Interim Results

European Assets Trust NV
2 August 2001



UNAUDITED INTERIM RESULTS - SIX MONTHS TO 30 JUNE 2001

*  The Company performed better than the benchmark over the six month period
to 30 June and the discount fell from 17.2 per cent to 5.9 per cent

*  The net asset value total return was down 12.1 per cent compared to a fall
of 13.9 per cent in the HSBC Smaller Europe (ex UK) benchmark index

*  Dividends under the high yield policy payable at Euro 0.13 per month for
2001.  The Company also offers an attractive dividend reinvestment option

Compared with a 13.9 per cent fall in sterling terms in the HSBC Smaller
Europe (ex UK) Index, the Company's net asset value declined by 12.1 per cent
measured in terms of total return (dividend re-invested).  In particular the
second quarter of the year brought a strong measure of out-performance thanks
in part to cash takeover bids for two of the larger holdings - Kempen and
Austria Tabak.

In this uncertain environment, the Company's stock-picking approach has been
vindicated by consistent performance relative to the benchmark.  The Managers
continue to believe that investment opportunities abound in their chosen asset
class.

 

Balance Sheet                                      30 June       30 June
                                                      2001       2000
                                       Note       Euro 000       Euro 000  
Investments                     
Securities                              6          221,340       361,931
Net current (liabilities)/assets                    (2,569)       29,912
                     
SHAREHOLDERS FUNDS                      7          218,771       391,843
                     
Net Asset Value per share -                     
30 June       Euro                                   12.03       15.71p
Expressed in sterling                                 726p       994p
                     
based on 18,182,794 shares in issue (2000 - 24,937,280)      
as at 31 December 2000 (18,141,038 shares in issue)         Euro 14.03/876p   
   
                     

                     
Revenue Account - six months to               30 June        30 June
                                              2001           2000
                                   Note       Euro 000       Euro 000
                     
Income                     
Securities                                    1,845         1,486
Deposit Interest                                221           204
Securities lending                                2            50
Total Income       1                          2,068         1,740
                     
                     
Expenses and interest                     
Administration expenses           4,5,6        (367)         (322)
Interest                                       (372)           -
Exceptional expenses                              -          (604)
Net Income                         2           1,329          814
                     
Absorbed by dividends              3          13,613          905
                     
Earnings per share (Euro)                       0.07         0.03
Dividends per share (Euro)                      0.78         0.04

 Statement of Cash Flows - six months to


                                            30 June       30 June
                                            2001          2000
                                           Euro 000       Euro 000
              
Cash flow from investment activities              
Interest, dividends and other income         2,435        1,900
Purchases of shares                        (48,256)     (95,270)
Sales of shares                             48,717      108,902
Administrative expenses and 
interest charges                            (1,617)     (1,326)
              
                                             1,279       14,206
              
              
              
Cash flows from financial activities              
Dividends paid                             (15,423)       -
Tax on repurchase of shares                (23,285)       -
              
                                           (38,708)       -
              
              
Cash at bank              
Net increase for the year                 (37,429)       14,206
Balance as at 31 December                  36,411        11,502
              
Balance as at 30 June                      (1,018)       25,708
              



Notes                     
                     
                     
1.       Income is stated after deduction of irrecoverable withholding taxes
of Euro 279,048 (2000 - Euro 187,284)
                     
2.       Income for the six months period should not be taken as an indication
of the Income for the full year.
                     
3.       Monthly dividends of Euro 0.13 per share will continue to be paid to
shareholders until December 2001 when the rate will be reviewed for the
following year.                     
                     
4.       Shareholders agreed to an increase in the investment management fee
from 0.5% to 0.8% at a General Meeting held on 27 April 2001.  This will
become effective from 1 January 2001 once a three month waiting period ends on
14 September 2001.  As the increase remains conditional until that date, the
Revenue account has been charged at 0.5%.  If the revised rate had been
applied, the net revenue of the Company would have been reduced by Euro
108,853 and shareholders funds by Euro 435,414.                     
                     
5.       Administration expenses include an amount of Euro 104,089 in respect
of non-recurring expenditure.
                     
6.       The securities are valued at market price.                     
                     
7.       Euro 131,772,822 was paid to shareholders participating in a tender
offer by the Company in November 2000.

8.       The accounting policies applied in preparing the half-year figures at
30 June 2001 are consistent with those underlying the 2000 annual accounts
except for a change in the allocation of administrative expenses to capital
from 50% to 75% under revised fiscal requirements.


For further information, please contact

Gordon Humphries                  tel [phone]
Friends Ivory & Sime plc, Investment Managers