Half-yearly Report
THE EUROPEAN INVESTMENT TRUST PLC
HALF-YEARLY FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 MARCH 2014
The Directors announce the unaudited Half-Yearly Financial Report for the half
year ended 31 March 2014 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 Change
2014 2013
Capital
Net assets £360.28m £323.22m 11.5%
Net asset value per share ("NAV") 856.40p 768.31p 11.5%
Share price 773.00p 684.50p 12.9%
Share price discount to NAV 9.7% 10.9%
Six months to Year to
31 March 30 September
2014 2013
Total return per ordinary share*
Capital 102.87p 156.05p
Revenue 3.23p 18.02p
Total 106.10p 174.07p
* Based on the weighted average number of shares in issue
during the period.
PERFORMANCE
Six months to Year to
31 March 30 September
2014 2013
NAV Total Return 13.9% 28.9%
FTSE All-World Europe ex
UK Index Total Return* 7.7% 27.1%
* In sterling.
The NAV Total Returns are sourced from Edinburgh Partners Limited
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 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 NAV at 31 March 2014, the Company's half-year end, was 856.40p,
an increase of 11.5% on the NAV at 30 September 2013 of 768.31p. After
including the special and final dividends totalling 18.0p per share which were
paid in January 2014, the NAV total return for the six-month period was 13.9%.
This was an outperformance when compared to the total return from the FTSE
All-World Europe ex UK Index in sterling of 7.7%.
Share price and discount
During the six months to 31 March 2014, the Company's share price
increased by 12.9% from 684.50p to 773.00p. The share price total return was
15.7%. The share price discount to NAV narrowed from 10.9% to 9.7%.
Revenue
The net revenue return per share in the six-month period to 31
March 2014 was 3.23p, a small reduction on the net revenue return per share of
3.39p received in the six months to 31 March 2013.
In the year to 30 September 2013, the net revenue return per share
was 18.02p. 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
The key reason for the strength in European equity markets in the
period under review was the improvement in prospects for many European
economies. These better prospects are shared, albeit unevenly, across the
majority of European countries. It does appear that the harsh medicine taken
by many countries in Europe has helped unwind some, if not all, of the
structural imbalances which had built up in previous years. Whilst this by no
means leaves a flawless construct of a political and economic area, it does
herald what should now be a period of relative stability during which moderate
economic growth can be delivered and corporate earnings can recover and grow.
At the start of the period under review the risk of investing in
European equities was considered to be much less marked when compared to
recent years. However this risk has increased following the Russian policy
towards Crimea and the subsequent civil unrest in Eastern Ukraine. Whilst
rational observation would suggest a de-escalation of events, based on the
mutual economic dependence of Russia and Europe, acts of aggression are rarely
rational so additional caution is necessary. Notwithstanding this, unless
there is a significant worsening of the crisis, the economic and therefore
stock market and portfolio impacts should be minimal.
For some time the portfolio has been positioned to take advantage
of an eventual normalisation of economic growth in Europe. The period under
review has seen some rotation in the portfolio as the valuation gaps on some
of the most undervalued stocks in the portfolio, which had persisted for some
time, closed entirely.
This was most notable in the significant positions we had built up
in peripheral countries. In the past six months, the following companies were
sold from the portfolio: Azimut (Italian asset manager), Mediaset España
(Spanish advertiser) and Banco Espirito Santo (Portuguese bank). All these
companies were initially purchased as they were considered to be clear
beneficiaries of a recovery in domestic economic conditions. Their share
prices recovered well ahead of the actual recovery in profits and, as we
considered they were fully valued, we took the opportunity to dispose of these
holdings.
The additions to the portfolio to replace the above investments
were also companies based in peripheral countries, although the profits of
these companies are much less domestically derived. These included Portugal
Telecom (the most significant proportion of their profits come from Brazil),
Jeronimo Martins (a discount retail chain, based in Portugal, with most of its
profits coming from Poland) and Pirelli (Italian based, with emerging markets
being the key profit driver). Whilst the overall peripheral exposure has
stayed relatively constant, profits are now more internationally sourced.
