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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Tuesday 22 September, 2009

TR European Growth

Final Results

RNS Number : 4811Z
TR European Growth Trust PLC
22 September 2009
 



 Page 1 of 11

22 September 2009


This announcement contains regulated information


TR EUROPEAN GROWTH TRUST PLC 

Annual Financial Report for the year ended 30 June 2009



KEY POINTS

    Net revenue earnings per share of 5.79p - an increase of 7.4%

    Proposed final dividend of 3.20p per ordinary share (increase of 6.7%)

    Proposed special dividend of 2.30p per ordinary share 

    Signs of economic recovery should provide opportunities for stockpicking


MANAGEMENT REPORT


Chairman's Statement

This was a difficult year for the Company. Our net asset value per ordinary share fell by 27.2% from 458.61p to 334.08p. This compares to a fall of 21.4% in our benchmark index. Over the year, the share price fell by 27.9% from 420.00p to 303.00p.


As I discussed in my interim statement, we had a particularly poor first half year. In contrast, our performance recovered well in the second half, with both our net asset value and our share price increasing by 14.1% over the six months, which compared very favourably with the 3.0% return of our benchmark. However, despite this strong rally, we were unable to reverse completely the disappointing returns of the first half of the year.


Revenue and dividends

Net revenue earnings per ordinary share were 5.79p, an increase of 7.4%. This small increase was the product of lower investment income but a significant contribution from the reclaim of VAT and interest received during the period.


We are proposing, subject to shareholder approval at our AGM, a final dividend per ordinary share of 3.20p, an increase of 6.7% over last year's final dividend of 3.00p. We are also proposing a special dividend of 2.30p per ordinary share, compared to the special dividend of 2.00p we paid last year.


Share buybacks and tender offer

During the year, a total of 7,885,100 shares were bought back for cancellation at a cost of £21.8m. This represents a 10.9% 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.  


Despite actively buying back shares during the year, the average month end discount over the year was slightly above 10%, and, as announced on 17 July 2009, a tender offer has been triggered under our discount protection mechanism. We will therefore be offering shareholders the opportunity to tender up to 10% of our share capital. A separate EGM will be held on the day of the AGM asking shareholders to approve the resolution to authorise the Company to buy back the tendered shares.  


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Page 2 of 11

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2009


MANAGEMENT REPORT (continued)


Chairman's Statement (continued)

We have been working with our discount protection mechanism since May 2005 and continue to believe that it is an important tool which gives shareholders confidence in their investment. In the light of our experience, however, we believe that we can further improve the mechanism by making a slight adjustment to the detailed calculation. We propose that we move to calculating the average monthly discount rather than using the 'snapshot' of the month end number, as we currently use. We believe that this will provide a more representative calculation and should be a welcome improvement for shareholders. We are asking shareholders to approve this change in methodology at the EGM.


We continue with our commitment to buy back shares and since the year end, we have bought back a further 1,128,400 shares. 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.


Reclaim of VAT on past management fees

We have now received reclaims of the VAT we paid on management fees between 2000 and 2007 and between 1990 and 1996 as well as interest on both those claims. In total we have received £5,472,000 of VAT repayment and £1,101,000 of interest. 


Outlook

Market sentiment has changed rapidly along the continuum from fear to greed over the last six months and the trend has become even more striking since the end of June, with markets continuing to rebound strongly through the end of August. It is not unreasonable that confidence has improved, given governments' willingness to commit massive resources to prevent collapse of the financial system and clear signs of stabilisation from different sections of the economy. However, in the short term, it may be that the rebound in stock markets may have run ahead of itself. It is likely that there will be a period of volatility and possibly retrenchment as markets establish a firm base from which to make further progress. What is certain is that this is the type of environment which should present opportunities for our Manager to add some attractively valued holdings to our portfolio and I look forward to reviewing our progress in our half year report. 


