Final Results - Amendment

European Assets Trust NV
24 February 2004

This replacement announcement removes subtext relating to shares issued, which
was contained in the announcement earlier this morning in RNS 7286V.

To:          RNS

From:        European Assets Trust NV

Date:        24 February 2004



RESULTS FOR YEAR ENDED 31 DECEMBER 2003

  • In a good year for equity markets in Europe, the Company's assets rose by
    48.5 per cent in total return* terms.
  • Net asset value total return of +73.6 per cent since December 1997
    (portfolio refocused), compared with a 37.6 per cent rise for the benchmark
    index.
  • European Assets Trust maintained a leading position in its AITC peer group
    over two and three years in total return terms.
  • 6 per cent dividend yield level on net asset value in future years to
    2006.
  • First dividend for 2004 of €0.155 paid from capital reserves and two
    further dividends of €0.155 each to be paid in 2004.



Objective

The investment objective of the Company is to achieve growth of capital through
investment in quoted medium-sized companies in Europe, excluding the United
Kingdom. A high distribution policy has been adopted and dividends have been
paid out of capital reserves.



In his Chairman's Statement, Sir John Ward said:

'Results

I am pleased to report that 2003 was a much better year for the equity markets
in general and for European smaller companies in particular. A positive outcome
to the year was by no means foreseen at the beginning of 2003. Then markets
faced the considerable headwinds of lacklustre economic readings and the looming
conflict with Iraq. The mood brightened perceptibly in mid-March as it became
clear that the initial military campaign in Iraq would be accomplished rapidly.
An equally important factor behind the upturn in stock markets was the
unprecedented fiscal and monetary stimulus provided by governments and central
banks in key countries, most notably the USA. Tax give-aways and low interest
rates persuaded consumers to maintain their spending levels long enough for
economic recovery to take hold. A further stimulus to growth came from China's
booming economy which materially boosted demand for industrial raw materials and
semi-finished goods.

The share prices of European smaller companies once again outperformed their
large capitalisation counterparts in 2003 - and by a handsome margin. The HSBC
Smaller Europe (ex UK) Index rose by 51.2% in Sterling total return* terms,
eliminating the losses seen over the preceding two years. The net asset value of
European Assets Trust rose by 48.5% in Sterling total return* terms in 2003,
slightly behind the increase in the benchmark Index but registering a strong
performance relative to the industry peer group. The full year result reinforced
the Company's status as the leading investment trust in the AITC European
smaller companies sector over both a two- and three-year period. It is also
encouraging to report that the share price discount to net asset value narrowed
considerably during 2003.

*capital performance with dividends added back


Distribution

The level of dividend paid by the Company each year is determined by the Board
in accordance with the Company's distribution policy. The Board announced during
the year that, barring unforeseen circumstances, the annual dividend for the
years to 2006 will be equivalent to 6 per cent of the net asset value of the
Company at the end of the preceding year.

In accordance with this policy, the Board has announced that for 2004 the total
dividend will be Euro 0.465 per share. This dividend is to be paid in three
equal instalments of Euro 0.155 per share in January, May and August. The
January dividend was paid to shareholders on 28 January 2004.

The Board believes that the ability of the Company to pay an annual return of 6
per cent at net asset value provides an attractive feature for shareholders.
This return, paid by way of dividend, is funded mainly or wholly from capital.


Gearing

The Company has banking facilities to allow the Managers to gear the portfolio
within the 20 per cent of assets level permitted under the Articles. The
facilities are Euro denominated and flexible, allowing the Managers to draw down
amounts for such periods as they wish on a fixed or variable rate basis. In the
first four months of 2003 the Managers made modest use of these facilities,
believing markets to be at unjustifiably depressed levels. The gearing level was
successively reduced during the year as the pool of available new investment
candidates became less bountiful.



Dutch Tax

The Board was pleased to announce during the year an agreement that had been
reached with the Dutch tax authorities in respect of the Company's tax position.
The Company received a one off tax refund (including interest) amounting to Euro
6.1m resulting in an uplift of approximately 4.6 per cent in net asset value.
The Company also received clarity in respect of the payment of dividends to
shareholders without Dutch withholding tax applying.



Share Price and Discount

The Company's share price performed very strongly, rising by 71.7% per cent on a
Sterling total return basis over the year. The share price discount to net asset
value narrowed from 22.5 per cent to 12.0 per cent at 31 December 2003, with
much of the re-rating occurring following the Board's announcement on tax
clarity and dividend policy in November 2003.


