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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Wednesday 24 September, 2008

TR European Growth

Final Results

RNS Number : 2403E
TR European Growth Trust PLC
24 September 2008
 



Page 1 of 12

24 September 2008


This announcement contains regulated information



TR EUROPEAN GROWTH TRUST PLC 

Annual Financial Report for the year ended 30 June 2008



KEY POINTS

    Net revenue earnings per share of 5.39p - an increase of 84.6%

    Proposed final dividend of 3.00p per ordinary share (increase of 7.1%)

    Proposed special dividend of 2.00p per ordinary share 



MANAGEMENT REPORT


Chairman's Statement


Against the backdrop of strongly falling markets, it was a difficult year for the Company. The net asset value per ordinary share fell by 18.8% from 564.96p to 458.61p. This compares to a fall of 15.3% in our benchmark index. Over the year, the share price fell by 17.5% from 509.00p to 420.00p.


Revenue and Dividend

Net revenue earnings per ordinary share were 5.39p, a rise of 84.6%, mainly driven by higher investment income.


We are proposing, subject to shareholder approval at our AGM, a final dividend per ordinary share of 3.00p, compared to 2.80p last year. Given the high level of investment income this year, we are also proposing a special dividend of 2.00p per ordinary share, thus making a total of 5.00p.


Share Capital and Discount

We actively continued to buy back shares. During the year, a total of 9,074,400 shares were bought back for cancellation at a cost of £41.5m. This represents an 11.1% decrease in the issued ordinary share capital since the beginning of the year. The shares were all bought back at a discount to the prevailing NAV per share, thereby enhancing the NAV per ordinary share for the remaining shareholders. Since the year end, we have bought back a further 1,303,500 shares.


The discount at the year end was 8.4%, slightly narrower than the 9.9% with which we ended the previous year. Our average discount over the year was below 10% and thus the discount protection mechanism was not triggered.


At this year's AGM we will be seeking to renew the powers to buy back stock. I urge shareholders to vote in favour of this resolution.




-MORE-



Page 2 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2008



MANAGEMENT REPORT (continued)


Chairman's Statement (continued)



Reclaim of VAT on past Management Fees

As I mentioned in my half year statement, HM Revenue & Customs has accepted the judgement of the European Court of Justice, made in response to the test case initiated by the Association of Investment Companies (the 'AIC'). As a result, investment management fees paid by investment trust companies are now exempt from VAT and in due course the Company will receive, via the Manager, refunds of some of the VAT borne in past years up to June 2007. To the extent that recovery is virtually certain, the Company is required by the applicable accounting standards to recognise that amount in the Income Statement and Balance Sheet. This has been done by including the amount that the Company is virtually certain of receiving in due course, £4,538,000, allocated between capital and revenue in the proportions in which it was originally expensed.


Performance Fee

The average outperformance of the Company against the benchmark over the last three years has triggered a performance fee payment to our Manager for the year ended 30 June 2008 of £1.68m.  The performance figures in the Annual Report are calculated after taking account of this payment.


Outlook

Volatility is likely to be a continuing feature of markets for some time to come. Significant economic weakness, particularly property related, is evident in a number of European markets and there is a clear risk of the malaise spreading. Volatile commodity prices adding pressure to inflationary expectations are not a helpful influence. However, on the positive side, there are signs that there are some patches of stability emerging in the US and share prices generally have fallen some considerable distance. The likely outcome will be that markets will continue to be subject to sharp swings in sentiment amidst a generally gloomy economic background. But this is an environment which we believe should provide our Manager with some attractive opportunities to add positions to the portfolio which should benefit as markets start to look beyond the current economic difficulties.


The Board

I am pleased that Andrew Martin Smith has accepted our invitation to join the Board. Andrew brings a wealth of experience in the financial services industry and we strongly believe that he will be a great addition to our team. He will be seeking approval for election at the AGM, along with Robert Jeenswho is retiring by rotation.



