Half-yearly Report
THE EUROPEAN INVESTMENT TRUST PLC
HALF-YEARLY FINANCIAL REPORT
FOR THE HALF-YEAR ENDED 31 MARCH 2013
The Directors announce the unaudited Half-Yearly Financial Report for the
half-year ended 31 March 2013 as follows:-
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
2013 2012 Change
Capital
Net assets £287.68m £256.72m 12.1%
Net asset value per share 683.83p 610.24p 12.1%
("NAV")
Share price 588.00p 508.00p 15.7%
Share price discount to NAV 14.0% 16.8%
Six months to Year to
31 March 30 September
2013 2012
Total return per ordinary share*
Capital 86.21p 50.62p
Revenue 3.39p 15.38p
Total 89.60p 66.00p
* Based on the weighted average number of shares in issue
during the period.
PERFORMANCE
Six months to Year to
31 March 30 September
2013 2012
NAV Total Return 14.8% 12.1%
FTSE All-World Europe ex
UK Index Total Return* 18.4% 12.5%
* In sterling.
The NAV Total Returns are sourced from Edinburgh Partners and include dividends
reinvested. 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 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. 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 Investment Manager's compliance with the limits set out in the investment
policy is monitored by the Board.
INVESTMENT MANAGER'S REVIEW
Results
The net asset value per share ("NAV") at 31 March 2013, the Company's half-year
end, was 683.83p, an increase of 12.1% on the NAV at 30 September 2012 of
610.24p. After including the special and final dividends totalling 16.0p per
share which were paid in January 2013, the total return per share was 14.8% for
the six month period. The total return from the FTSE All-World Europe ex UK
Index in sterling was 18.4%.
Share price and discount
During the six months to 31 March 2013, the Company's share price increased by
15.7% from 508p to 588p, whilst the share price discount to NAV narrowed from
16.8% to 14.0%.
Revenue
The net revenue return per share in the period was 3.39p, an increase on the
net revenue return per share of 1.03p in the six months to 31 March 2012. This
was partly due to a substantial rise in dividend income, with a number of
portfolio companies raising their dividends; however, the principal reason for
the increase was a special dividend payment received from Ryanair, one of the
Company's largest investments. In the year to 30 September 2012, the net
revenue return per share was 15.38p. Shareholders should be aware that the
revenue return for the half-year is not indicative of the full year return, as
many European companies pay their dividends between April and September while
the expenses of running the Company are incurred on a more even basis
throughout the financial year.
Economic and market overview
Since the global financial crisis in 2008, investment sentiment has been
dominated by fear, with a focus almost exclusively on risk. Accordingly, there
has been a flight by investors to any kind of investment where there appear to
be the fewest unknowns. This is most obvious in the unprecedented bond bull
market, which has been boosted by quantitative easing; however, we have also
seen a similar impact in equity markets.
Your portfolio has held a number of companies with more predictable profit
streams. However, over the last 12 to 18 months we have gradually reduced this
exposure. Examples of disposals of this kind include Unilever, Syngenta,
Pernod-Ricard, Amadeus and Sanofi.
We have reduced this exposure for two related reasons. Firstly, the valuation
gap between companies with safe and predictable earnings and companies with
more volatile earnings has expanded to extreme levels. Secondly, although some
countries throughout the world are struggling to repair their fiscal
indebtedness after the crisis, the global economy as a whole is displaying a
fair degree of resilience. When signs of renewed stability in the global
economy are appreciated, we anticipate that this will be met with a significant
change in investor perception. From a European perspective, we believe that,
whilst progress has not been, nor will be, in a straight line, Europe is moving
in the right direction and the possibility of a financial crisis has reduced.
Your portfolio has been building positions in out-of-favour areas such as
telecoms, financials and the peripheral economies of Europe where valuations in
many cases are at extremely low levels, even allowing for the greater
volatility in corporate earnings.
