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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Monday 19 February, 2001

TR European Growth

Interim Results

TR European Growth Trust PLC
19 February 2001


TR EUROPEAN GROWTH TRUST PLC

HENDERSON GLOBAL INVESTORS

EMBARGOED FOR RELEASE AT 7.00 AM MONDAY 19 FEBRUARY 2001

                                                              16 February 2001


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000


HIGHLIGHTS
                                                            (Audited)
        31                                               31   30 June  % change
  December                                         December
      1999                                             2000      2000
     £'000                                            £'000     £'000

   541,126 Total net assets                         543,606   773,388    -29.7

         % Divided between:                               %         %
     114.5 Quoted equities                            125.9     115.4
       2.7 Unquoted equities                            1.3       0.8
         - Convertibles                                 1.5       2.2
    (17.2) Net current liabilities                   (28.7)    (18.4)
   -------                                          -------   -------
     100.0                                            100.0     100.0
      ====                                             ====      ====

           Net asset value per:
   339.70p Ordinary share (undiluted)               336.81p   485.50p    -30.6
   318.62p Ordinary share (fully diluted)*          318.91p   448.30p    -28.9

   340.75p Ordinary share price                     337.25p   462.00p    -27.0
     0.31% Premium/(discount) to NAV (undiluted)      0.13%   (4.84%)
     6.95% Premium to NAV (fully diluted)             5.75%     3.06%
   172.50p Warrant price                            162.00p   298.00p    -45.6

    356.63 FT/S&P A World Europe (ex UK) Index - £   357.27    374.95     -4.7
    412.21 - Local                                   407.03    423.82     -4.0

           HSBC Smaller European
    169.82 Companies (ex UK) Index - £               157.61    177.10     11.0


* Fully diluted assumes conversion of all outstanding warrants.





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                                    - 2 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000



CHAIRMAN'S STATEMENT

Results

While performance as a whole for the calendar year 2000 was satisfactory, the
Trust's performance since June - the first six months of our current financial
year - has been disappointing. Total net assets fell by 29.7% over the six
months to end of December (to £544 million), compared with 11% for the HSBC
Smaller European Companies (ex UK) Index. The ordinary share price at 31
December 2000 of 337.2p per share was 27% down from the level at the end of
June but still represented a 5.7% premium to fully diluted Net Asset Value per
share and a very marginal premium to undiluted NAV of 336.8p per share. Those
premium prices compare favourably with an average share price discount for the
continental Europe investment trust sector of 5%.


Consistent with the Board's declared strategy, net gearing was maintained
throughout the half year at an average level (calculated on month-end figures)
of 23%. Results were adversely affected by the impact of relatively high
gearing and interest rates during the period.


The Revenue Account reflects its share of interest and management charges
following the change of accounting policy referred to below and also lower
dividend income. (The first half of the financial year customarily includes
much less than half the year's total income.) The Trust does not declare an
interim dividend.


Change of Accounting Policy


In our last Annual Report I reported the Board's intention to review the basis
on which management and finance costs are charged in our accounts (until now,
totally against the Revenue Account). We have now decided to follow the
practice validated by the Statement of Recommended Practice and increasingly
common in the sector, of dividing these costs between the Revenue Account and
the Capital Account. The relevant financial figures now reflect a charge of
20% against Revenue and 80% against Capital consistent with the emphasis of
our objective on capital growth. As I explained previously, the change does
not affect the Net Asset Value Total Return (income plus capital) but a
reduced charge against Revenue will strengthen the Trust's ability to continue
future payments of modest dividends.





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                                    - 3 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000


Investment Background and Outlook

During the second half of 2000 all securities markets displayed great
volatility and these conditions seem likely to continue. The challenge for our
portfolio manager is to recover his previously outstanding record of good
stock selection.