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Page 3 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2008



MANAGEMENT REPORT (continued)


Chairman's Statement (continued)



Henderson Investment Trust Share Plan and ISA Schemes

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


Annual General Meeting

Finally, I should like to invite shareholders to the Annual General Meeting which is to be held at 12.30pm on 3 November 2008 at 4 Broadgate, LondonEC2M 2DA. In addition to eight items of ordinary business, there are four items of special business, including a special resolution to adopt new articles of association to reflect the provisions of the Companies Act 2006. The meeting will include a presentation by the Manager and be followed by light refreshments.






Audley Twiston-Davies
Chairman
24 September 2008




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  Page 4 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2008



MANAGEMENT REPORT (continued)


Principal risks and uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable.  The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:


a)     Investment activity and performance

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the Company's benchmark index and the companies in its peer group. The Board monitors investment performance at each Board meeting and regularly reviews the extent of its borrowings.  


b)    Portfolio and market

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move rapidly. The companies in which investments are made may operate unsuccessfully, or fail entirely.  A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds. The Board reviews the portfolio each month and mitigates this risk through diversification of investments in the portfolio.


c)    Regulatory risks

A breach of Section 842 of the Income and Corporation Taxes Act 1988 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax.  A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Acts 1985 and 2006 could lead to criminal proceedings, or financial or reputational damage.  The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals.  The Board receives internal control reports produced by the Manager on a quarterly basis, which confirm regulatory compliance.  


d)    Financial

By its nature as an investment trust, the Company's business activities are exposed to market risk (including currency risk, interest rate risk and other price risk), liquidity risk, and credit and counterparty risk. Details of these risks and how they are managed are contained in the Annual Report.


e)    Operational

 Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position.  The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.  Details of how the Board monitors the services provided by the Manager and its other suppliers, and the key elements designed to provide effective internal control, are explained further in the internal controlsection of the Corporate Governance statement in the Annual Report




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  Page 5 of 12

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2008



MANAGEMENT REPORT (continued)


Related Party Transactions 

Details of the Company's related parties are contained in the Report of the Directors in the Annual Report.  During the year there have not been any material transactions with these related parties affecting the financial position or performance of the Company.


Statement of Directors' Responsibilities

In accordance with Disclosure and Transparency Rule 4.1.12, the directors confirm, to the best of their knowledge, that: 


(a)     the financial statementsprepared in accordance with applicable accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the subsidiary undertaking included in the consolidation taken as a whole; and


(b)     the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the subsidiary undertaking included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face



For and on behalf of the Board of directors


W Twiston-Davies

Chairman





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  Page 6 of 12


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008




Consolidated Income Statement

for the year ended 30 June 2008



Year ended 30 June 2008

Year ended 30 June 2007


Revenue return £'000

Capital return

£'000

Total

£'000

Revenue return

£'000

Capital return

 £'000

Total

£'000

Investment income

6,371

-

6,371

4,689

-

4,689

Other income

201

-

201

112

-

112

(Losses)/gains on investments held at fair value through profit or loss

-

(90,078)

(90,078)

-

130,591

130,591


---------

----------

-----------

---------

----------

-----------

Total income/(loss)

6,572

(90,078)

(83,506)

4,801

130,591

135,392








Expenses







Management and performance fees

(382)

(3,052)

(3,434)

(483)

(7,577)

(8,060)

Write-back of prior years' VAT

453

4,085

4,538

-

-

-

Other operating expenses

(590)

-

(590)

(618)

-

(618)


---------

----------

----------

---------

----------

----------

Profit/(loss) before finance costs and taxation

6,053

(89,045)

(82,992)


3,700


123,014


126,714








Finance costs

(148)

(590)

(738)

(104)

(415)

(519)


---------

--------

---------

---------

--------

---------

Profit/(loss) before taxation

5,905

(89,635)

(83,730)

3,596

122,599

126,195

Taxation

(1,752)

967

(785)

(1,090)

565

(525)


---------

---------

----------

---------

---------

----------

Profit/(loss) for the year

4,153

(88,668)

(84,515)

2,506

123,164

125,670


=====

======

======

=====

======

======








Earnings/(loss) per ordinary share (note 2)

5.39p

(115.02)p

(109.63)p

2.92p

143.35p

146.27p


======

======

======

======

======

======









The total columns of this statement represent the Consolidated Income Statement, prepared in accordance with IFRS.  