Whilst it is pleasing to report a 14.8% increase in the NAV total return in the
six months to 31 March 2013, it is nevertheless disappointing that we lag the
index, which returned 18.4% during the period. Timing a move away from the
mainstream consensus is never easy and it is clear that so far we have been too
early in making our portfolio moves. Taking a contrary view is something many
investors find difficult; however, having made this move, we believe that we
have both valuation and investment history on our side.
Outlook
Equity markets have risen over the period under review and valuations can no
longer be described as cheap. However, we continue to believe that the
long-term outlook for European equity markets remains positive, particularly
when compared to what we consider to be overvalued bond markets given the
possibility of the longer-term risk of inflation. As a consequence, we believe
a fully invested but ungeared portfolio is appropriate.
Dale Robertson
Edinburgh Partners Limited
28 May 2013
PORTFOLIO OF INVESTMENTS
as at 31 March 2013
Valuation % of Net
Rank Company Sector Country £'000 Assets
1 (3) Gerresheimer Health Care Germany 10,034 3.5 (3.2)
2 (7) DCC Industrials Ireland 9,615 3.3 (2.9)
3 (14) Kabel Consumer Services Germany 9,271 3.2 (2.7)
Deutschland
4 (10) Wirecard Industrials Germany 9,245 3.2 (2.8)
5 (19) Mediaset España Consumer Services Spain 9,224 3.2 (2.6)
6 (-) Ziggo Telecommunications Netherlands 8,473 2.9 (-)
7 (36) A.P. Industrials Denmark 8,140 2.8 (1.9)
Moller-Maersk
8 (1) Ryanair Consumer Services Ireland 7,753 2.7 (3.5)
9 (26) Ahold Consumer Services Netherlands 7,706 2.7 (2.3)
10 (-) Danske Bank Financials Denmark 7,660 2.7 (-)
11 (11) Swatch Consumer Goods Switzerland 7,542 2.6 (2.8)
12 (23) ABB Industrials Switzerland 7,434 2.6 (2.4)
13 (8) D'Ieteren Consumer Services Belgium 7,414 2.6 (2.9)
14 (25) Safran Industrials France 7,412 2.6 (2.3)
15 (24) Prysmian Industrials Italy 7,407 2.6 (2.4)
16 (15) ENI Oil & Gas Italy 7,328 2.5 (2.7)
17 (-) Nutreco Consumer Goods Netherlands 7,281 2.5 (-)
18 (32) Heineken Consumer Goods Netherlands 7,088 2.5 (2.0)
19 (29) Novartis Health Care Switzerland 6,991 2.4 (2.2)
20 (6) Swedbank Financials Sweden 6,965 2.4 (2.9)
21 (35) Piaggio Consumer Goods Italy 6,929 2.4 (1.9)
22 (5) Vivendi Consumer Services France 6,923 2.4 (3.0)
23 (-) Indra Sistemas Technology Spain 6,876 2.4 (-)
24 (4) Belgacom Telecommunications Belgium 6,857 2.4 (3.1)
25 (-) France Telecom Telecommunications France 6,770 2.4 (-)
26 (28) Ipos Consumer Services France 6,701 2.3 (2.2)
27 (20) Orkla Industrials Norway 6,699 2.3 (2.5)
28 (17) Intesa Sanpaolo Financials Italy 6,663 2.3 (2.6)
29 (18) Michelin Consumer Goods France 6,569 2.3 (2.6)
30 (31) BBVA Financials Spain 6,536 2.3 (2.2)
31 (-) BNP Paribas Financials France 6,362 2.2 (-)
32 (16) Gazprom Oil & Gas Russia 6,324 2.2 (2.7)
33 (33) Metro Consumer Services Germany 6,180 2.2 (2.0)
34 (12) SAP Technology Germany 6,103 2.1 (2.8)
35 (22) Total Oil & Gas France 5,894 2.1 (2.4)
36 (9) CAF Industrials Spain 5,786 2.0 (2.8)
37 (13) GEA Industrials Germany 5,779 2.0 (2.8)
38 (-) Azimut Financials Italy 4,494 1.6 (-)
39 (-) Kuka Industrials Germany 2,690 0.9 (-)
Prior year investments sold during the period (15.3)
Total equity investments 277,118 96.3 (95.4)
Cash and other net assets 10,566 3.7 (4.6)
Net assets 287,684 100.0 (100.0)
The figures in brackets represent the position as at 30 September 2012.
