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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Tuesday 16 September, 2003

TR European Growth

Final Results

TR European Growth Trust PLC
16 September 2003





15 September 2003



                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003


        *     Final Dividend increased by 44.8%

        *     Earnings per share rise 60.3%

        *     Encouraging start to current financial year

Extracts from the Chairman's Statement

Performance

The overall results of the Company for the twelve months to 30 June 2003 reveal
a fall in net assets per share in excess of 8%. Whilst any fall is not good
news, this compares with a fall of 15% in our benchmark index, the first
outperformance for two years. We have however not managed to keep pace with the
smaller company indices.

The returns achieved, since I wrote to you at the interim stage, make more
pleasant reading with net assets per share advancing almost 14% over our second
half year. With a better tone to markets, we hope this growth will continue.

Our share price fell by 12% over the year as our discount widened to 19%. There
were periods when our discount remained doggedly above 20%; this coincided with
increased buy-back of shares, to which I refer later.

We have always striven to be open with shareholders and to publish 'best in
class' information. We were delighted to receive therefore, for our 2002 Report
and Accounts, the AITC award for the 'Best Report and Accounts for a Specialist
Trust'.

Revenue and Dividend

Our gross revenue increased by 20% as investment income rose by over 6%, as our
stock selection has leant more toward higher yielding stocks. Underwriting
income was also significant, as we participated in a number of rights issues
through the year. After tax, net revenue grew by 58% and earnings per share by
60%. We propose a dividend per share of 2.10p, a 45% increase versus last year.

Our aim is to pay dividends on a progressive basis. The Company has substantial
retained reserves available to it, however investors should not rely on regular
increases.







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                                     - 2 -

                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003

Share Capital

A total of 6.854 million shares were purchased during the year to June. These
shares have been cancelled, thus enhancing the NAV per share for remaining
shareholders. At this year's AGM, we will be seeking to refresh the powers to
buy back stock.

157 shares were issued at a subscription price of £1.66 per share as a result of
the annual warrant exercise in 2002. Nearly 19 million warrants remain
outstanding, exercisable on 30 October. If not exercised they will lapse.

Investment Trust Share Plan and ISA

The Directors remain committed to the above plans that enable both new and
existing investors to buy shares by way of a lump sum investment or regular
monthly contributions.

The Board

The Board has gone through some changes over the past year. Juhani Anttila stood
down on 24 March due to increased business commitments in Switzerland. I would
like to thank him for his contribution. Bernard Clark has been appointed to the
Board today; he has very relevant experience to bring to TREG. At this year's
AGM, we are seeking approval for Bernard's election and for the re-elections of
David Codling and myself, both of us retiring by rotation.

Outlook

Investors have become encouraged by increasing signs of recovery in the U.S.A.
Whilst Continental European economies are more lacklustre, stock markets are
anticipating that some degree of economic momentum will cross the Atlantic in
due course. We have concerns that some valuation levels are already anticipating
a text book recovery. In addition the increase in tension and terrorism since
the end of the Iraq conflict seems to be ignored. Nevertheless stock markets
have, and will continue to offer, opportunities for the astute stock picker. As
long as markets remain reasonable we have the prospect of continuing to make
progress from the lows of March.












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                                      -3-

                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003

Group Statement of Total Return (incorporating the consolidated revenue account)

for the year ended 30 June 2003
                                                                                          Year ended 30 June 2002