The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. 


All items in the above statement derive from continuing operations.


All income is attributable to the equity holders of TR European Growth Trust PLC, the parent company.


There are no minority interests. 





-MORE-

    

Page 7 of 12


TR EUROPEAN GROWTH TRUST PLC

 Annual Financial Report for the year ended 30 June 2008


Consolidated and Parent Company Statement of Changes in Equity 

for the year ended 30 June 2008


CONSOLIDATED

Year Ended 30 June 2008 

Called

up share

capital

£'000

Share

premium

 account

 £'000

Capital redemption

reserve

 £'000

Other capital reserves

 £'000

Revenue reserve

 £'000

Total 

£'000

Balance at 30 June 2007

10,179

115,451

9,999

309,316

15,133

460,078

Buy-backs of ordinary shares

(1,134)

-

1,134

(41,481)

-

(41,481)

(Loss)/profit for the year

-

-

-

(88,668)

4,153

(84,515)

Ordinary dividends paid

-

-

-

-

(2,230)

(2,230)


----------

----------

---------

----------

---------

----------

Balance at 30 June 2008

9,045

115,451

11,133

179,167

17,056

331,852


======

======

=====

======

=====

======







CONSOLIDATED

Year Ended 30 June 2007

Called

up share

capital

£'000

Share

premium

 account

 £'000

Capital redemption

reserve

 £'000

Other

  capital reserves

 £'000

Revenue reserve

 £'000

Total 

£'000

Balance at 30 June 2006

10,953

115,451

9,225

214,903

14,902

365,434

Buy-backs of ordinary shares

(774)

-

774

(28,751)

-

(28,751)

Profit for the year

-

-

-

123,164

2,506

125,670

Ordinary dividends paid

-

-

-

-

(2,275)

(2,275)


----------

----------

---------

----------

---------

----------

Balance at 30 June 2007

10,179

115,451

9,999

309,316

15,133

460,078


======

======

=====

======

=====

======





COMPANY

Year Ended 30 June 2008 

Called

up share

capital

£'000

Share

premium

 account 

£'000

Capital redemption

reserve

 £'000

Other

capital reserves

 £'000

Revenue reserve

 £'000

Total 

£'000

Balance at 30 June 2007

10,179

115,451

9,999

310,876

13,573

460,078

Buy-backs of ordinary shares

(1,134)

-

1,134

(41,481)

-

(41,481)

(Loss)/profit for the year 

-

-

-

(88,669)

4,154

(84,515)

Ordinary dividends paid

-

-

-

-

(2,230)

(2,230)


----------

-----------

----------

----------

----------

----------

Balance at 30 June 2008

9,045

115,451

11,133

180,726

15,497

331,852


======

======

======

======

=====

======





COMPANY

Year Ended 30 June 2007 

Called

up share

capital

£'000

Share

premium

 account

 £'000

Capital redemption

reserve

 £'000

Other

  capital reserves £'000

Revenue reserve £'000

Total 

£'000

Balance at 30 June 2006

10,953

115,451

9,225

216,465

13,340

365,434

Buy-backs of ordinary shares

(774)

-

774

(28,751)

-

(28,751)

Profit for the year

-

-

-

123,162

2,508

125,670

Ordinary dividends paid

-

-

-

-

(2,275)

(2,275)


----------

-----------

----------

----------

----------

----------

Balance at 30 June 2007

10,179

115,451

9,999

310,876

13,573

460,078


======

======

======

======

=====

======


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  Page 8 of 12


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008


Consolidated and Parent Company Balance Sheets

 at 30 June 2008



Consolidated 2008

£'000

Consolidated 2007

£'000

Company

 2008

£'000

Company 2007

£'000

Non current assets










Investments held at fair value through profit or loss 

346,342

479,607

347,832

481,098


-----------

-----------

-----------

-----------






Current assets





Other receivables

5,163

8,762

5,163

8,762

Cash and cash equivalents 

1,300

4,590

1,297

4,587


----------

----------

----------

----------


6,463

13,352

6,460

13,349


----------

----------

---------

---------

Total assets

352,805

492,959

354,292

494,447


----------

----------

----------

----------






Current liabilities 





Other payables

(5,515)