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 2013 (% of net assets)
Sector distribution
Sector %
Industrials 24.3%
Consumer Services 21.3%
Financials 13.5%
Consumer Goods 12.3%
Telecommunications 7.7%
Oil & Gas 6.8%
Health Care 5.9%
Technology 4.5%
Cash and other net assets 3.7%
100.0%
Geographical distribution
Country %
Germany 17.1%
France 16.3%
Italy 11.4%
Netherlands 10.6%
Spain 9.9%
Switzerland 7.6%
Ireland 6.0%
Denmark 5.5%
Belgium 5.0%
Sweden 2.4%
Norway 2.3%
Russia 2.2%
Cash and other net assets 3.7%
100.0%
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 important events that have occurred during the period under review and the
key factors influencing the Financial Statements are set out in the Investment
Manager's Review above. The principal factors that could impact the remaining
six months of the financial year are also detailed in the Investment Manager's
Review. Additional Risk Factors are set out below.
The Board considers that the following are the principal risks associated with
investing in the Company: investment and strategy risk, discount volatility
risk, 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 2012. 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.
The Half-Yearly Financial Report was approved by the Board of Directors on 28
May 2013 and the above responsibility statement was signed on its behalf by
Douglas McDougall, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 31 March 2013
Six months to Six months to Year to
31 March 31 March 30 September
2013 2012 2012
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on - 36,206 36,206 - 27,459 27,459 - 21,758 21,758
investments
Foreign 42 60 102 (22) (125) (147) (67) (410) (477)
exchange
gains/
(losses)
Income 2 2,450 - 2,450 1,479 - 1,479 9,045 - 9,045
Investment (644) - (644) (591) - (591) (1,157) - (1,157)
management
fee
Other (202) - (202) (212) - (212) (396) - (396)
expenses
Net return 1,646 36,266 37,912 654 27,334 27,988 7,425 21,348 28,773
before
finance
costs and
taxation
Finance (63) - (63) (63) - (63) (124) - (124)
costs
Net return 1,583 36,266 37,849 591 27,334 27,925 7,301 21,348 28,649
on ordinary
activities
before
taxation
Taxation on 3 (158) - (158) (157) - (157) (814) - (814)
ordinary
activities
Net return 1,425 36,266 37,691 434 27,334 27,768 6,487 21,348 27,835
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 3.39 86.21 89.60 1.03 64.66 65.69 15.38 50.62 66.00
ordinary
share*
The total column of the 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 ("AIC").
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 2013 is based on the net
revenue return after taxation of £1,425,000 (six months to 31 March 2012: £
434,000; year to 30 September 2012: £6,487,000) and the net capital return
after taxation of £36,266,000 (six months to 31 March 2012: £27,334,000; year
to 30 September 2012: £21,348,000) and on 42,069,371 (six months to 31 March
2012: 42,276,153; year to 30 September 2012: 42,172,762) shares, being the
weighted average number of shares in issue during the period.