Other portfolio activity has been more stock specific. Kabel
Deutschland and Ziggo, both cable operators, were sold following successful
bid approaches. Metro, the German retailer, and A.P. Moller-Maersk, the
shipping conglomerate, were sold following strong share price performance and
valuation targets being reached. New additions to the portfolio included Royal
Dutch Shell (Dutch/UK oil and gas group), GAM (Swiss asset manager), KPN
(Dutch telecom operator), Novartis (Swiss pharmaceutical group) and Outotec
(Finnish minerals and metals processing technology group).
Outlook
Stock markets have moved ahead in anticipation of a recovery in
profits in European companies. Whilst this is normal at this stage in an
economic cycle, it does mean that aggregate valuations have now run slightly
ahead of events. If European stock markets continue to appreciate in value,
your portfolio is likely to see more of the rotation referred to above,
disposing of what are considered to be overvalued stocks and reinvesting in
stocks with a lower risk profile which are considered to offer better value.
Unless valuations generally reach what we would consider to be over-inflated
levels, we will continue to remain fully invested.
Dale Robertson
Edinburgh Partners Limited
20 May 2014
PORTFOLIO OF INVESTMENTS
as at 31 March 2014
Valuation % of Net
Rank Company Sector Country £'000 Assets
1 (26) Valeo Consumer Goods France 12,035 3.3 (2.3)
2 (6) Indra Sistemas Technology Spain 11,903 3.3 (2.8)
3 (2) Orange Telecommunications France 11,734 3.3 (3.2)
4 (12) Piaggio Consumer Goods Italy 11,061 3.1 (2.6)
5 (9) Danske Bank Financials Denmark 10,870 3.0 (2.7)
6 (7) PostNL Industrials Netherlands 10,718 3.0 (2.8)
7 (15) Aryzta Consumer Goods Switzerland 10,489 2.9 (2.5)
8 (3) Gerresheimer Health Care Germany 10,289 2.9 (3.0)
9 (4) ENI Oil & Gas Italy 9,985 2.8 (2.9)
10 (13) Vivendi Consumer Services France 9,828 2.7 (2.6)
11 (10) Belgacom Telecommunications Belgium 9,822 2.7 (2.7)
12 (18) Ryanair Consumer Services Ireland 9,689 2.7 (2.5)
13 (-) Novartis Health Care Switzerland 9,173 2.6 -
14 (16) Ahold Consumer Services Netherlands 9,148 2.5 (2.5)
15 (-) GAM Financials Switzerland 8,967 2.5 -
16 (-) Royal Dutch Shell* Oil & Gas Netherlands 8,917 2.5 -
17 (23) BNP Paribas Financials France 8,699 2.4 (2.4)
18 (-) Unipol Gruppo Financials Italy 8,698 2.4 -
19 (19) BBVA Financials Spain 8,609 2.4 (2.5)
20 (25) GEA Industrials Germany 8,431 2.3 (2.4)
21 (-) Portugal Telecom Telecommunications Portugal 8,361 2.3 -
22 (11) CAF Industrials Spain 8,246 2.3 (2.6)
23 (28) Gazprom** Oil & Gas Russia 8,241 2.3 (2.3)
24 (14) Prysmian Industrials Italy 8,153 2.3 (2.6)
25 (27) Volkswagen*** Consumer Goods Germany 7,995 2.2 (2.3)
26 (24) Swatch Consumer Goods Switzerland 7,819 2.2 (2.4)
27 (30) ABB Industrials Switzerland 7,726 2.1 (2.3)
28 (31) Ipsos Consumer Services France 7,639 2.1 (2.3)
29 (-) KPN Telecommunications Netherlands 7,563 2.1 -
30 (33) Swedbank Financials Sweden 7,452 2.1 (2.1)
31 (-) Pirelli Consumer Goods Italy 7,352 2.0 -
32 (32) Total Oil & Gas France 7,343 2.0 (2.1)
33 (35) Heineken Consumer Goods Netherlands 7,340 2.0 (1.9)
34 (8) Nutreco Consumer Goods Netherlands 7,288 2.0 (2.7)
35 (42) TDC Telecommunications Denmark 7,183 2.0 (1.2)
36 (-) Outotec Industrials Finland 7,079 2.0 -
37 (34) Fresenius