The investment background still reflects uncertainty about the ability of
global economies - and particularly that of the USA - to recover previous
robust levels of dynamic growth. Such uncertainties were thrown into sharp
focus during the last weeks of December and in the early weeks of this year.
Many hope that the interruption of economic growth will prove to be just a
pause and that growth will resume, albeit less buoyantly, towards the end of
the year. We share the general opinion that economies of European countries
may be less adversely affected and that prospects for business, and thus for
investment, in the European countries from which our portfolio is constructed
are relatively encouraging.


We look forward to being able to report in due course another satisfactory
result for the full year to 30 June 2001.



Sir John Shaw

Chairman

16 February 2001




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                                    - 4 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000


Group Statement of Total Return (incorporating the revenue account)

for the half year ended 31 December 2000


                                    (Unaudited)       (Unaudited and restated)* 
                  Half year ended 31 December     Half year ended 31 December 
                              2000                            1999 
                 Revenue    Capital     Total    Revenue    Capital     Total 
                                                                              
                   £'000     £'000      £'000      £'000     £'000      £'000 
  Total                -   (228,815) (228,815)         -   162,670    162,670 
  capital                                                                  
  (losses)/gains                                                                
  from                                                                     
  investments                                                                 
  Repurchase           -         -          -          -         -          - 
  of warrants                                                                 
  Income from      1,422         -      1,422      1,705         -      1,705 
  fixed asset                                                                 
  investments                                                                 
  Other              295         -        295        638         -        638 
  interest                                                                    
  receivable                                                                  
  and similar                                                                 
  income                                                                      
                ---------  --------  ---------  ---------  --------  ---------
                     
  Gross            1,717   (228,815)  (227,098)     2,343   162,670    165,013 
  revenue and                                                              
  capital                                                                     
  (losses)/gains                                                                
  Management       (353)   (1,412)    (1,765)      (291)   (1,164)    (1,455) 
  fee                                                                         
  Other            (494)         -      (494)      (386)         -      (386) 
  administrative ---------  --------  ---------  ---------  --------  ---------
  expenses
  Net                870   (230,227)  (229,357)     1,666   161,506    163,172 
  return/(loss)
  on ordinary                                                                   

  activities                                                                  
  before interest                                                               
  payable and                                                                 
  taxation                                                                    
  Interest         (752)   (3,007)    (3,759)      (222)     (888)     (1,110) 
  payable       ---------  --------  ---------  ---------  --------  ---------
     
  Net                118   (233,234)  (233,116)     1,444   160,618    162,062 
  return/(loss)                                          
  on ordinary                                                                   

  activities                                                                  
  before                                                                      
  taxation                                                                    
  Taxation         (707)       557      (150)      (400)       449         49 
  (charge)/    ---------  --------  ---------  ---------  --------  ---------
  relief on      
  ordinary                                                                    
  activities                                                                  
  Net              (589)   (232,677)  (233,266)     1,044   161,067    162,111 
  (loss)/return                                                             
  on ordinary                                                                   

  activities                                                                  
  after                                                                       
  taxation                                                                    
  Appropriations -                                                              
  dividends                                                                   
  Final 2000:          -         -          -          -         -          - 
  1.00p                                                                       
                ---------  --------  ---------  ---------  --------  ---------
                    
  Transfer         (589)   (232,677)  (233,266)     1,044   161,067    162,111 
  (from)/to       ======     ======     =====     ======     ======     ======
  reserves                                                   
  (Loss)/return                                                                
  per             (0.37)p   (145.53)p (145.90)p     0.66p   101.17p    101.83p 
  ordinary                                                                   
  share (note 1)                                                                
         
  - Basic                                                                     
  - Diluted            -         -          -      0.63p    96.69p     97.32p 
                  ======     =====     ======     ======     =====     ====== 
 
 