BALANCE SHEET (UNAUDITED)
as at 31 March 2013
31 March 31 March 30 September
2013 2012 2012
Note £'000 £'000 £'000
Fixed assetinvestments
Investments at fair value through 277,118 253,691 244,923
profit or loss
Current assets
Debtors 343 722 96
Taxation recoverable 492 277 569
Cash at bank 10,196 2,462 12,651
11,031 3,461 13,316
Creditors:amounts falling due 465 494 1,515
within one year
Net current assets 10,566 2,967 11,801
Net assets 287,684 256,658 256,724
Capital and reserves
Called-up share capital 4 10,517 10,517 10,517
Share premium account 123,749 123,749 123,749
Capital redemption reserve 8,294 8,294 8,294
Capital reserve 139,363 109,084 103,097
Revenue reserve 5,761 5,014 11,067
Total equity shareholders' funds 287,684 256,658 256,724
pence pence pence
Net asset value per ordinary share 6 683.83 610.08 610.24
CASH FLOW STATEMENT (UNAUDITED)
for the six months to 31 March 2013
Six months Six months Year
to to to
31 March 31 March 30 September
2013 2012 2012
Note £'000 £'000 £'000
Operating activities
Investment income received 2,492 1,149 8,979
Investment management fees (602) (589) (1,166)
paid
Other cash payments (299) (235) (422)
Net cash inflow from operating 7 1,591 325 7,391
activities
Servicing of finance
Bank charges (31) (63) (124)
Taxation (81) 67 (882)
Capital expenditure and
financial investment
Purchases of investments (61,787) (42,725) (93,093)
Sales of investments 64,524 48,149 102,936
Exchange gains/(losses) on 26 (80) (225)
settlement
Net cash inflow from capital 2,763 5,344 9,618
expenditure and financial
investment
Equity dividends paid 5 (6,731) (6,784) (6,784)
Net cash(outflow)/inflow (2,489) (1,111) 9,219
before financing
Financing
Own shares purchased and - (1,676) (1,677)
cancelled
Net cash outflow from - (1,676) (1,677)
financing
(Decrease)/increase in cash 8 (2,489) (2,787) 7,542
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 31 March 2013
Six months to Six months to Year to
31 March 31 March 30 September
2013 2012 2012
£'000 £'000 £'000
Opening equity shareholders' 256,724 237,350 237,350
funds
Net return after taxation for 37,691 27,768 27,835
the period
Dividends paid (6,731) (6,784) (6,784)
Shares purchased and cancelled - (1,676) (1,677)
Closing equity shareholders' 287,684 256,658 256,724
funds
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
for the six months to 31 March 2013
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 2012. These accounting policies are expected to be
followed throughout the year ending 30 September 2013.
2. Income
Six months to Six months to Year to
31 March 31 March 30 September
2013 2012 2012
£'000 £'000 £'000
Income from investments
Overseas dividends 2,450 1,479 9,045
Total income 2,450 1,479 9,045
3. Taxation
The taxation charge for the six months to 31 March 2013 is £158,000 (six months
to 31 March 2012: £157,000; year to 30 September 2012: £814,000).
The taxation charge comprises a corporation tax charge for the six months to 31
March 2013 of £nil (six months to 31 March 2012: £nil; year to 30 September
2012: £nil) and irrecoverable withholding tax suffered of £158,000 (six months
to 31 March 2012: £157,000; year to 30 September 2012: £814,000).
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 2012 42,069,371 10,517
Shares cancelled - -
Balance at 31 March 2013 42,069,371 10,517
During the six months to 31 March 2013 no ordinary shares were purchased and
cancelled (six months to 31 March 2012 and year to 30 September 2012: 331,377
ordinary shares were purchased and cancelled).
