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TR European Growth (TRG)

  Print      Mail a friend       Annual reports

Tuesday 21 February, 2012

TR European Growth

Half Yearly Report

RNS Number : 8472X
TR European Growth Trust PLC
21 February 2012
 



Page 1 of 14

21 February 2012

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

This announcement contains regulated information

 

INTERIM MANAGEMENT REPORT

 

Chairman's Statement

 

Performance

The six months to 31 December 2011 were extremely disappointing for European equities as concerns about the Eurozone debt crisis continued to dominate our sector.  

 

Our NAV total return per share was -31.8% over the period compared to -27.7% for our benchmark.    Our share price total return was -35.1%, as our discount widened to 22.5% over the period.

 

Over the three years to 31 December 2011 our NAV total return was 25.5% compared to a 22.3% return for the benchmark. 

 

Investment income was 54.8% higher than the income earned in the first half of the previous financial year.

 

Gearing

During the period we increased gearing (calculated as investments as a percentage of net assets) from 2.4% at 30 June 2011 to 9.4% at 31 December 2011.

 

Share buy-backs

We have carried out few buy-backs over the last six months as both share price and NAV volatility has been very high as we have been restructuring the portfolio. We propose to be more active now some signs of stability have returned to the market and the process of restructuring is largely complete.

 

Prospects, principal risks and uncertainties

The short term outlook seems set to remain dominated by politics, with investors trying to second guess policy action by European heads of state. This is a task made particularly difficult by the numerous national elections to be held over the next few months. However, it is important for investors not to lose sight of the relatively benign conditions for a number of companies, with interest rates at low levels and corporate balance sheets robust. This is likely to lead to an active environment for mergers and acquisition activity which should be beneficial for the small cap investor.

 

Valuations are likely to remain volatile, but this is a market which should provide some attractive opportunities and I look forward to reporting on our progress in our annual report.

 

 

 

Audley Twiston-Davies

Chairman

 

 

 

- MORE -



Page 2 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

HIGHLIGHTS

 

31 December

2010

(Unaudited)

£'000



31 December

2011

(Unaudited)

£'000

30 June

2011

(Audited)

£'000

 

 

%

change

260,379


Total assets

195,930

273,731

-28.4






254,718


Total net assets

264,414

-32.5

%


divided between:

%


94.9


Quoted equities

95.1


7.2


Unquoted equities

7.3


(2.1)


Net current liabilities

(2.4)


-------



-------


100.0



100.0


  ====



====







501.74p


Net asset value per ordinary share

522.20p

-32.4



Net asset value total return


-31.8






409.25p


Ordinary share price

427.13p

-36.0



Share price total return


-35.1






586.84


Benchmark

618.42

-27.7



* HSBC Smaller Europe (ex UK) Index 
















* Source: Datastream (expressed on a total return basis)

†  Source: Morningstar for the AIC


 

 

 

 

 

- MORE -

 



Page 3 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Manager's Report

 

The second half of 2011 proved to be disappointing for both European equities and the TR European Growth Trust. It was a long way removed from the start I had hoped for as manager of the Company.

 

It was a period when pessimism abounded as investors were unable to look beyond the Eurozone debt crisis. Politicians seemed both clueless and helpless. Their earlier intervention in Greece imposing losses on creditors meant that Eurozone debt was no longer seen as a safe asset. Investors became worried about contagion across the Eurozone despite protestations from politicians that Greece was a "one off".

 

In the summer months the fund suffered due to a relatively high cyclical exposure. These stocks were hit as investors became concerned about the global economy stalling as the Eurozone crisis played out. The sell-off, as always, was fairly indiscriminate. In many cases these are the same stocks that have rallied very hard as we have entered the New Year. The "real" economy has not been hit as hard as many envisaged in summer.

 

It was into this background that we attempted to reposition the Company and give the Company a more stable core of high return businesses. This has led to high stock turnover during the period. We have introduced new holdings such as Ingenico, a global leader in retail payment terminals and services, and D'ieteren, the Belgian windscreen repair company. Other companies such as Selçuk, the Turkish drug distribution company, and CFAO, the French company that distributes cars and pharmaceuticals in Africa, have been sold.