                                                                              
                                                      (Audited and restated)* 
                                                           Year ended 30 June 
                                                                         2000 
                                          Revenue      Capital          Total 
                                            £'000         £'000         £'000 
  Total capital                                 -       396,589       396,589 
  (losses)/gains from                                                         
  investments                                                                 
  Repurchase of warrants                        -       (2,499)       (2,499) 
  Income from fixed asset                   9,050             -         9,050 
  investments                                                                 
  Other interest                            1,160             -         1,160 
  receivable and similar                                                      
  income                                                                      
                                      -----------    ----------    ---------- 
  Gross revenue and                        10,210       394,090       404,300 
  capital (losses)/gains                                                      
  Management fee                            (639)       (2,557)       (3,196) 
  Other administrative                      (787)             -         (787) 
  expenses                            -----------    ----------    ---------- 
  Net return/(loss) on                      8,784       391,533       400,317 
  ordinary activities                                                         
  before interest payable                                                     
  and taxation                                                                
  Interest payable                          (678)       (2,712)       (3,390) 
                                      -----------    ----------    ---------- 
  Net return/(loss) on                      8,106       388,821       396,927 
  ordinary activities                                                         
  before taxation                                                             
  Taxation (charge)/relief                (2,117)         1,154         (963) 
  on ordinary activities              -----------    ----------    ---------- 
  Net (loss)/return on                      5,989       389,975       395,964 
  ordinary activities                                                         
  after taxation                                                              
  Appropriations -                                                            
  dividends                                                                   
  Final 2000: 1.00p                       (1,593)             -       (1,593) 
                                      -----------    ----------    ---------- 
  Transfer (from)/to                        4,396       389,975       394,371 
  reserves                                 ======        ======        ====== 
  (Loss)/return per                                                           
  ordinary share (note 1)                   3.76p       244.89p       248.65p 
  - Basic                                                                     
  - Diluted                                 3.52p       228.93p       232.45p 
                                           ======        ======        ====== 
 

The revenue columns of this statement represents the revenue accounts of the
Group.

* See note 3.




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                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000




Group Balance Sheets

as at 31 December 2000
                                      (Unaudited)     (Unaudited       (Audited
                                                  and restated)* and restated)*
                                      31 December    31 December        30 June

                                             2000           1999           2000
                                            £'000          £'000          £'000
Fixed assets
Investments at valuation                  699,783        634,470        915,551
                                      -----------    -----------    -----------

Current assets
Debtors                                     1,472          1,470          3,159
Cash at bank                               28,921          1,135          7,127
                                      -----------    -----------    -----------
                                           30,393          2,605         10,286

Creditors - amounts falling due
within one year                         (186,570)       (95,942)      (152,449)
                                      -----------    -----------    -----------
Net current liabilities                 (156,177)       (93,337)      (142,163)
                                      -----------    -----------    -----------

Total assets less current liabilities     543,606        541,133        773,388
Provision for liabilities and charges           -            (7)              -
                                      -----------    -----------    -----------
Total net assets                          543,606        541,126        773,388
                                          =======        =======        =======

Capital and reserves
Called up share capital                    20,175         19,912         19,912
Share premium                             115,414        112,193        112,193
Other capital reserves                    399,769        403,538        632,446
Revenue reserve                             8,248          5,483          8,837
                                      -----------    -----------    -----------
                                          543,606        541,126        773,388
                                          =======        =======        =======

Net asset value per share                 336.81p        339.70p        485.50p
- undiluted 
(note 2)

Net asset value per share                 318.91p        318.62p        448.30p
- fully diluted
(note 2)



* See note 3




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                                    - 6 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000




Group Cash Flow Statement

for the half year to 31 December 2000
                                            (Unaudited)   (Unaudited) (Audited)
                                              Half year     Half year      Year
                                                  ended         ended     ended
                                            31 December   31 December   30 June
                                                   2000          1999      2000
                                                  £'000         £'000     £'000

Net cash (outflow)/inflow from operating          (875)            81     3,308
activities
Net cash outflow from servicing of              (3,350)         (564)   (3,291)
finance
Net tax recovered                                   842         1,500     1,800
Net cash outflow from financial                (13,782)       (8,729)  (52,761)
investment
Equity dividends paid                           (1,593)       (1,432)   (1,432)
Net cash inflow from financing                   42,151         7,752    57,657
                                            -----------   -----------
----------Increase/(decrease) in cash                      23,393       (1,392) 
   5,281
                                                =======       =======   =======