5. Dividends
Six months Six months Year
to to to
31 March 31 March 30 September
Payment 2013 2012 2012
date £'000 £'000 £'000
Final dividend for the year 31 January
ended 30 September 2012 2013
of 12.0p 5,048 - -
Special dividend for the year 31 January
ended 30 September 2012 2013
of 4.0p 1,683 - -
Final dividend for the year 31 January
ended 30 September 2011 2012
of 12.0p - 5,088 5,088
Special dividend for the year 31 January
ended 30 September 2011 2012
of 4.0p - 1,696 1,696
6,731 6,784 6,784
6. Net asset value per ordinary share
31 March 31 March 30 September
2013 2012 2012
Net assets attributable at the £287,684,000 £256,658,000 £256,724,000
period end
Number of ordinary shares in 42,069,371 42,069,371 42,069,371
issue at the period end
Net asset value per ordinary 683.83p 610.08p 610.24p
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
2013 2012 2012
£'000 £'000 £'000
Net return before finance costs 37,912 27,988 28,773
and taxation
Adjustment for returns from
non-operating activities:
- Gains on investments (36,206) (27,459) (21,758)
- Foreign exchange (gains)/ (60) 125 410
losses of a capital nature
Return from operating 1,646 654 7,425
activities
Adjustment for non-cash flow
items:
- Increase in debtors and (6) (308) (1)
accrued income
- Decrease in creditors (49) (21) (33)
Net cash inflow from operating 1,591 325 7,391
activities
8. Reconciliation of net cash flow to net cash
Six months to Six months to Year to
31 March 31 March 30 September
2013 2012 2012
£'000 £'000 £'000
(Decrease)/increase in cash in (2,489) (2,787) 7,542
the period
Movement in net cash resulting (2,489) (2,787) 7,542
from cash flows
Foreign exchange movement 34 (45) (185)
Movement in net cash (2,455) (2,832) 7,357
Net cash brought forward 12,651 5,294 5,294
Net cash carried forward 10,196 2,462 12,651
9. Exchange rates
Detailed below are the exchange rates against sterling used in the preparation
of the Financial Statements.
31 March 31 March 30 September
2013 2012 2012
Euro 1.1825 1.1998 1.2552
Swiss franc 1.4379 1.4442 1.5176
Swedish krona 9.8730 10.6016 10.5876
US dollar 1.5185 1.5978 1.6148
Danish krone 8.8154 8.9259 9.3571
Norwegian krone 8.8563 9.1137 9.2444
NZ dollar 1.8120 1.9498 1.9439
10. Financial information
The financial information for the six months to 31 March 2013 and for the six
months to 31 March 2012 has not been audited or reviewed by the Company's
Auditors 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 2012; 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 2012 is an extract from those financial statements.
11. 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.
12. 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
Investment Manager's Review and Directors' Statements contained in the
Half-Yearly Financial Report. The Company's principal risks are investment and
strategy risk, discount volatility risk, 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.
13. Related party transactions
There were no related party transactions during the period. Under the AIC
Statement of Recommended Practice issued in January 2009, the Investment
Manager is not considered to be a related party of the Company.
SHAREHOLDER INFORMATION
Investing in the Company
The Company's ordinary shares are traded on the London Stock Exchange and the
New Zealand Stock Exchange and can be bought or sold through a stockbroker or
financial adviser. The ordinary shares are eligible for inclusion in ISAs,
Junior ISAs and SIPPs. These are available through Alliance Trust Savings, who
also offer the opportunity to invest in the Company through a Dealing Account.
Further information is available on the Company's website:
www.theeuropeaninvestmenttrust.com or by telephone on 01382 573737.
Frequency of net asset value publication
The Company's net asset value per ordinary share 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 on 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.investorcentre.co.uk. New Zealand shareholders should contact the
Registrar on +64 9 488 8777 or email enquiry@computershare.co.nz or website:
www.investorcentre.com/nz. Changes of name and/or address must be notified in
writing to the Registrar, at the relevant address detailed below.
Key dates
Company's year end 30 September
Annual results announced November
Annual General Meeting January
Annual dividend paid January
Company's half-year end 31 March
Half-yearly results May
announced
Interim Management Statements
In accordance with the Disclosure and Transparency Rules of the UK Listing
Authority, the Company will be releasing Interim Management Statements 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 and on the Edinburgh
Partners' website: www.edinburghpartners.com.
Association of Investment Companies
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 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 Conduct 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
27-31 Melville Street
Edinburgh EH3 7JF
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, Victoria Street West
Auckland 1142, New Zealand
Level 2,159 Hurstmere Road, Takapuna
Auckland 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 England and Wales No. 1055384
An investment company as defined under Section 833 of the Companies Act 2006
The Company is a member of the Association of Investment Companies
Enquiries
Dale Robertson 0131 270 3800
Kenneth J Greig 0131 270 3800
Edinburgh Partners Limited
27-31 Melville Street
Edinburgh
EH3 7JF
28 May 2013
ENDS
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of this announcement.
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