Fleming Eur Fledgeling Inv Tst PLC
7 June 2000
THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
FINAL RESULTS
FOR THE YEAR ENDED 31st MARCH 2000
The Company announces its preliminary results for the
year ended 31st March 2000.
The Company's net asset value per share as at 31st March
2000 was 564.8 pence per share compared to 187.4 pence as
at 31st March 1999, an increase of 201.4%. This
represented a very strong out-performance of the
Company's benchmark index, the HSBC Smaller European
Companies (ex UK) Index (in sterling terms), which
increased by 27.5% over the same period.
Chairman Michael Hart said ' This performance was the
best amongst European investment trusts and indeed at the
year end the Company was the best performer in its sector
over the last one, three and five years in terms of net
asset value and share price.'
In accordance with the Company's policy in prior years,
no dividend will be paid.
Fleming Investment Management Limited - Secretary
For further information, please contact:
Jonathan Latter
Fleming Investment Management Limited 020 7638 5858
THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2000
2000 1999
£'000 £'000
REVENUE
Income
Overseas dividends 1 1,534 2,406
Scrip dividends 47 -
Deposit interest 60 88
_____ _____
Gross Revenue 1,641 2,494
Less Management fee 1,919 1,290
Other administrative expenses 379 194
Interest payable 1,539 1,014
______ _____
Return before Taxation (2,196) (4)
Less Taxation 226 198
_____ _____
Return available to ordinary shareholders (2,422) (202)
==== ====
2000 1999
£'000 £'000
CAPITAL
Return attributable to ordinary
shareholders 233,436 (3,207)
===== =====
Dividends per ordinary share Nil Nil
Revenue return per ordinary share (3.93) p (0.32) p
Capital return per ordinary share 378.78 p (5.13) p
Total return per ordinary share 374.85 p (5.45) p
At 31 March 2000
Total Net Assets (£'000) 346,016 117,221
Net Asset Value per Ordinary Share 564.8 p 187.4 p
1 Overseas dividends are accounted for in accordance with
Financial Reporting Standard 16 (FRS16) Current
Taxation' on the basis of the income actually receivable,
without adjustment for the tax credit attaching to the
dividends. Previously, overseas dividends were accounted
for inclusive of the tax credit which, accordingly,
formed part of the tax charge. Prior periods have been
restated.
THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC
UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2000
CASH FLOW STATEMENT
2000 1999
£'000 £'000
Net cash (outflow)/inflow from
operating activities (968) 292
Net cash outflow from servicing of
finance (1,265) (1,108)
Total tax recovered 422 326
Net cash outflow from capital
expenditure and financial
investment (43,048) (2,696)
Net cash inflow from financing 53,713 3,310
_____ _____
Increase in cash in the year 8,854 124
==== ====
The above financial information does not constitute
statutory accounts as defined in Section 240 of the
Companies Act 1985. The comparative financial
information is based on the statutory accounts for the
year ended 31st March 1999. These accounts, upon which
the auditors issue an unqualified opinion, have been
delivered to the Registrar of Companies.
FLEMING INVESTMENT MANAGEMENT LIMITED
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