Reconciliation of operating revenue to net cash (outflow)/inflow from operating
activities (as restated)*
Net revenue before interest payable and             870         1,666     8,784
taxation
Net sales in trading stock                            -             9       176
Decrease/(increase) in accrued income               132           139     (609)
(Increase)/decrease in other debtors                (4)         (289)        29
(Decrease)/increase in other creditors             (79)           149      (52)
Management charge taken to capital              (1,412)       (1,164)   (2,557)
reserves
UK income tax deducted at source                      -             -      (62)
Overseas withholding tax suffered                 (382)         (311)   (2,180)
Scrip dividends included in investment                -         (118)     (221)
income
                                            -----------   ----------- ----------
                                                 (875)            81     3,308
                                                =======       =======   =======

Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash                      23,393       (1,392)    5,281
Net drawdown of loans                          (38,667)       (7,489)  (57,394)
                                            -----------   ----------- ----------
                                               (15,274)       (8,881)  (52,113)
Exchange differences                            (1,601)        3,382        94
                                            -----------   -----------
----------Movement in net debt in period                 (16,875)       (5,499) 
(52,019)
Net debt at beginning of period               (139,966)      (87,947)  (87,947)
                                            -----------   -----------
----------Net debt at period end                        (156,841)      (93,446)
(139,966)
Represented by:
Cash at bank                                     28,921         1,135    7,127
Bank loans and overdrafts                     (185,762)      (94,581) (147,093)
                                            -----------   ----------- ----------
                                              (156,841)      (93,446) (139,966)
                                                =======       =======   =======


* See note 3






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                                    - 7 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000


Notes:


        1.     (Loss)/return per ordinary share

             Revenue loss per ordinary share is based on the loss attributable
        to the ordinary shares of £589,000 (half year ended 31 December 1999:
        profit £1,044,000; year ended 30 June 2000: profit £5,989,000) and on
        the weighted average number of shares in issue during the half year
        ended 31 December 2000 of 159,877,217 (half year ended 31 December
        1999: 159,192,462; year ended 30 June 2000: 159,244,985). Capital
        return per ordinary share is based on net capital losses for the half
        year ended 31 December 2000 of £232,677,000 (half year ended 31
        December 1999: gains £161,067,000; year ended 30 June 2000: gains 
        £389,975,000) and on the weighted average number of shares in issue as
        shown above.



             The calculation of the fully diluted revenue and capital returns
        per ordinary share are carried out in accordance with Financial
        Reporting Standard 14, Earnings per Share (FRS 14). The calculations
        indicate that the exercise of warrants would result in an increase of
        12,357,691 to the weighted average number of shares (half year ended
        31 December 1999: 7,384,652; year ended 30 June 2000: 11,098,311). No
        dilution is applicable for the half year ended 31 December 2000.


        2.     Net asset value per ordinary share

             Undiluted net asset value per ordinary share is based on the
        161,396,106 ordinary shares in issue at 31 December 2000 (31 December
        1999: 159,297,504; 30 June 2000: 159,297,504).


             The fully diluted net asset value per ordinary share is
        calculated on the assumption that 18,894,473 warrants in issue at 31
        December 2000 (31 December 1999: 21,993,075; 30 June 2000: 20,993,075)
        had been converted into ordinary shares.


        3.     Change in accounting policies

                 i)     On the basis of the Board's expected long term split
            of returns between capital gains and income, the Company charges
            80% of its interest payable and management fee to capital. This
            represents a change in accounting policy from prior periods in
            which management expenses and borrowing costs were charged wholly
            to revenue. The comparatives for the half year ended 31 December
            1999 and the year ended 30 June 2000 have been restated
            accordingly. The effect of this change is that net return on
            ordinary activities after taxation is increased by £3,862,000
            (half year ended 31 December 1999: £1,603,000; year ended 30 June
            2000: £4,115,000). There is no effect on the net asset value per
            ordinary share.


                 ii)          In accordance with Financial Reporting Standard
            16, Current Taxation (FRS 16), which became effective for
            accounting periods ending on or after 23 March 2000, investment
            income is now shown net of the related tax credits. The
            comparative figures for the half year ended 31 December 1999 and
            the year ended 30 June 2000 have been restated accordingly.
            Adoption of FRS 16 has no effect on the revenue or capital returns
            per ordinary share, nor on the net asset value per ordinary share.