The Board

Jeremy Lancaster will be retiring from the Board at the conclusion of the AGM. I and my fellow directors would like to thank Jeremy for his expertise and valuable contribution over the last seven years and wish him well in the future.


Annual General Meeting

Finally, I should like to invite shareholders to the AGM which is to be held at 12.30pm on 2 November 2009 at 201 Bishopsgate, LondonEC2M 3AE.  



Audley Twiston-DaviesChairman

22 September 2009


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Page 3 of 11

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2009



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 market price risk, currency risk and interest rate 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 4 of 11

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2009



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, each of the directors confirmsto the best of their knowledge, that: 


(a)     the Group financial statementswhich have been prepared in accordance with IFRSs as adopted by the European Union, give a true and fair view of the assets, liabilitities, financial position and loss of the Group; and 


(b)     the Report of the Directors in the Annual Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.   




For and on behalf of the Board 



W Twiston-DaviesChairman

22 September 2009

















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  Page 5 of 11

TR EUROPEAN GROWTH TRUST PLC

Annual Financial Report for the year ended 30 June 2009



Audited Consolidated Income Statement

for the year ended 30 June 2009



Year ended 30 June 2009

Year ended 30 June 2008


Revenue return £'000

Capital return

£'000

Total

£'000

Revenue return

£'000

Capital return

£'000

Total

£'000

Investment income

4,388

-

4,388

6,371

-

6,371

Interest on VAT refunds

1,101

-

1,101

-

-

-

Other income

402

-

402

201

-

201

Losses on investments held at fair value through profit or loss

-

(95,775)

(95,775)

-

(90,078)

(90,078)


 

---------

----------

-----------

---------

----------

-----------

Total income/(loss)

5,891

(95,775)

(89,884)

6,572

(90,078)

(83,506)








Expenses







Management and performance fees

(210)

(841)

(1,051)

(382)

(3,052)

(3,434)

Write-back of prior years' VAT

386

548

934

453

4,085

4,538

Other operating expenses

(505)

-

(505)

(590)

-

(590)

 

---------

----------

----------

---------

----------

----------

Profit/(loss) before finance costs and taxation

5,562

(96,068)

(90,506)

6,053

(89,045)

(82,992)


 







Finance costs

(30)

(117)

(147)

(148)

(590)

(738)

 

---------

--------

---------

---------

--------

---------

Profit/(loss) before taxation

5,532

(96,185)

(90,653)

5,905

(89,635)

(83,730)

Taxation

(1,540)

1,048

(492)

(1,752)

967

(785)


---------

---------

----------

---------

---------

----------

Profit/(loss) for the year

3,992

(95,137)

(91,145)

4,153

(88,668)

(84,515)

 

=====

======

======

=====

======

======








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

5.79p

(138.04p)

(132.25p)

5.39p

(115.02p)

(109.63p)

 

======

======

======

======

======

======









The total columns of this statement represent the Consolidated Income Statement, prepared in accordance with IFRSs, as adopted by the European Union.  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. 











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Page 6 of 11


TR EUROPEAN GROWTH TRUST PLC

 Annual Financial Report for the year ended 30 June 2009


Audited Consolidated and Parent Company Statements of Changes in Equity 

for the year ended 30 June 2009


CONSOLIDATED

Year ended 30 June 2009 

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 2008

9,045

115,451

11,133

179,167

17,056

331,852

Buy-backs of ordinary shares

(986)

-

986

(21,760)

-

(21,760)

(Loss)/profit for the year

-

-

-

(95,137)

3,992

(91,145)

Ordinary dividends paid

-

-

-

-

(3,549)

(3,549)


----------

----------

---------

----------

---------

----------

Balance at 30 June 2009

8,059

115,451

12,119

62,270

17,499

215,398


======

======

=====

======

=====

======







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


======

======

=====

======

=====

======





COMPANY

Year ended 30 June 2009 

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 2008

9,045

115,451

11,133

180,726

15,497

331,852

Buy-backs of ordinary shares

(986)

-

986

(21,760)

-

(21,760)