 

The sell-off in the second half of last year created a number of interesting opportunities for the Company, particularly in Italy where the equity market was severely hit. There have been a number of false dawns in Italy and huge problems remain, such as labour inflexibility, bureaucracy and tax evasion. However, the technocrat (if undemocratic) government led by Mr Monti brings hope and many valuations are extremely attractive. We have added positions in Italian companies with a strong global presence.  These new holdings include De'Longhi, the leader in coffee machines and Kenwood kitchen appliances, Sorin, a medical technology company specializing in cardiovascular disease, and Amplifon, the hearing aid retailer.

 

As we have entered the New Year investors have realised the world is still turning, with the US seeing early shoots of recovery and the emerging markets continuing to grow.  The European Central Bank has at the very least delayed a banking crisis with the Long Term Refinancing Operation Liquidity scheme. We, like others, expect Europe to continue to provide a muted economic backdrop, particularly with the German inspired "fiscal compact". Despite that, we think there is a large number of European companies on attractive valuations that can benefit from growth outside of the region.

 

The Eurozone still has a need for greater integration and a redistribution of wealth across the region. It still remains unclear how Greece will be a "one off" and whether it can remain within the Eurozone. The "fiscal compact" is a very necessary stage one but ultimately must be followed by a growth stimulus. Anything else is neither socially acceptable nor politically viable. People, especially the young, must be given hope.

 

 

 

- MORE -

Page 4 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Manager's Report (continued)

 

However, 2012 does offer hope for equity markets with the backdrop of low interest rates, quantitative easing, the likelihood of increasing mergers and acquisitions, strong corporate balance sheets and attractive valuations. It is unlikely to be a smooth ride but I remain cautiously optimistic about the months ahead. We can find exciting new ideas to make money for our investors.

 

Ollie Beckett

Fund Manager

 

 

Geographical distribution (% of portfolio)

 


31 December 2011

30 June 2011

Austria

5.3

5.7

Belgium

3.9

3.2

Finland

1.7

1.8

France

15.9

15.0

Germany

30.1

27.0

Ireland

1.2

-

Italy

8.3

5.6

Luxembourg

0.6

1.3

Netherlands

5.9

3.9

Norway

6.0

9.1

Spain

3.0

7.3

Sweden

2.9

2.7

Switzerland

14.3

14.8

Turkey

-

1.5

Ukraine

0.4

0.7

Other

0.5

0.4

 

-------

-------

 

100.0

100.0

 

====

====

 

Sector distribution (% of portfolio)

 


31 December 2011

30 June 2011

Basic Materials

12.1

18.3

Business Providers

14.0

13.2

Consumer Goods

10.2

11.5

Financials

11.8

9.4

Industrial Goods

16.9

13.6

Natural Resources

5.9

8.3

Retail Providers

10.7

10.0

Technology

18.4

15.7

 

-------

-------

 

100.0

100.0

 

====

====

 

- MORE -

Page 5 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Consolidated Statement of Comprehensive Income

for the half year ended 31 December 2011

 

 


Half year ended 31 December 2011

(Unaudited)

Half year ended 31 December 2010

(Unaudited)

Year ended 30 June 2011

(Audited)


Revenue

return

Capital

return

 

Total

Revenue

return

Capital

return

 

Total

Revenue

return

Capital

return

 

Total


£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

£'000

Investment income

566

-

566

356

-

356

2,979

-

2,979

Other income

2

-

2

11

-

11

68

-

68

Gains on investments held at fair value through profit or loss

-

(83,165)

(83,165)

-

61,266

61,266

-

70,112

70,112


----------

----------

----------

----------

----------

----------

----------

----------

----------

Total income / (loss)

568

(83,165)

(82,597)

367

61,266

61,633

3,047

70,112

73,159


----------

----------

----------

----------

----------

----------

----------

----------

----------











Expenses










Management fees

(91)

(362)

(453)

(121)

(486)

(607)

(254)

(1,016)

(1,270)

Other expenses

(226)

-

(226)

(290)

-

(290)

(551)

-

(551)


----------

----------

----------

----------

----------

----------

----------

----------

----------

Profit / (loss) before finance costs and taxation

251

(83,527)

