded that the
Company has adequate resources to continue in operational existence for the
foreseeable future. For this reason, they have adopted the going concern basis
in preparing the Financial Statements.
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 the 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 Registrar on 0870 889 4086 or email web.queries@computershare.co.uk or
website: www.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
Interim Management Statements
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: www.theeuropeaninvestmenttrust.com.
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. For further
details, please contact the AIC on 020 7282 5555, enquiries@theaic.co.uk 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
Erskine House
68-73 Queen Street
Edinburgh EH2 4NH
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
Solicitors Dickson Minto W.S.
16 Charlotte Square
Edinburgh EH2 4DF
Bankers and Custodian JPMorgan Chase Bank, NA
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
25 May 2011
Copies of the half-yearly report can be obtained from the following websites:
www.theeuropeaninvestmenttrust.com and www.edinburghpartners.com.
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on this announcement (or any other website) is
incorporated into, or forms part of, this announcement.
Friday, 22nd November 2024
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