(Loss)/profit for the year 

-

-

-

(95,138)

3,993

(91,145)

Ordinary dividends paid

-

-

-

-

(3,549)

(3,549)


----------

-----------

----------

----------

----------

----------

Balance at 30 June 2009

8,059

115,451

12,119

63,828

15,941

215,398


======

======

======

======

=====

======





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


======

======

======

======

=====

======


- MORE-


  Page of 11


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2009


Audited Consolidated and Parent Company Balance Sheets

 at 30 June 2009



Consolidated 2009

£'000

Consolidated 2008

£'000

Company 

2009

£'000

Company 2008

£'000

Non current assets










Investments held at fair value through profit or loss 

187,488

346,342

188,977

347,832


-----------

-----------

-----------

-----------






Current assets





Other receivables

1,288

5,163

1,288

5,163

Cash and cash equivalents 

30,709

1,300

30,706

1,297


----------

----------

----------

----------


31,997

6,463

31,994

6,460


----------

----------

---------

---------

Total assets

219,485

352,805

220,971

354,292


----------

----------

----------

----------






Current liabilities 





Other payables

(4,087)

(5,515)

(5,573)

(7,002)

Bank loans and overdrafts

-

(15,438)

-

(15,438)


----------

----------

----------

----------


(4,087)

(20,953)

(5,573)

(22,440)


----------

----------

----------

----------

Net assets

215,398

331,852

215,398

331,852


======

======

======

======






Equity attributable to equity shareholders





Called up share capital

8,059

9,045

8,059

9,045

Share premium account

115,451

115,451

115,451

115,451

Capital redemption reserve 

12,119

11,133

12,119

11,133

Retained earnings:





  Other capital reserves

62,270

179,167

63,828

180,726

  Revenue reserve

17,499

17,056

15,941

15,497


----------

----------

-----------

-----------

Total equity

215,398

331,852

215,398

331,852


======

======

======

======






Net asset value per ordinary share 

(Note 4)    

334.08p

458.61p

334.08p

458.61p


======

======

======

======





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  Page 8 of 11


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2009



Audited Consolidated and Parent Company Cash Flow Statements

for the year ended 30 June 2009




Year ended 30 June 2009

Year ended 30 June 2008 


Consolidated 

£'000

Company 

£'000

 

Consolidated

£'000

Company 

£'000

Operating activities 





Loss before taxation

(90,653)

(90,653)

(83,730)

(83,730)

Add back interest payable

147

147

738

738

Add loss on investments held at fair value through profit or loss

95,775

95,776

90,078

90,079

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

63,650

63,650

45,259

45,259

Increase in prepayments and accrued income

(84)

(84)

(93)

(93)

(Increase)/decrease in amounts due from brokers

(155)

(155)

8,122

8,122

Decrease in accruals and deferred income 

(1,882)

(1,883)

(4,276)

(4,277)

Decrease/(increase) in VAT recoverable

4,215

4,215

(4,538)

(4,538)

(Decrease)/increase in amounts due to brokers

(265)

(265)

2,517

2,517


--------

--------

---------

--------

Net cash inflow from operating activities before interest and taxation

70,748

70,748

54,077

54,077






Interest paid

(167)

(167)

(746)

(746)

Taxation paid on investment income

(593)

(593)

(677)

(677)


---------

---------

---------

---------

Net cash inflow from operating activities

69,988

69,988

52,654

52,654


=====

=====

=====

=====

Financing activities 





Equity dividends paid

(3,549)

(3,549)

(2,230)

(2,230)

Buy-backs of ordinary shares

(21,021)

(21,021)

(43,995)

(43,995)

Repayment of bank loans

(16,783)

(16,783)

(8,161)

(8,161)


---------

----------

-----------

----------

Net cash used in financing 

(41,353)

(41,353)

(54,386)

(54,386)


======

======

======

======






Increase/(decrease) in cash and cash equivalents 

28,635

28,635

(1,732)

(1,732)

Cash and cash equivalents at the start of the year 

1,300

1,297

2,821

2,818

Exchange movements

774

774

211

211


--------

--------

--------

-------

Cash and cash equivalents at the end of the year

30,709

30,706

1,300

1,297


=====

=====

=====

====




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  Page 9 of 11

TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2009


Notes to the Financial Statements


1.