(83,276)

(44)

60,780

60,736

2,242

69,096

71,338











Finance costs

(42)

(169)

(211)

(7)

(27)

(34)

(27)

(108)

(135)


----------

----------

----------

----------

----------

----------

----------

----------

----------

Profit / (loss)  before taxation

209

(83,696)

(83,487)

(51)

60,753

60,702

2,215

68,988

71,203











Taxation

(135)

-

(135)

(37)

-

(37)

(286)

-

(286)


----------

----------

----------

----------

----------

----------

----------

----------

----------

Profit / (loss) for the period

74

(83,696)

(83,622)

(88)

60,753

60,665

1,929

68,988

70,917


======

======

======

======

======

======

======

======

======











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

0.15p

(165.33p)

(165.18p)

(0.17p)

118.57p

118.40p

3.79p

135.36p

139.15p


======

======

======

======

=======

======

=====

=======

=======











 

The total column of this statement represents 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.

 

The net loss of the Company for the half year was £83,622,000 (31 December 2010: profit £60,665,000; 30 June 2011: profit £70,917,000).

 

The Group does not have any other comprehensive income and hence the net profit for the period as disclosed above is the same as the Group's total comprehensive income.

 

- MORE -


Page 6 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Consolidated Statement of Changes in Equity

for the half year ended 31 December 2011

 

 

Half year ended

31 December 2011

(Unaudited)

Called up 

share

capital

£'000

Share

premium

 account

£'000

Capital redemption reserve

£'000

Other

capital

reserves

£'000

Revenue reserve

£'000

Total

£'000

Total equity at 30 June 2011

6,329

115,451

13,849

112,472

16,313

264,414

Total comprehensive income:

   (Loss) / profit for the period

-

-

-

(83,696)

74

(83,622)

Transactions with owners,

recorded directly to equity:   







   Ordinary dividends paid

-

-

-

-

(2,152)

(2,152)

   Buy-backs of ordinary shares

(3)

-

3

(79)

-

(79)


----------

----------

----------

----------

---------

-----------

Total equity at 31 December 2011

6,326

115,451

13,852

28,697

14,235

178,561


======

======

======

======

=====

======










 

Half year ended

31 December 2010

(Unaudited)

Called up share

capital

£'000

Share

premium

account

£'000

Capital redemption reserve

£'000

Other

capital

reserves

£'000

 

Revenue reserve

£'000

 

 

Total

£'000

Total equity at 30 June 2010

6,453

115,451

13,725

47,286

16,562

199,477

Total comprehensive income:

   Profit / (loss) for the period

-

-

-

60,753

(88)

60,665

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(2,178)

(2,178)

   Buy-backs of ordinary shares

(107)

-

107

(3,246)

-

(3,246)


------------

------------

------------

------------

------------

------------

Total equity at 31 December 2010

6,346

115,451

13,832

104,793

14,296

254,718


=======

=======

=======

=======

=======

=======










Year ended 30 June 2011

(Audited)

Called up share

capital

£'000

Share

premium

account

£'000

Capital redemption reserve

£'000

Other

capital

reserves

£'000

Revenue reserve

£'000

Total

£'000

Total equity at 30 June 2010

6,453

115,451

13,725

47,286

16,562

199,477

Total comprehensive income:

   Profit for the period

-

-

-

68,988

1,929

70,917

Transactions with owners, recorded directly to equity:







   Ordinary dividends paid

-

-

-

-

(2,178)

(2,178)

   Buy-backs of ordinary shares

(124)

-

124

(3,802)

-

(3,802)


------------

------------

------------

------------

------------

------------

Total equity at 30 June 2011

6,329

115,451

13,849

112,472

16,313

264,414


=======

=======

=======

=======

=======

=======

 

 

 

 

- MORE -



Page 7 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Consolidated Balance Sheets

at 31 December 2011

 



31 December 2011

(Unaudited)

£'000

31 December 2010

(Unaudited)

£'000

30 June 2011

(Audited)