(9,796)

(7,002)

(11,284)

Bank loans and overdrafts

(15,438)

(23,085)

(15,438)

(23,085)


----------

----------

----------

----------


(20,953)

(32,881)

(22,440)

(34,369)


----------

----------

----------

----------

Net assets

331,852

460,078

331,852

460,078


======

======

======

======






Equity attributable to equity shareholders





Called up share capital

9,045

10,179

9,045

10,179

Share premium account

115,451

115,451

115,451

115,451

Capital redemption reserve 

11,133

9,999

11,133

9,999

Retained earnings:





  Other capital reserves

179,167

309,316

180,726

310,876

  Revenue reserve

17,056

15,133

15,497

13,573


----------

----------

-----------

-----------

Total equity

331,852

460,078

331,852

460,078


======

======

======

======






Net asset value per ordinary share     (note 4)

458.61p

564.96p

458.61p

564.96p


======

======

======

======




-MORE- 

 Page 9 of 12


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008



Consolidated and Parent Company Cash Flow Statements

for the year ended 30 June 2008




Year ended 30 June 2008

Year ended 30 June 2007 


Consolidated

 £'000

Company

 £'000

Consolidated

 £'000

Company

 £'000

Operating activities 





(Loss)/profit before taxation

(83,730)

(83,730)

126,195

126,195

Add back interest paid

738

738

519

519

Add loss/(gains) on investments held at fair value through profit or loss

90,078

90,079

(130,591)

(130,591)

Add net sales of investments held at fair value though profit or loss

45,259

45,259

18,771

18,771

Increase in prepayments and accrued income

(93)

(93)

(199)

(199)

Decrease/(increase) in amounts due from brokers

8,122

8,122

(7,601)

(7,601)

(Decrease)/increase in accruals and deferred income 

(4,276)

(4,277)

235

235

Increase in VAT recoverable

(4,538)

(4,538)

-

-

Increase/(decrease) in amounts due to brokers

2,517

2,517

(3,393)

(3,393)


----------

---------

----------

---------






Net cash inflow from operating activities before interest and taxation

54,077

54,077

3,936

3,936






Interest paid

(746)

(746)

(519)

(519)

Taxation on investment income

(677)

(677)

(509)

(509)


---------

----------

---------

----------

Net cash inflow from operating activities

52,654

52,654

2,908

2,908


=====

=====

=====

=====

Financing activities 





Equity dividends paid

(2,230)

(2,230)

(2,275)

(2,275)

Buy-backs of ordinary shares

(43,995)

(43,995)

(26,464)

(26,464)

(Repayment)/drawdown of loans

(8,161)

(8,161)

21,401

21,401


---------

--------

---------

--------

Net cash used in financing 

(54,386)

(54,386)

(7,338)

(7,338)


=====

=====

=====

=====






Decrease in cash and cash equivalents 

(1,732)

(1,732)

(4,430)

(4,430)

Cash and cash equivalents at the start of the year 

2,821

2,818

6,897

6,894

Exchange movements

211

211

354

354


---------

--------

---------

--------






Cash and cash equivalents at the end of the year (including bank overdrafts)

1,300

1,297

2,821

2,818


=====

=====

=====

=====




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  Page 10 of 12

TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008


Notes to the Financial Statements


1.

Accounting policies

The consolidated and Parent Company financial statements for the year ended 30 June 2008 have been prepared in accordance with International Financial Reporting Standards ('IFRS') and those parts of the Companies Act 1985 applicable to companies reporting under IFRS. These comprise standards and interpretations approved by the International Accounting Standards Board ('IASB'), together with interpretations of the International Accounting Standards and Standing Interpretations Committee approved by the International Accounting Standards Committee ('IASC') that remain in effect, to the extent that IFRS have been adopted by the European Union.


The financial statements have been prepared on a going concern basis and on the historical costs basis, except for the revaluation of certain financial instruments. The principal accounting policies adopted are set out in full in the Annual Report. Where presentational guidance set out in the Statement of Recommended Practice ('the SORP') for investment trusts issued by the Association of Investment Companies ('the AIC') in December 2005 is consistent with the requirements of IFRS, the directors have sought to prepare the financial statements on a basis consistent with the recommendations of the SORP.


