Half-yearly Report
THE EUROPEAN INVESTMENT TRUST PLC
Half-Yearly Financial Report
for the six months to 31 March 2012
The Directors announce the unaudited Half-Yearly Financial Report for the six
months to 31 March 2012 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
2012 2011
Capital
Net assets £256.66m £237.35m 8.1%
Net asset value per share 610.08p 559.78p 9.0%
("NAV")
Share price 527.00p 462.50p 13.9%
Share price discount to NAV 13.6% 17.4%
Six months to Year to
31 March 30 September
2012 2011
Total return per ordinary
share*
Capital 64.66p (94.35)p
Revenue 1.03p 16.97p
Total 65.69p (77.38)p
* Based on the weighted average number of shares in issue
during the period.
Performance
Six months to Year to
31 March 30 September
2012 2011
NAV Total Return +12.0% (12.1)%
FTSE All-World Europe ex
UK Index Total Return* +13.7% (13.6)%
* In sterling.
The NAV Total Returns are sourced from Edinburgh Partners 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 a 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 net asset value per share at the Company's half-year end of 31 March 2012
was 610.08p, an increase of 9.0% on the net asset value per share at 30
September 2011 of 559.78p. After including the special and final dividends
totalling 16.0p per share which were paid in January 2012, the total return per
share was 12.0% for the six month period. The total return from the FTSE
All-World Europe ex UK Index in sterling was 13.7%.
Share Price and Discount
During the six months to 31 March 2012 the Company's share price increased by
13.9% from 462.5p to 527p. The share price discount to net asset value narrowed
during the period under review from 17.4% to 13.6%. During the six month period
the Company bought back and cancelled 331,377 shares at a total cost of
£1,676,000, with the shares bought back representing 0.8% of the share capital
at the beginning of the Company's financial year on 1 October 2011.
Revenue
The net revenue return per share in the six months to 31 March 2012 was 1.03p.
This was a marginal increase on the net revenue return of 0.98p in the six
months to 31 March 2011. Shareholders should note 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 expenses are
incurred on a more even basis throughout the Company's financial year.
Economic and Market Overview
The pattern of the last six months broadly followed the pattern of the last few
years as regards the crisis in the eurozone, namely relief followed by concern
in a repetitive cycle. The relief came from the liquidity operations, the Long
Term Refinancing Operation, mounted by the European Central Bank in December
2011 and February 2012, which gives eurozone banks some breathing space to
address liquidity issues. The rally which followed this measure has more
recently been replaced by concern over the impact of austerity programs,
specifically in Spain but also elsewhere throughout Europe. The structural
problems in European economies and how to address them continue to bring
political change, with Italy, Spain, the Netherlands, France and Greece already
experiencing changes of administration.
Portfolio Strategy
In our last Annual Report I referred to the balanced portfolio strategy being
followed. This resulted in investing in a number of higher quality companies
where growth in profits, under most economic scenarios, is more visible. It
also meant investing in companies which would meet the definition of 'unloved',
where short-term prospects may look challenging but longer-term valuations look
compelling.
Market movements over the last six months have extended the valuation gap
between the higher quality companies and the more out of favour companies. This
means that the likely direction of travel for the portfolio will be to continue
to take profits gradually in the former category and re-invest in the latter.
By way of example, in February we invested in ArcelorMittal, the world's
largest steel maker. The shares are trading over 70% below cyclical highs and
the valuation implies activity levels appropriate to an economic depression.
This looks too pessimistic and, should capacity utilisation normalise, the
company will be trading on a multiple of only 4 or 5 times earnings. Predicting
when this will be recognised by the market is more challenging, but we would
expect this to happen in a 3-5 year time horizon.
Outlook
The thesis of Europe stumbling from one mini crisis to another prior to
resolving its structural problems is still intact. This is likely to mean that
there will continue to be market volatility. We intend to deploy our
disciplined long-term investment approach in the knowledge that this is a
method which has delivered good long-term returns to investors.
Your portfolio remains fully invested. The gearing facility has not yet been
drawn down, as we await an appropriate opportunity.