£'000

Non current assets





Investments held at fair value through profit or loss


195,424

260,064

270,800



-----------

-----------

-----------

Current assets





Sales for future settlement


92

-

2,005

Taxation recoverable


208

284

376

Other receivables


56

28

147

Cash and cash equivalents


150

3

403



-----------

-----------

-----------



506

315

2,931



-----------

-----------

-----------

Total assets


195,930

260,379

273,731



-----------

-----------

-----------

Current liabilities





Purchases for future settlement


-

-

(68)

Accruals


(369)

(431)

(489)

Amounts due on repurchase of shares


-

(132)

-

Bank overdrafts


(17,000)

(5,098)

(8,760)



------------

------------

-----------



(17,369)

(5,661)

(9,317)



------------

------------

-----------

Net assets


178,561

254,718

264,414



=======

=======

=======











Equity attributable to equity shareholders





Called up share capital (note 3)


6,326

6,346

6,329

Share premium account


115,451

115,451

115,451

Capital redemption reserve


13,852

13,832

13,849

Retained earnings:





   Other capital reserves


28,697

104,793

112,472

   Revenue reserve


14,235

14,296

16,313



-----------

-----------

-----------

Total equity


178,561

254,718

264,414



======

======

======






Net asset value per ordinary share (note 4)


352.82p

501.74p

522.20p



======

======

======

 

 

 

 

 

 

- MORE -



Page 8 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

Consolidated Cash Flow Statement

for the half year ended 31 December 2011

 

 


Half year ended

31 December 2011

(Unaudited)

£'000

Half year ended

31 December 2010

(Unaudited)

£'000

Year ended

30 June 2011

(Audited)

£'000

Net cash (outflow) / inflow from operating activities (note 5)

(7,946)

3,538

765


----------

----------

---------

Net cash (outflow) / inflow before use of financing

(7,946)

3,538

765

Net cash outflow from financing activities

(2,231)

(5,784)

(6,472)


----------

-----------

-----------

Net decrease in cash and cash equivalents

(10,177)

(2,246)

(5,707)

Cash and cash equivalents at the start of the

   period

(8,357)

(2,752)

(2,752)

Exchange movements

1,684

(97)

102


----------

----------

---------

Cash and cash equivalents at the period end

(16,850)

(5,095)

(8,357)


======

======

=====





 

  

 

 

 

 

 

 

 

- MORE -



Page 9 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Notes

 

1.   Accounting policies

 

a)  Basis of preparation

The condensed set of financial statements has been prepared using the same accounting policies as are set out in the Company's annual report and financial statements for the year ended 30 June 2011 and in accordance with IAS 34.

 

The condensed set of financial statements has not been either audited or reviewed by the Company's auditors.

 

b)  Basis of consolidation

The Group's financial statements consolidate the accounts of the Company and of its wholly owned subsidiary undertaking, TREG Finance Limited.

 

2.   (Loss)/Earnings per ordinary share

The (loss)/earnings per ordinary share figure is based on the loss for the half year of £83,622,000 (half year ended 31 December 2010: profit £60,665,000; year ended 30 June 2011: profit £70,917,000) and on 50,624,039 (half year ended 31 December 2010: 51,236,535; year ended 30 June 2011: 50,965,518) ordinary shares, being the weighted average number of ordinary shares in issue during the period. 

 

The (loss)/earnings per ordinary share detailed above can be further analysed between revenue and capital, as below.

 



Half year ended

31 December 2011

(Unaudited)

£'000

Half year ended

31 December 2010

(Unaudited)

£'000

Year ended

30 June 2011

(Audited)

£'000

Net revenue profit / (loss)

74

(88)

1,929

Net capital (loss) / profit

(83,696)

60,753

68,988


----------

----------

----------

Net total (loss) / profit

(83,622)

60,665

70,917


======

======

======





Weighted average number of ordinary

     shares in issue during the period

50,624,039

51,236,535

50,965,518

 



Half year ended

31 December 2011

(Unaudited)

Pence

Half year ended

31 December 2010

(Unaudited)

Pence

Year ended

30 June 2011

(Audited)

Pence

Revenue earnings / (loss) per ordinary share

0.15

(0.17)

3.79

Capital (loss) / earnings per ordinary share

(165.33)

118.57

135.36


----------

----------

----------

Total (loss) / earnings per ordinary share

(165.18)

118.40

139.15


======

======

======

 

 

 

- MORE -



 

Page 10 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Notes (continued)

 

3.   Ordinary share capital

At 31 December 2011 there were 50,609,229 ordinary shares in issue (31 December 2010: 50,767,229; 30 June 2011: 50,634,229).  During the half year ended 31 December 2011 the Company bought 25,000 of its own issued ordinary shares for cancellation (31 December 2010: 860,060; 30 June 2011: 993,060).  The cost of the share buy-backs, including stamp duty, amounted to £79,000 (31 December 2010: £3,246,000; 30 June 2011: £3,802,000).