Medical Care Health Care Germany 6,919 1.9 (2.1)
38 (-) Jeronimo Martins Consumer Services Portugal 6,452 1.8 -
39 (40) SAP Technology Germany 5,622 1.6 (1.6)
Feintool
40 (41) International Industrials Switzerland 5,151 1.4 (1.3)
41 (-) ISS Industrials Denmark 4,180 1.2 -
42 (-) BB Biotech Health Care Switzerland 2,077 0.6 -
Prior year investments sold during the period (25.6)
Total equity investments 352,246 97.8 (99.8)
Cash and other net assets 8,038 2.2 (0.2)
Net assets 360,284 100.0 (100.0)
The figures in brackets represent the position as at 30 September 2013.
* The investment is in Class A ordinary shares.
** The investment is in American Depository Receipts.
*** The investment is in non-voting preference shares.
DISTRIBUTION OF INVESTMENTS
as at 31 March 2014 (% of net assets)
% of Net
Assets
Sector distribution
Consumer Goods 19.7
Industrials 16.6
Financials 14.8
Telecommunications 12.4
Consumer Services 11.8
Oil & Gas 9.6
Health Care 8.0
Technology 4.9
Cash and other net assets 2.2
100.0
% of Net
Assets
Geographical distribution
France 15.8
Switzerland 14.3
Netherlands 14.1
Italy 12.6
Germany 10.9
Spain 8.0
Denmark 6.2
Portugal 4.1
Ireland 2.7
Belgium 2.7
Russia 2.3
Sweden 2.1
Finland 2.0
Cash and other net assets 2.2
100.0
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 price risk), liquidity risk, credit risk, gearing risk, regulatory
risk, operational risk and other 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 Strategic Report in the
Company's Annual Report and Financial Statements for the year ended 30
September 2013. 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 20 May 2014
and the above responsibility statement was signed on its behalf by Douglas McDougall, Chairman.
INCOME STATEMENT (UNAUDITED)
for the six months to 31 March 2014
Six months to Six months to Year to
31 March 2014 31 March 2013 30 September 2013
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains on investments - 43,547 43,547 - 36,206 36,206 - 65,516 65,516
Foreign exchange
(losses)/gains (8) (270) (278) 42 60 102 12 132 144
Income 2 2,779 - 2,779 2,450 - 2,450 10,413 - 10,413
Investment
management fee (869) - (869) (644) - (644) (1,387) - (1,387)
Other expenses (194) - (194) (202) - (202) (429) - (429)
Net return before finance
costs and taxation 1,708 43,277 44,985 1,646 36,266 37,912 8,609 65,648 74,257
Finance costs (63) - (63) (63) - (63) (127) - (127)
Net return on ordinary
activities before taxation 1,645 43,277 44,922 1,583 36,266 37,849 8,482 65,648 74,130
Taxation on ordinary
activities 3 (288) - (288) (158) - (158) (901) - (901)
Net return after taxation 1,357 43,277 44,634 1,425 36,266 37,691 7,581 65,648 73,229
pence pence pence pence pence pence pence pence pence
Return per ordinary share* 3.23 102.87 106.10 3.39 86.21 89.60 18.02 156.05 174.07
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 2014 is based
on the net revenue return after taxation of £1,357,000 (six months to
31 March 2013: £1,425,000; year to 30 September 2013: £7,581,000) and
the net capital return after taxation of £43,277,000 (six months to 31 March 2013:
£36,266,000; year to 30 September 2013: £65,648,000) and on 42,069,371
(six months to 31 March 2013: 42,069,371; year to 30 September 2013: 42,069,371)
shares, being the weighted average number of shares in issue during the period.