                                                     Year ended 30 June 2003
                                                  Revenue       Capital       Total     Revenue      Capital       Total
                                                    £'000         £'000       £'000       £'000        £'000       £'000
Total capital losses from investments                   -      (24,289)    (24,289)           -    (128,265)   (128,265)
Income from fixed asset investments                 5,863             -       5,863       5,513            -       5,513
Other interest receivable and similar income          940             -         940         141            -         141
                                                ---------     ---------   ---------   ---------    ---------   ---------
Gross revenue and capital losses                    6,803      (24,289)    (17,486)       5,654    (128,265)   (122,611)
Management fee                                      (772)       (3,089)     (3,861)     (1,016)      (4,064)     (5,080)
Other administrative expenses                       (525)             -       (525)       (602)            -       (602)
                                                ---------     ---------   ---------   ---------    ---------   ---------
Net return/(loss) on ordinary activities
before interest payable and taxation                5,506      (27,378)    (21,872)       4,036    (132,329)   (128,293)
Interest payable                                     (45)         (179)       (224)       (416)      (1,666)     (2,082)
                                                ---------   ---------     ---------   ---------  ---------     ---------
Net return/(loss) on ordinary activities
before taxation                                     5,461      (27,557)    (22,096)       3,620    (133,995)   (130,375)

Taxation on net return on ordinary activities     (1,497)           950       (547)     (1,109)          765       (344)
                                                ---------     ---------   ---------   ---------    ---------   ---------
Net return/(loss) on ordinary activities
after taxation                                      3,964      (26,607)    (22,643)       2,511    (133,230)   (130,719)
Appropriations - dividends
Proposed final 2.10p (2002: 1.45p)                (3,211)             -     (3,211)     (2,340)            -     (2,340)
                                                ---------     ---------   ---------   ---------    ---------   ---------
Transfer to/(from) reserves                           753      (26,607)    (25,854)         171    (133,230)   (133,059)
                                                    =====        ======      ======       =====       ======      ======
Return/(loss) per ordinary share (note 1)
           - Basic                                  2.50p      (16.80)p    (14.30)p       1.56p     (82.55)p    (80.99)p
           - Diluted                                   -             -           -           -            -           -
                                                    =====        ======      ======       =====       ======      ======

The revenue column of this statement represents the consolidated profit and loss
account of the Group.







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                                      -4-

                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003

Group and Company Balance Sheets

at 30 June 2003

                                                                    Group          Group        Company        Company

                                                                     2003           2002           2003           2002

                                                                    £'000          £'000          £'000          £'000
Fixed asset investments
Listed at market valuation                                        221,388        270,421        221,388        270,421
Unquoted - at directors' valuation                                 20,449         15,698         21,945         17,195
                                                             ------------   ------------   ------------   ------------
Total fixed assets                                                241,837        286,119        243,333        287,616
                                                             ------------   ------------   ------------   ------------

Current assets
Debtors                                                             6,029          2,373          6,029          2,373
Cash at bank                                                          720          2,839            717          2,837
                                                             ------------   ------------   ------------   ------------
                                                                    6,749          5,212          6,746          5,210

Creditors: amounts falling due within one year                    (7,152)       (16,385)        (8,645)       (17,880)
                                                             ------------   ------------   ------------   ------------
Net current liabilities                                             (403)       (11,173)        (1,899)       (12,670)
                                                             ------------   ------------   ------------   ------------
Total net assets                                                  241,434        274,946        241,434        274,946
                                                                  =======        =======         ======         ======

Capital and reserves
Called up share capital                                            19,318         20,175         19,318         20,175
Share premium                                                     115,421        115,421        115,421        115,421
Other capital reserves                                             96,162        129,570         97,727        131,136
Revenue reserve                                                    10,533          9,780          8,968          8,214
                                                              -----------    -----------   ------------   ------------
Equity shareholders' funds                                        241,434        274,946        241,434        274,946
                                                                  =======        =======        =======        =======

Net asset value per ordinary share
Basic                                                             156.22p        170.35p        156.22p        170.35p
Diluted                                                                 -        169.89p              -        169.89p















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                                      -5-

                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003

Group Cash Flow Statement

for the year ended 30 June 2003
                                                                      2003            2003           2002           2002

                                                                     £'000           £'000          £'000          £'000

Net cash inflow/(outflow) from operating activities                                  1,160                       (1,029)

Servicing of finance                                                 (190)                        (2,150)

Interest paid
                                                              ------------                   ------------
Net cash outflow from servicing of finance                                           (190)                       (2,150)

Taxation
Withholding and income tax recovered                                   427                            524
                                                              ------------                   ------------
Net tax recovered                                                                      427                           524