 

4.   Net asset value per ordinary share

The net asset value per ordinary share is based on the net assets attributable to equity shareholders of £178,561,000 (31 December 2010: £254,718,000; 30 June 2011: £264,414,000) and on 50,609,229 (31 December 2010: 50,767,229; 30 June 2011: 50,634,229) ordinary shares, being the number of ordinary shares in issue at the period end.

 

5.   Reconciliation of profit before taxation to net cash inflow from operating activities

 


Half year ended

31 December

2011

(Unaudited)

£'000


Half year ended

31 December

2010

(Unaudited)

£'000


Year ended

30 June

2011

(Audited)

£'000

(Loss) / profit before taxation

(83,487)


60,702


71,203

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

83,165


(61,266)


(70,112)

Decrease in prepayments and accrued income

91


162


43

(Decrease) / increase in accruals and deferred income

(120)


48


106

Taxation on overseas investment income

33


23


(318)

Decrease in amounts due from brokers

1,913


9,947


7,942

Decrease in amounts due to brokers

(68)


(96)


(28)

Net purchases of investments

(9,473)


(5,982)


(8,071)


-----------


-----------


-----------


(7,946)


3,538


765


======


======


======

 

6.   Interim dividend

The Company has not declared an interim dividend (2010: nil).

 

7.   Transaction costs

Purchase transaction costs for the half year ended 31 December 2011 were £118,000 (half year ended 31 December 2010: £46,000; year ended 30 June 2011: £121,000). These comprise mainly stamp duty and commission. Sales transaction costs for the half year ended 31 December 2011 were £79,000 (half year ended 31 December 2010: £77,000; year ended 30 June 2011: £186,000).

 

 

- MORE -



Page 11 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

Notes (continued)

 

8.   Going concern

The directors believe that it is appropriate to adopt the going concern basis in preparing the financial statements.  The assets of the Group consist mainly of securities, most of which are readily realisable and, accordingly, the Group has adequate financial resources to continue in operational existence for the foreseeable future. 

 

9.   Related party transactions

Details of related parties are contained in the annual report.  Other than fees payable by the Company in the ordinary course of business, there have been no material transactions with our related parties affecting the financial position or performance of the Group during the six months to 31 December 2011.

 

10.   Comparative information

The financial information contained in this half year report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006.  The information for the year ended 30 June 2011 has been extracted from the latest published audited financial statements. The audited financial statements for the year ended 30 June 2011 have been filed with the Registrar of Companies. The report of the auditors on those financial statements contained no qualification or statement under section 498(2) or 498(3) of the Companies Act 2006.

 

11.   Half year report

An update extracted from the Company's report for the half year ended 31 December 2011 will be posted to shareholders on 2 March 2012 and will be available on our website (www.treuropeangrowth.com) thereafter.  Copies can also be requested from the Secretary at the Registered Office, 201 Bishopsgate, London EC2M 3AE.

 

 

 

 

- MORE-



 

Page 12 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

List of Investments as at 31 December 2011

 