Accounting policies

The consolidated and Parent Company financial statements for the year ended 30 June 2009 have been prepared in accordance with International Financial Reporting Standards ('IFRSs') as adopted by the European Union and with those parts of the Companies Act 2006 applicable to companies reporting under IFRSs. 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 cost 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 January 2009 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/(loss) per ordinary share

The loss per ordinary share figure is based on the net losses for the year of £91,145,000 (2008loss of £84,515,000) and on the weighted average number of ordinary shares in issue during the year of 68,917,228 (200877,092,660).



The loss 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.







2009

£'000

2008

£'000


Net revenue profit

3,992

4,153


Net capital loss

(95,137)

(88,668)



-----------

-----------


Net total loss

(91,145)

(84,515)



======

======


Weighted average number of ordinary shares in issue during the year

68,917,228

77,092,660







Pence

Pence


Revenue earnings per ordinary share

5.79

5.39


Capital loss per ordinary share

(138.04)

(115.02)



----------

----------


Total loss per ordinary share

(132.25)

(109.63)



======

======







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Page 10 of 11


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2009



Notes to the Financial Statements (continued)


3.

Ordinary share capital 

At 30 June 2009 there were 64,475,855 ordinary shares in issue (200872,360,955). During the year ended 30 June 2009 the Company bought back 7,885,100 (20089,074,400) of its own issued ordinary shares in the market for cancellationA further 1,128,400 shares were bought back between 30 June 2009 and 22 September 2009.  



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 £215,398,000 (2008: £331,852,000) and on the 64,475,855 ordinary shares in issue at 30 June 2009 (2008: 72,360,955).  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 2008

331,852


Buy-backs of ordinary shares

(21,760)


Loss for the year

(91,145)


Dividends paid in the year

(3,549)



----------


Total net assets at 30 June 2009

215,398



======



5.

Dividend

Subject to approval at the AGM, the proposed final dividend of 3.20p and a special dividend of 2.30p per ordinary share will be paid on 13 November 2009 to shareholders on the register of members at the close of business on 9 Octobe2009.  The shares will be quoted ex-dividend on 7 October 2009.






Year ended 

30 June 2009

£'000


Revenue available for distribution by way of dividends for the year

3,992


Proposed total dividend for the year ended 30 June 2009 - 5.50p 

(comprising a final dividend of 3.20p and special dividend of 2.30p)

(based on 63,347,455 shares in issue at 22 September 2009)

(3,484)



--------


Undistributed revenue for section 842 purposes*

508



=====


*Undistributed revenue represents 11.6% of the income from investments of £4,388,000.









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  Page 11 of 11


TR EUROPEAN GROWTH TRUST PL

Annual Financial Report for the year ended 30 June 2009




2009 Financial Information

The figures and financial information for 2009 are extracted from the Annual Report and Financial Statements for the year ended 30 June 2009 and do not constitute the statutory accounts for the year The Annual Report and Financial Statements includes the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Financial Statements has not yet been delivered to the Register of Companies.


2008 Financial Information

The figures and financial information for 2008 are extracted from the published Annual Report and Accounts for the year ended 30 June 2008 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 Financial Statements

The Annual Report and Financial Statements will be posted to shareholders on 2 October 2009 and will be available on the Company's website (www.treuropeangrowth.com) or in hard copy format from the Company's Registered Office, 201 Bishopsgate, London EC2M 3AE


The Annual General Meeting will be held on Monday 2 November 2009 at 12.30pm.




For further information please contact:


Stephen Peak

Fund Manager

TR European Growth Trust PLC

Telephone: 020 7818 4334


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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