Financial investment
Purchase of investments                                           (82,222)                       (89,943)
Sale of investments                                                 97,694                        227,397
                                                              ------------                   ------------
Net cash inflow from financial investment                                           15,472                       137,454

Equity dividends paid                                                              (2,306)                       (2,340)

Financing
(Purchase)/issue of ordinary shares                                (6,854)                              8
Repayment of loans                                                (10,459)                      (132,389)
                                                              ------------                   ------------
Net cash outflow from financing                                                   (17,313)                     (132,381)
                                                                              ------------                  ------------
(Decrease)/increase in cash                                                        (2,750)                            78
                                                                                   =======                       =======
Reconciliation of net cash flow to movement in

net funds/(debt)
(Decrease)/increase in cash as above                                               (2,750)                            78
Cash outflow from loans repaid                                                      10,459                       132,389
                                                                              ------------                  ------------
Change in net debt resulting from cash flows                                         7,709                       132,467
Exchange difference                                                                    712                       (3,703)
                                                                              ------------                  ------------
Movement in net debt in the year                                                     8,421                       128,764
Net debt at 1 July                                                                 (7,701)                     (136,465)
                                                                               -----------                   -----------
Net funds/(debt) at 30 June                                                            720                       (7,701)
                                                                                   =======                       =======

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                                      -6-

                          TR EUROPEAN GROWTH TRUST PLC

                      Unaudited Preliminary Group Results

                        for the year ended 30 June 2003

Notes:


        1.     Return/(loss) per ordinary share

             Revenue return per ordinary share is based on earnings attributable
        to ordinary shares of £3,964,000 (2002: £2,511,000) and on the weighted
        average number of ordinary shares in issue during the year of
        158,394,041 (2002: 161,398,674).

             Capital return per ordinary share is based on the net capital loss
        for the year of £26,607,000 (2002 loss: £133,230,000) and on the
        weighted average number of ordinary shares in issue during the year of
        158,394,041 (2002: 161,398,674).



             The calculation of the fully diluted revenue and capital returns
        per ordinary share are carried out in accordance with Financial
        Reporting Standard No.14 Earnings per Share ('FRS14'). For the purposes
        of calculating diluted revenue and capital returns per ordinary share,
        the number of ordinary shares is the weighted average used in the basic
        calculation plus the number of ordinary shares deemed to be issued for
        no consideration on exercise of all warrants by reference to the average
        price of the ordinary shares during the year. The calculations indicate
        that the exercise of warrants would result in a decrease in the weighted
        average number of ordinary shares of 9,566,386 (2002: decrease of
        247,895). The calculations indicate that the warrants do not have a
        potentially dilutive effect on capital and total returns for this year.

        2.     Dividend

             The final dividend, subject to approval at the AGM, will be paid on
        5 November 2003 to shareholders on the register at the close of business
        on 3 October 2003. The ex-dividend date will be 1 October 2003.

        3.     2002 Accounts

             The figures and financial information for the year ended 30 June
        2002 are an extract of the latest published accounts of the Group 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
        either under section 237(2) or 237(3) of the Companies Act 1985.

        4.     2003 Accounts

             The preliminary figures for the year ended 30 June 2003 have been
        extracted from the latest Group accounts. These accounts have not yet
        been delivered to the Registrar of Companies nor have the auditors yet
        reported on them.

        5.     Annual General Meeting

             Copies of the Annual Report will be posted to shareholders in
        October. Further copies will be available from the Secretary at 4
        Broadgate, London EC2M 2DA thereafter. The Annual General Meeting will
        be held on 3 November 2003.



                                    - MORE -



For further information please contact:

Stephen Peak

Director

TR European Growth Trust PLC

Telephone: 020 7818 4334

Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 5517

Stephen Phillips

Associate Director

Henderson Global Investors

Telephone: 020 7818 6417

Vicki Staveacre

Henderson Press Office

Telephone: 020 7818 4222



                                    - ENDS -


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