Outlook

The Board is firmly of the opinion that the positive returns delivered by
European smaller companies in 2003 reflect their superior and sustainable
earnings potential in the current economic climate. Management teams at smaller
companies can often show stronger commitment and enthusiasm for success than
their larger company counterparts. They can be more adaptable to changes in
economic conditions and can be more responsive to shareholders' wishes.
Irrespective of the broader developments in the European economies, the Board
continues to believe that the outlook for European Assets Trust's chosen asset
class remains bright.

The Board considers that the Company's investment objective and strategy,
combined with the competitive distribution policy already described, provide an
attractive and differentiated opportunity for existing and potential new
investors.'



Background Notes:

European Assets Trust is an investment company incorporated in the Netherlands
and its shares are listed on the London Stock Exchange and Euronext Amsterdam
Stock Market. It is a Member of the Association of Investment Trust Companies.

ISIS Asset Management plc is the Investment Manager of European Assets Trust.



FINAL FINAL RESULTS FOR 12 MONTHS TO 31 DECEMBER 2003




                                                           
                                                   31 December    31 December 
  BALANCE SHEET                                           2003           2002 
                                          Note        euro'000       euro'000 
  Investments                                                                 
  Securities                                1          141,575        114,127 
  Net current assets                                     1,430          6,489 

  Total assets less current liabilities                143,005        120,616 

  Loan                                                       -       (10,000) 

  Equity shareholders' funds                           143,005        110,616 

  Net asset value per share                 2         euro7.78       euro6.03 

  Expressed in sterling                                   548p           392p 

  REVENUE ACCOUNT FOR YEAR ENDED                                              
                                                   31 December    31 December 
                                                          2003           2002 
                                                      euro'000       euro'000 
  Income                                                                      

  Securities                                3            1,964          1,812 

  Deposit interest                                         270            438 

  Securities lending                                       135            128 

  Total income                                           2,369          2,378 

  Expenses and interest                                                       

  Administration expenses                                (412)          (312) 

  Interest charges                                       (237)          (431) 

  Total expenses                                         (649)          (743) 

  Net income                                             1,720          1,635 

  Corporation tax                                           23        (1,667) 

  benefit/(surcharge)Absorbed by                                              
  dividends                                                                   

  Net income/(loss) after corporation                                         
  tax benefit/(surcharge)                                1,743           (32) 

  Earnings per share                                 euro0.095    (euro0.002) 

  Dividends per share                       4         euro0.37       euro0.90 
 
 
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 

                                                                          
                                               31 December    31 December 
                                                      2003           2002 
                                                  euro'000       euro'000 
      Cash flow from investment activities                                

      Interest, dividends and other income           2,374          2,141 

      Purchases of securities                     (56,660)       (33,196) 

      Sales of securities                           61,407         52,621 

      Administrative expenses                      (1,921)        (3,229) 

      Interest charges                               (223)          (466) 

                                                     4,977         17,871 
      Cash flows from financial activities                                
 
      Dividends                                    (6,566)       (15,651) 
 
      Dividend withholding tax                           -        (3,897) 

      Loan facility                               (10,000)         10,000 
 
                                                  (16,566)        (9,548) 
      Cash at bank                                                        
 
      Net (decrease)/increase for the year        (11,589)          8,323 

      Balance as at 1 January                       10,598          2,275 

      Balance as at 31 December                      (991)         10,598 
 

Notes:


1. Securities are valued at market price.


2. Based on 18,386,067 shares in issue (2002 - 18,350,056*). During
   the year the Company issued 36,011 shares through its scrip dividend
   option.

3. Income is stated after deduction of irrecoverable withholding taxes.

4. A dividend of €0.155 was announced on 10 January 2004 and paid on
   28 January 2004. This dividend was paid from capital reserves. During
   2004, a total distribution of €0.465 per share will be payable in equal
   instalments in January, May and August.

5. Expenses are allocated between revenue and capital reserves in
   the proportion 23:77 for 2003 in accordance with Dutch tax law (2002:
   13:87).

6. These are not the full accounts. The full accounts for the year
   to 31 December 2003 will be sent to shareholders and will be available
   for inspection at the Company's registered office, FCA Management BV,
   Weena 327-329, PO Box 1370, 3000 BJ Rotterdam and from the investment
   managers at, ISIS Asset Management, 80 George Street, Edinburgh, EH2
   3BU.


7. A General Meeting to adopt the 2003 Report & Accounts will be held on 27
   April 2004 in Amsterdam.



For further information, please contact:

Crispin Longden, ISIS Asset Management plc, Fund Manager 0131 465 1000

Michael Campbell, ISIS Asset Management plc, Company Secretary 0131 465 1000


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