All of the Company's operations are of a continuing nature.



2.

Earnings per ordinary share

The earnings per ordinary share figure is based on the loss for the year of £84,515,000 (2007profit of £125,670,000) and on the weighted average number of ordinary shares in issue during the year of 77,092,660 (200785,917,710).



The earnings per ordinary share figure detailed above can be further analysed between revenue and capital, as below.  The Company has no securities in issue that could dilute the return per ordinary share. Therefore the basic and diluted earnings per ordinary share are the same.







2008

£'000

2007

£'000


Net revenue profit

4,153

2,506


Net capital (loss)/profit

(88,668)

123,164



-----------

-----------


Net total (loss)/profit

(84,515)

125,670



======

======






Weighted average number of ordinary shares in issue during the year

77,092,660

85,917,710







Pence

Pence


Revenue earnings per ordinary share

5.39

2.92


Capital earnings per ordinary share

(115.02)

143.35



---------

---------


Total earnings per ordinary share

(109.63)

146.27



=====

=====





3.

Ordinary share capital 

At 30 June 2008 there were 72,360,955 ordinary shares in issue (200781,435,355). During the year ended 30 June 2008 the Company bought back 9,074,400 (20076,190,000) of its own issued ordinary shares in the market for cancellation


 

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Page 11 of 12


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008



Notes to the Financial Statements, continued




4.

Net asset value per ordinary share

The net asset value per ordinary share is based on the net assets attributable to the ordinary shares of £331,852,000 (2007: £460,078,000) and on the 72,360,955 ordinary shares in issue at 30 June 2008 (2007: 81,435,355).  The Company has no securities in issue that could dilute the net asset value per ordinary share.




The movements during the year in assets attributable to the ordinary shares were as follows:



£'000


Net assets attributable to ordinary shares at 1 July 2007

460,078


Buy-backs of own shares

(41,481)


Loss for the year

(84,515)


Dividends paid in the year

(2,230)



----------


Total net assets at 30 June 2008

331,852



======




5
.

 

Dividend

Subject to approval at the Annual General Meeting on 3 November 2008, the proposed final dividend of 3.00p per ordinary share and a special dividend of 2.00p per ordinary share will be paid on 7 November 2008 to shareholders on the register of members at the close of business on 10 October 2008. The shares will be quoted ex-dividend on 8 October 2008.

 



Year ended 

30 June 2008

£'000


Revenue available for distribution by way of dividends for the year

4,153


Proposed total dividend for the year ended 30 June 2008 - 5.00p 

(final dividend of 3.00p and special dividend of 2.00p)

(based on 71,057,455 shares in issue at 24 September 2008)

(3,553)



---------


Undistributed revenue for section 842 purposes*

600



=====


*Undistributed revenue represents 9.4% of the income from investments of £6,371,000.




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TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2008




2008 Financial Information

The figures and financial information for 2008 are extracted from the Annual Report and Accounts for the year ended 30 June 2008 and do not constitute the statutory accounts for the year The Annual Report and Accounts includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985. The Annual Report and Accounts has not yet been delivered to the Register of Companies.


2007 Financial Information

The figures and financial information for 2007 are extracted from the published Annual Report and Accounts for the year ended 30 June 2007 and do not constitute the statutory accounts for that year The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 237(2) or section 237(3) of the Companies Act 1985.


Annual Report and Accounts

The Annual Report and Accounts will be posted to shareholders on 1 October 2008 and will be available on the Company's website (www.treuropeangrowth.com) or in hard copy format from the Company's Registered Office, 4 Broadgate, LondonEC2M 2DA


The Annual General Meeting will be held on Monday 3 November 2008 at 12.30pm.




For further information please contact:


Stephen Peak
Fund Manager
TR European Growth Trust PLC
Telephone: 020 7818 4334

James de Sausmarez
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349


Sarah Gibbons-Cook

Investor Relations and PR Manager

Henderson Global Investors

Telephone: 020 7818 3198



- ENDS -



This information is provided by RNS
The company news service from the London Stock Exchange
 
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