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                                    - 8 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000



        4.     Interim statement

             The interim accounts have been approved by the directors on 16
        February 2001.


        5.     Comparative information

             The financial information contained in this interim statement
        does not constitute statutory accounts as defined in section 240 of
        the Companies Act 1985. The financial information for the six months
        ended 31 December 1999 and 31 December 2000 have not been audited. The
        figures and financial information for the year ended 30 June 2000 are
        an extract from the latest published accounts as restated and do not
        constitute statutory accounts for that year. Those accounts have been
        delivered to the Registrar of Companies and included the report of the
        auditors, which was unqualified and did not contain a statement under
        either section 237(2) or 237(3) of the Companies Act 1985.




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                                    - 9 -


                         TR EUROPEAN GROWTH TRUST PLC


                          Unaudited Interim Results

                   for the half year ended 31 December 2000


Thirty Largest Investments

Market Value at 31 December 2000

Stock                       Activity                                      £'000
Groupe Jean-Claude Darmon   Sports marketing, especially football clubs   49,019
(F)
Swisslog (CH)               Logistic solutions provider                   36,474
Buhrmann (NL)               Leading provider of office products to        35,887
                            businesses
Vedior (NL)                 Temporary employment company                  24,882
Zapf Creation (D)           Marketer of baby dolls                        23,681
Kaba (CH)                   Access controls and security systems          23,054
Fugro (NL)                  Leading onshore and offshore surveyor         22,748
CargoLifter (D)             Developer of large airships for heavy goods   22,313
                            transportation
MIH (NL)                    Media company with pay tv and interactive     21,039
                            products
TelePizza (E)               Pizza company expanding internationally       20,548
Folli Follie (GR)           Jewellery retailer                            20,238
VersaTel Telecom (NL)       Telecom services to smaller and medium sized  16,601
                            companies
Semcon (S)                  Engineering and IT consultant                 15,019
Card Guard Scientific       Technology company specialising in            13,236
Survival (CH)               telemedicine systems
Selecta (CH)                Food and beverage services via vending        13,135
                            machines
Essilor International (F)   Leading manufacturer of lenses and optical    12,599
                            products
Nutreco (NL)                Animal and fish feed producer as well as      12,451
                            salmon farming
Charles Voegele (CH)        Value for money apparel retailer              11,529
Sjaelso Gruppen (DK)        Property developer                            10,976
Wegener (NL)                Regional newspaper company                    10,522
iTouch(IRL)                 Provider of information/services to mobile    10,400
                            customers
Enitel (N)                  Telecommunications network                    10,353
Tod's (I)                   Purveyor of leather goods especially shoes    10,108
                            and handbags
SEZ (CH)                    Semiconductor processing equipment             9,269
Lectra Systemes (F)         CAD/CAM systems for textiles and fabrics       8,774
Athlon Groep (NL)           Car leasing and rental                         8,702
Navan Mining (IRL)          Gold and base metals interests in Bulgaria     8,670
                            and Spain
Beru (D)                    Components especially glowplugs for diesel     8,419
                            engines
Computer Services Solutions IT service provider                            8,296
(NL)
Enaco (E)                   Food retailer                                  8,251


These investments total £507,193,000 or 72.5% of the portfolio.

(All classes of equity in any one company are treated as one investment.)


                                   - ENDS -

For further information please contact:

Stephen Peak

TR European Growth Trust PLC

020 7410 4100

Vicki Staveacre

Henderson Global Investors Press Office

020 7410 4222