BALANCE SHEET (UNAUDITED)
as at 31 March 2014
31 March 31 March 30 September
2014 2013 2013
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value through
profit or loss 352,246 277,118 322,601
Current assets
Debtors 748 343 249
Taxation recoverable 783 492 723
Cash at bank 10,920 10,196 2,545
12,451 11,031 3,517
Creditors: amounts falling due
within one year 4,413 465 2,896
Net current assets 8,038 10,566 621
Net assets 360,284 287,684 323,222
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 212,022 139,363 168,745
Revenue reserve 5,702 5,761 11,917
Total equity shareholders' funds 360,284 287,684 323,222
pence pence pence
Net asset value per ordinary
share 6 856.40 683.83 768.31
CASH FLOW STATEMENT (UNAUDITED)
for the six months to 31 March 2014
Six months to Six months to Year to
31 March 31 March 30 September
2014 2013 2013
Note £'000 £'000 £'000
Operating activities
Investment income received 2,634 2,492 10,426
Other income received 3 - -
Investment management fees
paid (832) (602) (1,283)
Other cash payments (218) (299) (476)
Net cash inflow from
operating activities 7 1,587 1,591 8,667
Servicing of finance
Bank charges (63) (31) (127)
Taxation (347) (81) (1,055)
Capital expenditure and
financial investment
Purchases of investments (83,037) (61,787) (130,066)
Sales of investments 98,077 64,524 119,074
Exchange gains/(losses) on
settlement 9 26 (48)
Net cash inflow/(outflow)
from capital expenditure and
financial investment 15,049 2,763 (11,040)
Equity dividends paid 5 (7,572) (6,731) (6,731)
Net cash inflow/(outflow)
before financing 8,654 (2,489) (10,286)
Financing
Own shares purchased and
cancelled - - -
Net cash inflow/(outflow)
from financing - - -
Increase/(decrease) in cash 8 8,654 (2,489) (10,286)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS (UNAUDITED)
for the six months to 31 March 2014
Six months to Six months to Year to
31 March 31 March 30 September
2014 2013 2013
£'000 £'000 £'000
Opening equity shareholders'
funds 323,222 256,724 256,724
Net return after taxation for
the period 44,634 37,691 73,229
Dividends paid (7,572) (6,731) (6,731)
Closing equity shareholders'
funds 360,284 287,684 323,222
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
for the six months to 31 March 2014
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 2013. These accounting policies are
expected to be followed throughout the year ending 30 September 2014.
2. Income
Six months to Six months to Year to
31 March 31 March 30 September
2014 2013 2013
£'000 £'000 £'000
Income from investments
Overseas dividends 2,776 2,450 10,413
Other income 3 - -
Total income 2,779 2,450 10,413
3. Taxation
The taxation charge for the six months to 31 March 2014 is £288,000
(six months to 31 March 2013: £158,000; year to 30 September 2013: £901,000).
The taxation charge comprises a corporation tax charge for the six months to
31 March 2014 of £nil (six months to 31 March 2013: £nil; year to
30 September 2013: £nil) and irrecoverable withholding tax suffered of £288,000
(six months to 31 March 2013: £158,000; year to 30 September 2013: £901,000).