Dale Robertson
Edinburgh Partners Limited
23 May 2012
Portfolio of Investments
as at 31 March 2012
Net
Company Sector Country Valuation Assets
£'000 %
Equity investments
Sanofi Health Care France 7,633 3.0
ENI Oil & Gas Italy 7,530 2.9
Gazprom Oil & Gas Russia 7,349 2.9
Belgacom Telecommunications Belgium 7,192 2.8
CAF Industrials Spain 7,174 2.8
Swatch Consumer Goods Switzerland 7,098 2.8
SAP Technology Germany 7,069 2.8
Ryanair Consumer Services Ireland 6,872 2.7
Prysmian Industrials Italy 6,804 2.6
ABB Industrials Switzerland 6,721 2.6
Heineken Consumer Goods Netherlands 6,718 2.6
Intesa Sanpaolo Financials Italy 6,693 2.6
Telecom Italia Telecommunications Italy 6,674 2.6
DCC Industrials Ireland 6,519 2.5
Imtech Industrials Netherlands 6,467 2.5
Vivendi Consumer Services France 6,392 2.5
Total Oil & Gas France 6,380 2.5
Actelion Health Care Switzerland 6,358 2.5
Michelin Consumer Goods France 6,344 2.5
Swedbank Financials Sweden 6,286 2.4
Total - 20 largest equity investments 136,273 53.1
Other equity investments 117,418 45.7
Total equity investments 253,691 98.8
Cash and other net assets 2,967 1.2
Net assets 256,658 100.0
The value of the twenty largest equity holdings represents 53.1% of the
Company's net assets (31 March 2011: 54.9%; 30 September 2011: 54.3%).
The geographical distribution is based on each investment's principal stock
exchange listing, except in instances where this would not give a proper
indication of where its activities predominate.
Distribution of Investments
as at 31 March 2012 (% of net assets)
Sector distribution
Sector %
Industrials 19.7%
Consumer Services 18.3%
Consumer Goods 14.5%
Financials 11.8%
Health Care 9.7%
Oil & Gas 8.3%
Telecommunications 5.4%
Technology 4.8%
Basic Materials 4.3%
Utilities 2.0%
Cash and other net assets 1.2%
100.0%
Geographical distribution
Country %
Switzerland 18.8%
France 14.7%
Germany 13.9%
Italy 10.7%
Netherlands 9.4%
Spain 9.4%
Ireland 5.2%
Belgium 5.0%
Finland 4.0%
Russia 2.9%
Norway 2.4%
Sweden 2.4%
Cash and other net assets* 1.2%
100.0%
* Cash and other net assets include foreign currency balances of £2,426,000
(0.9%).
The geographical distribution is based on each investment's principal stock
exchange listing, except in instances where this would not give a proper
indication of where its activities predominate.
Directors' Statement of Principal Risks and Uncertainties
The important events that have occurred during the period under review are set
out in the Investment Manager's Review above. The key factors influencing the
financial statements are also set out in the Investment Manager's Review above.
The principal factors that could impact the remaining six months of the
financial year are detailed in the Investment Manager's Review above.
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 other price
risk), liquidity risk, credit risk, gearing risk, regulatory risk, operational
risk and 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 Directors' Report and Business Review in the
Company's Annual Report and Financial Statements for the year ended 30
September 2011. 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 23
May 2012 and the above responsibility statement was signed on its behalf by
Douglas McDougall, Chairman.
Income Statement (unaudited)
for the six months to 31 March 2012
Six months to Six months to Year to
31 March 2012 31 March 2011 30 September 2011
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Gains/ - 27,459 27,459 - 24,777 24,777 - (40,182) (40,182)
(losses) on
investments
Foreign (22) (125) (147) 18 76 94 (7) 158 151
exchange
(losses)/
gains
Income 2 1,479 - 1,479 1,370 - 1,370 9,734 - 9,734
Investment (591) - (591) (656) - (656) (1,311) - (1,311)
management
fee
Other (212) - (212) (193) - (193) (381) - (381)
expenses
Net return 654 27,334 27,988 539 24,853 25,392 8,035 (40,024) (31,989)
before
finance
costs and
taxation
Finance (63) - (63) - - - (31) - (31)
costs
Net return 591 27,334 27,925 539 24,853 25,392 8,004 (40,024) (32,020)
on ordinary
activities
before
taxation
Taxation on 3 (157) - (157) (123) - (123) (806) - (806)
ordinary
activities
Net return 434 27,334 27,768 416 24,853 25,269 7,198 (40,024) (32,826)
after
taxation
pence pence pence pence pence pence pence pence pence
Return per 1.03 64.66 65.69 0.98 58.56 59.54 16.97 (94.35) (77.38)
ordinary
share*
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.
