Final Results

Jupiter European Opps. Trust PLC 12 August 2002 Jupiter European Opportunities Trust PLC Preliminary Announcement of unaudited results for the year ended 31st May 2002. CHAIRMAN'S STATEMENT In your Company's first complete year of operation the policy of investing in selected stocks, rather than replicating any particular index or sectoral weighting, was again successful. Net asset value per share rose by 2.1%, from 89.29p to 91.12p, and although cash would have earned a marginally higher return, the comparison with the FTSE World Europe ex-UK Index (which actually fell by no less than 13.2%) shows a significant degree of outperformance. The share price slipped slightly over the year as a whole but remained very close to net asset value. No dividend is recommended as there was no net revenue. The Manager's Review outlines the investment process which continues to govern the selection of the individual holdings which make up the portfolio. In relation to any given index, performance is determined both by those holdings which are held in a portfolio and those which are excluded; in the case of your Company, considerable benefit was derived from not holding Deutsche Telekom, Vivendi Universal, Skandia or Bipop Carire, to name just a few of the fallen stars of yesteryear. It has been said elsewhere (not actually by Warren Buffett, but he would doubtless endorse it) that the way to make money is to put all your eggs in one basket, and watch the basket. Investment trusts cannot legally go as far as this; but an eclectic selection of individual stocks, carefully chosen and ruthlessly monitored, should over time produce a handsome return compared with an index or tracker fund. Since our year end, markets have fallen sharply in the light of corporate scandals (mainly in the USA), insurance company solvency concerns and less than conservative accounting of some company profit statements and balance sheets. In certain respects the recent market malaise has been reminiscent of 1972-4, but again there are major differences; inflation is low, union power is reduced, companies are not taxed on inflationary gains in stock values and dividend increases are not restricted. Whether the storm has by now blown itself out, or whether more corporate skeletons are about to be unearthed, none of us knows. But we believe that the investment process which has been tried and tested over the past few years will continue to produce a good performance. Our manager is to be congratulated on your Company's success since inception, even though the day when any performance fee becomes payable (which cannot happen until the share price has surpassed 100p) may be further off in time than might have been envisaged at launch. We look forward to seeing shareholders at the next Annual General Meeting on 4th September 2002. H M Priestley Chairman 12th August 2002 CONSOLIDATED STATEMENT OF TOTAL RETURN (INCORPORATING THE REVENUE ACCOUNT) for the year ended 31st May 2002 31st May 2002 16th August 2000 to 31st May 2001 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Realised losses on investments - (5,910) (5,910) - (135) (135) Increase/(decrease) in - 9,322 9,322 - (3,514) (3,514) unrealised appreciation of fixed asset investments Total capital gains/(losses) on - 3,412 3,412 - (3,649) (3,649) Investments Foreign exchange (losses)/gains - (928) (928) - 607 607 on loan Other exchange gains/(losses) - 115 115 - (1,155) (1,155) Income 815 - 815 918 - 918 Investment management fee (744) - (744) (417) - (417) Other expenses (451) - (451) (223) - (223) NET RETURN /(LOSS) BEFORE (380) 2,599 2,219 278 (4,197) (3,919) FINANCE COSTS AND TAXATION Interest payable (609) - (609) (424) - (424) RETURN ON ORDINARY ACTIVITIES (989) 2,599 1,610 (146) (4,197) (4,343) BEFORE TAX Tax on ordinary activities (89) - (89) (119) - (119) RETURN ON ORDINARY ACTIVITIES (1,078) 2,599 1,521 (265) (4,197) (4,462) AFTER TAX FOR THE FINANCIAL YEAR RETURN/(LOSS) PER ORDINARY SHARE (1.30)p 3.13p 1.83p (0.32)p (5.06)p (5.38)p Year ended 31st May 16th August 2000 to 2002 31st May 2001 Group Group £'000 £'000 INCOME FROM INVESTMENTS Dividend from United Kingdom companies 228 35 Dividend from overseas companies 1,243 918 Deposit interest 45 71 Other 52 33 Losses on dealings by subsidiary (753) (139) 815 918 CONSOLIDATED BALANCE SHEET as at 31st May 2002 2002 2001 £'000 £'000 FIXED ASSETS Investments 85,753 84,329 CURRENT ASSETS Investments 3,166 1,476 Debtors 450 191 Cash at bank 2,019 181 5,635 1,848 CREDITORS: amounts falling due within one year (360) (2,577) NET CURRENT ASSETS/ (LIABILITIES) 5,275 (729) TOTAL ASSETS LESS CURRENT LIABILITIES 91,028 83,600 CREDITORS: amounts falling due after more than one year (15,454) (9,547) NET ASSETS 75,574 74,053 CAPITAL AND RESERVES Called up share capital 829 829 Share premium 77,686 77,686 Capital reserve - realised (7,085) (1,290) Capital reserve - unrealised 5,487 (2,907) Revenue reserve (1,343) (265) TOTAL EQUITY SHAREHOLDERS' FUNDS 75,574 74,053 NET ASSET VALUE PER ORDINARY SHARE 91.12p 89.29p CONSOLIDATED CASH FLOW STATEMENT for the year ended 31st May 2002 2002 2001 £'000 £'000 OPERATING ACTIVITIES Net cash outflow from operating activities (2,010) (1,071) _______ _______ SERVICING OF FINANCE Interest paid (627) (310) Net cash outflow from servicing of finance (627) (310) _______ ______ TAXATION Net tax paid (311) (197) _______ _______ CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT Purchase of fixed asset investments (48,223) (121,343) Sale of fixed asset investments 50,013 33,490 _______ _______ Net cash inflow/(outflow) from capital expenditure and financial 1,790 (87,853) investment _______ ________ Net cash outflow before financing (1,158) (89,431) _______ _______ FINANCING Proceeds of shares issued - 82,940 Cost of share issue - (4,425) Long term loan received 10,007 15,454 Long term loan repaid (5,028) (6,513) _______ _______ Net cash inflow from financing 4,979 87,456 _______ _______ Increase/(decrease) in cash 3,821 (1,975) RECONCILIATION OF CONSOLIDATED OPERATING PROFIT TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES 2002 2001 Group Group £'000 £'000 Net revenue before finance costs and taxation (380) 278 Decrease/(increase) in prepayments and accrued income 36 (113) Increase in current asset investments (1,690) (1,476) Increase in other creditors and accruals 24 240 (2,010) (1,071) CREDITORS : AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 2002 2001 Group & Company Group & Company £'000 £'000 Bank loan 15,454 9,547 The Annual General Meeting of the Company has been convened for Wednesday 4th September 2002. The above financial information does not constitute accounts as defined in section 240 of the Companies Act 1985. Statutory accounts for the period to 31st May 2001 , upon which the auditors gave an unqualified report, have been delivered to the Registrar of Companies. Statutory accounts for the year ended 31st May 2002 including an unqualified audit report will be delivered to the Registrar of Companies in due course. The Report and Accounts are expected to be posted to all registered shareholders today and copies may be obtained from the registered office of the Company at 1 Grosvenor Place, London SW1X 7JJ. This information is provided by RNS The company news service from the London Stock Exchange

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