4. Share capital
Allotted, called-up and
fully paid
Number of shares £'000
Equity share capital
Ordinary shares of 25p each
Balance at 30 September 2013 42,069,371 10,517
Shares issued - -
Shares cancelled - -
Balance at 31 March 2014 42,069,371 10,517
During the six months to 31 March 2014, no ordinary shares were
issued or purchased and cancelled (six months to 31 March 2013 and year to
30 September 2013: no ordinary shares were issued or purchased and cancelled).
5. Dividends
Six months to Six months to Year to
31 March 31 March 30 September
Payment 2014 2013 2013
date £'000 £'000 £'000
Final dividend for the year 31 January 5,889 - -
ended 2014
30 September 2013 of 14.0p
Special dividend for the 31 January 1,683 - -
year ended 2014
30 September 2013 of 4.0p
Final dividend for the year 31 January - 5,048 5,048
ended 2013
30 September 2012 of 12.0p
-
Special dividend for the 31 January - 1,683 1,683
year ended 2013
30 September 2012 of 4.0p
7,572 6,731 6,731
6. Net asset value per ordinary share
31 March 31 March 30 September
2014 2013 2013
Net assets attributable at the £360,284,000 £287,684,000 £323,222,000
period end
Number of ordinary shares in
issue at the period end 42,069,371 42,069,371 42,069,371
Net asset value per ordinary 856.40p 683.83p 768.31p
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
2014 2013 2013
£'000 £'000 £'000
Net return before finance
costs and taxation 44,985 37,912 74,257
Adjustment for returns from
non-operating activities:
- Gains on investments (43,547) (36,206) (65,516)
- Foreign exchange
losses/(gains)
of a capital nature 270 (60) (132)
Return from operating 1,708 1,646 8,609
activities
Adjustment for non-cash flow
items:
- Increase in debtors and
accrued income (127) (6) (7)
- Increase/(decrease) in 6 (49) 65
creditors
Net cash inflow from
operating activities 1,587 1,591 8,667
8. Reconciliation of net cash flow to net cash
Six months to Six months to Year to
31 March 31 March 30 September
2014 2013 2013
£'000 £'000 £'000
Movement in net cash
resulting from cash flows 8,654 (2,489) (10,286)
Foreign exchange movement (279) 34 180
Movement in net cash 8,375 (2,455) (10,106)
Net cash brought forward 2,545 12,651 12,651
Net cash carried forward 10,920 10,196 2,545
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
2014 2013 2013
Euro 1.2096 1.1825 1.1963
Swiss franc 1.4727 1.4379 1.4644
Swedish krona 10.8091 9.8730 10.4016
Danish krone 9.031 8.8154 8.9220
US dollar 1.6672 1.5185 1.6194
Norwegian krone 9.9813 8.8563 9.7395
NZ dollar 1.9213 1.8120 1.9443
10. Financial information
The financial information for the six months to 31 March 2014 and for the six
months to 31 March 2013 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
2013; 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 2013 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' Statement of Responsibilities 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 price risk), liquidity risk, credit risk, gearing risk, regulatory risk,
operational risk and other 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
current 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. The Company's ordinary shares 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. The Company's shares are also available on other share trading
platforms.
From 1 July 2014, ISAs will be replaced by a new product, New ISA.
The subscription limit, which is currently £11,880 for an ISA, will increase
to £15,000 for a New ISA.
Frequency of NAV publication
The Company's ordinary share NAV is released daily to the London Stock Exchange
and the New Zealand Stock Exchange and published on the Company's website at
www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website at
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 NAV and other portfolio
information is published on the Company's website at
www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website at
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 at www.londonstockexchange.com and the
AIC at 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. Changes of name and/or address
must be notified in writing to the Registrar, at the relevant address detailed below.
You can check your shareholding and update your details at www.computershare.co.uk.
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, the Company will be
releasing Interim Management Statements for the quarters ending 30 June and 31 December.
These will be released to the London Stock Exchange and the New Zealand Stock Exchange
and may be viewed on the Company's website at www.theeuropeaninvestmenttrust.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
Wales and its shares are traded on the London Stock Exchange and the New
Zealand Stock Exchange. The Company is not regulated or authorised by the
Financial Conduct Authority.
The Directors of the Company and 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
Michael B Moule
Dr Michael T Woodward
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
20 May 2014
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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