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 2012 is based on the net
revenue return after taxation of £434,000 (six months to 31 March 2011:
£416,000; year to 30 September 2011: £7,198,000) and the net capital return
after taxation of £27,334,000 (six months to 31 March 2011: £24,853,000; year
to 30 September 2011: £(40,024,000)) and on 42,276,153 (six months to 31 March
2011: 42,440,309; year to 30 September 2011: 42,420,474) shares, being the
weighted average number of shares in issue during the period.
Balance Sheet (unaudited)
as at 31 March 2012
31 March 31 March 30 September
2012 2011 2011
Note £'000 £'000 £'000
Fixed asset investments
Investments at fair value 253,691 294,845 236,680
through profit or loss
Current assets
Debtors 722 305 953
Taxation recoverable 277 337 501
Cash at bank 2,462 463 5,294
3,461 1,105 6,748
Creditors: amounts falling due 494 506 6,078
within one year
Net current assets 2,967 599 670
Net assets 256,658 295,444 237,350
Capital and reserves
Called-up share capital 4 10,517 10,600 10,600
Share premium account 123,749 123,749 123,749
Capital redemption reserve 8,294 8,211 8,211
Capital reserve 109,084 148,302 83,426
Revenue reserve 5,014 4,582 11,364
Total equity shareholders' 256,658 295,444 237,350
funds
pence pence pence
Net asset value per ordinary 6 610.08 696.79 559.78
share
Cash Flow Statement (unaudited)
for the six months to 31 March 2012
Six months Six months Year
to to to
31 March 31 March 30 September
2012 2011 2011
Note £'000 £'000 £'000
Operating activities
Investment income received 1,149 1,899 10,522
Interest received - - -
Investment management fees paid (589) (628) (1,317)
Other cash payments (235) (201) (348)
Net cash inflow from operating 7 325 1,070 8,857
activities
Servicing of finance
Bank charges (63) - (31)
Taxation 67 (72) (920)
Capital expenditure and
financial investment
Purchases of investments (42,725) (44,712) (121,735)
Sales of investments 48,149 41,984 116,848
Exchange (losses)/gains on (80) 212 425
settlement
Net cash inflow/(outflow)from 5,344 (2,516) (4,462)
capital expenditure and
financial investment
Equity dividends paid 5 (6,784) (5,936) (5,936)
Net cash outflow before financing (1,111) (7,454) (2,492)
Financing
Own shares purchased and (1,676) (1,736) (1,735)
cancelled
Net cash outflow from financing (1,676) (1,736) (1,735)
Decrease in cash 8 (2,787) (9,190) (4,227)
Reconciliation of Movements in Shareholders' Funds (unaudited)
for the six months to 31 March 2012
Six months Six months Year
to to to
31 March 31 March 30 September
2012 2011 2011
£'000 £'000 £'000
Opening equity shareholders' 237,350 277,847 277,847
funds
Dividends paid (6,784) (5,936) (5,936)
Shares purchased and (1,676) (1,736) (1,735)
cancelled
Net return after taxation 27,768 25,269 (32,826)
for the period
Closing equity shareholders' 256,658 295,444 237,350
funds
Notes to the Financial Statements (unaudited)
for the six months to 31 March 2012
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 2011. These accounting policies are expected to be
followed throughout the year ending 30 September 2012.
2. Income
Six months Six months Year
to to to
31 March 31 March 30 September
2012 2011 2011
£'000 £'000 £'000
Income from investments:
Overseas dividends 1,479 1,370 9,734
Total income 1,479 1,370 9,734
3. Taxation
The taxation charge for the six months to 31 March 2012 is £157,000 (six months
to 31 March 2011: £123,000; year to 30 September 2011: £806,000).
The taxation charge comprises a corporation tax charge for the six months to 31
March 2012 of £nil (six months to 31 March 2011: £nil; year to 30 September
2011: £nil) and irrecoverable withholding tax suffered of £157,000 (six months
to 31 March 2011: £123,000; year to 30 September 2011: £806,000).
4. Share capital
Allotted, called up and
fully paid
Equity share capital Number of £'000
shares
Ordinary shares of 25p
each
Balance at 30 September 2011 42,400,748 10,600
Shares cancelled (331,377) (83)
Balance at 31 March 2012 42,069,371 10,517
During the six months to 31 March 2012 a total of 331,377 ordinary shares were
purchased and cancelled at a cost of £1,676,000.