Valuation

£'000

% of total

portfolio



Valuation

£'000

% of total

portfolio

Austria




Germany



AMAG

1,863



Aareal

2,907


Andritz

3,038



Aixtron

1,352


Lenzing

2,239



Aurelius

1,375


Schoeller-Bleckmann

3,202



Axel Springer

2,306



-------

-------


Bauer

2,707



10,342

5.3


Bechtle

2,000



=====

====


* Brainlab

6,524


Belgium




Carl Zeiss Meditec

3,247


D'ieteren

2,355



Elmos Semiconductor

142


EVS

2,857



Gerresheimer

2,313


Nyrstar

2,384



Kinghero

1,089



-------

-------


KSB

1,750



7,596

3.9


Norma

4,066



=====

====


Powerland

1,063


Bulgaria




Rib Software

1,369


* Trans Balkans Investments

0

0.0


SAF-Holland

3,508



-------

-------


SHW

1,942



0

0.0


Sky Deutschland

1,333



=====

====


SNP Schneider -Neureither & Partner                                     

1,176


Finland




Stratec Biomedical

2,406


Cargotec

2,234



Suess MicroTec

984


Cramo

1,148



Tom Tailor

2,911



-------

-------


United Internet

2,380



3,382

1.7


Uzin Utz

3,020



=====

====


Washtec

147


France




Wirecard

4,884


* 21 Centrale Partners III

7,322




--------

-------

Altran Technologies

2,364




58,901

30.1

Batla Minerals

1,060




=====

====

Bull

1,330



Ireland



Cafom

1,036



DCC

2,297


CFI

1,420




--------

-------

Dietswell

485




2,297

1.2

Eiffage

1,183




=====

====

Faiveley Transport

2,285



Italy



Haulotte

971



Amplifon

1,748


Hi-Media

1,948



Azimut

3,184


Ingenico

2,322



Danieli & Co

1,622


Medica

2,046



De' Longhi

2,418


Naturex

892



Elica

540


Parrot

970



Safwood

0


Rubis

1,956



Salvatore Ferragamo

2,934


STS Group

1,358



Sorin

1,648



-------

-------


Yoox

2,183



30,948

15.9



--------

-------


=====

====



16,277

8.3






=====

====

 

 

- MORE -

 

 

Page 13 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

List of Investments as at 31 December 2011 (continued)

 


Valuation

£'000

% of total portfolio



Valuation

£'000

% of total portfolio

Luxembourg




Switzerland



Aperam

1,110



Acino

1,077



-------

-------


Clariant

2,402



1,110

0.6


Compagnie Financière Tradition

1,667



====

====


Daetwyler

1,767


Netherlands




Dufry

2,972


Aalberts Industries

1,904



EFG International

1,982


ASM International

3,453



gategroup

2,028


Fugro

2,239



Inficon

2,911


TKH

2,282



Kuoni

2,198


Wavin

1,734



Myriad

1,534



-------

-------


Partners Group

2,820



11,612

5.9


Schmolz + Bickenbach

3,135



======

====


Sulzer

1,440


Norway





--------

-------

Discovery Offshore

1,789




27,933

14.3

Morpol

750




======

====

Northland Resources

1,650



Ukraine



Prospector Offshore

2,007



Avangardco                                        

837


Storebrand

2,768




--------

-------

Tomra

2,848




837

0.4


--------

-------



=====

====


11,812

6.0


Other




======

====


* Doughty Hanson & Co Fund III

904


Russia




* IFR Capital

0


* Amtel-Vredestein

0




--------

-------

* Premier Telesports

0




904

0.5


--------

--------



=====

====


0

0






=====

====


Total Portfolio

195,424

100.0

Spain





======

====

OHL

3,092






Pescanova

1,261



* Unquoted investments



Vueling

1,500







--------

-------






5,853

3.0






======

====





Sweden







Byggmax

1,252






Lindab

2,275






Unibet

2,093







--------

-------






5,620

2.9






======

====












 

 

 

 

 

 

 

- MORE -



 Page 14 of 14

TR EUROPEAN GROWTH TRUST PLC

 

Unaudited Results for the Half Year ended 31 December 2011

 

 

 

Directors' Responsibility Statement

The Directors confirm that, to the best of their knowledge:

 

a)   the condensed set of financial statements has been prepared in accordance with IAS34;

 

b)   this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c)   this report includes a fair review of the information required by Disclosure and Transparency Rule 4.2.8R (disclosure of related party transactions and changes therein).

 

 

 

Audley Twiston-Davies

Chairman

 

 

 

 

For further information please contact:

 

Ollie Beckett, Fund Manager, TR European Growth Trust PLC

Telephone: 020 7818 4331

 

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 -

 

 

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

 

 

 


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