5. Dividends
Six months Six months Year
to to to
31 March 31 March 30 September
Payment 2012 2011 2011
date £'000 £'000 £'000
Final dividend for the year ended 31 January
30 September 2011 of 12.0p 2012 5,088 - -
Special dividend for the year ended 31 January
30 September 2011 of 4.0p 2012 1,696 - -
Final dividend for the year ended 31 January
30 September 2010 of 11.0p 2011 - 4,664 4,664
Special dividend for the year ended 31 January
30 September 2010 of 3.0p 2011 - 1,272 1,272
6,784 5,936 5,936
6. Net asset value per ordinary share
31 March 31 March 30 September
2012 2011 2011
Net assets attributable at the £256,658,000 £295,444,000 £237,350,000
period end
Number of ordinary shares in 42,069,371 42,400,748 42,400,748
issue at the period end
Net asset value per ordinary 610.08p 696.79p 559.78p
share
7. Reconciliation of net return before finance costs and taxation to net cash
inflow from operating activities
Six months Six months Year
to to to
31 March 31 March 30 September
2012 2011 2011
£'000 £'000 £'000
Net return before finance 27,988 25,392 (31,989)
costs and taxation
Adjustment for returns from
non-operating activities:
- (Gains)/losses on (27,459) (24,777) 40,182
investments
- Foreign exchange losses/ 125 (76) (158)
(gains) of a capital nature
Return from operating 654 539 8,035
activities
Adjustment for non-cash flow
items:
- (Increase)/decrease in (308) 514 795
debtors and accrued income
- (Decrease)/increase in (21) 18 27
creditors
- Tax recoverable - (1) -
Net cash inflow from 325 1,070 8,857
operating activities
8. Reconciliation of net cash flow to net cash
Six months Six months Year
to to to
31 March 31 March 30 September
2012 2011 2011
£'000 £'000 £'000
Decrease in cash in the (2,787) (9,190) (4,227)
period
Movement in net cash (2,787) (9,190) (4,227)
resulting from cash flows
Foreign exchange movement (45) (136) (268)
Movement in net cash (2,832) (9,326) (4,495)
Net cash brought forward 5,294 9,789 9,789
Net cash carried forward 2,462 463 5,294
9. Financial information
The financial information for the six months to 31 March 2012 and for the six
months to 31 March 2011 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 2011; 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 2011 is an extract from those financial statements.
10. 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.
11. 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' Statements 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 other price risk), liquidity risk, credit risk, gearing
risk, regulatory risk, operational risk and 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 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.
12. Related party transactions
There were no related party transactions during the period. Under the AIC SORP
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. You can buy or sell shares through your
stockbroker, bank or other professional investment adviser. Shares in the
Company may also be bought and held in a Share Plan or ISA through the BNP
Paribas - Edinburgh Partners Savings Scheme and ISA. Further information is
available on the Company's website: www.theeuropeaninvestmenttrust.com and on
the Edinburgh Partners' website: www.edinburghpartners.com or by telephone on
0845 358 1100.
Frequency of net asset value ("NAV") publication
The Company's ordinary share net asset value is released daily to the London
Stock Exchange and the New Zealand Stock Exchange and published on the
Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh
Partners' website: 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 net asset value and other portfolio
information is published on the Company's website:
www.theeuropeaninvestmenttrust.com and on the Edinburgh Partners' website:
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: www.londonstockexchange.com and the
Association of Investment Companies: 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 or
website: www.investorcentre.co.uk. New Zealand shareholders should contact the
Registrar on +64 9 488 8777 or email enquiry@computershare.co.nz. Changes of
name and/or address must be notified in writing to the Registrar, at the
relevant address below.
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
The Company will be releasing Interim Management Statements ("IMS") for the
quarters ending 31 December and 30 June. These will be released to the London
Stock Exchange and the New Zealand Stock Exchange and may be viewed on the
Company's website: www.theeuropeaninvestmenttrust.com and on the Edinburgh
Partners' website: www.edinburghpartners.com.
Association of Investment Companies ("AIC")
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 its shares are
listed on the London Stock Exchange and the New Zealand Stock Exchange. The
Company is not regulated or authorised by the Financial Services Authority.
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
Ralph Kanza
Michael B Moule
Secretary and Registered Office Kenneth J Greig
Beaufort House
51 New North Road
Exeter EX4 4EP
Investment Manager Edinburgh Partners Limited
12 Charlotte Square
Edinburgh EH2 4DJ
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
12 Charlotte Square
Edinburgh
EH2 4DJ
23 May 2012
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.
Monday, 20th May 2024
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