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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Enterprise Acquisition Corp. | AMEX:EST | AMEX | Ordinary Share |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
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RNS Number:3660Q
Eastern European Trust PLC
30 September 2003
THE EASTERN EUROPEAN TRUST PLC
CHAIRMAN'S STATEMENT
The value-led approach that defines our Manager's investment choices continues
to generate strong underlying returns for shareholders. In the six months ended
31st July 2003, the net asset value rose by 23.5 per cent in US dollar terms.
The shares have been a good investment in a portfolio selected from steadily
developing economies and over the last three years of otherwise troubled stock
markets the share price has increased by 71.1 per cent in US dollar terms.
Nevertheless, after a long period of outperformance, we have fallen behind our
benchmark during 2003 as share prices in our major market - Russia - and in
particular in its dominant sector - oil and gas - have soared to what our
managers' view to be inflated levels. We have been intentionally underweight in
Russia. As a result, our net asset value fell behind the FTSE Eastern Europe
ex-Turkey Index (income reinvested) which rose 29.3 per cent in US dollar terms.
The second three months of the period, during which we lost over ten percentage
points against the Index, were painful even if part of this shortfall has been
recovered at the time of writing.
But it is important to remind shareholders that the Manager's selections are the
consequence of fundamental, bottom-up, sector specific valuations to find good
value stocks with the prospect of strong improvement, and we wish them to stick
to that and not to 'hug' the Index, consciously or otherwise. Central to the
value approach is the conviction that price will ultimately converge towards
value, even if it diverges from it at any point in time. Adhering to basic value
disciplines may be unnerving when a market approaches an extreme, but this is a
Trust which looks for value and in that way we also believe we can escape the
worst consequences of overshoots, both on the upside and the downside. In the
case of Russian oil stocks, which account for almost half our benchmark, our
managers estimate that their discount to the Western majors in terms of
production value and free cash flow has become unjustifiably small.
The Board encourages John Paul Smith and his team to think strategically and
longer term and we discuss and debate his views. In his Manager's report John
Paul has set out convincingly his caution about the immediate future and his
belief that although he, and the Board, are very positive about the long term
outlook for Russia, for the moment the market is ahead of itself. We think we
are doing the right thing for our shareholders to be cautious and alert to any
danger of a significant correction ahead. We have good diversification in
markets which we think will continue to be rewarding and exciting for our
investors as the Region's economies develop and their growth exceeds Western
counterparts.
The Board
Since last year end the Board has been refreshed by the arrival of Neil England
(his appointment was noted in the report last year) and subsequently, by the
appointment of Edmond Warner, who brings to the Board 18 years of experience in
the funds and broking industry as well as an outspoken, good mind. We are now
seeking a third new Director and have a good short list of people to meet with
valuable, Eastern European, direct experience.
Hugh Aldous
Chairman
30th September 2003
STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 31 July 2003 (unaudited)
(Unaudited) (Unaudited)
Half year ended Half year ended
31 July 2003 31 July 2002
Revenue Capital Total Revenue Capital Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Total capital gains/(losses) - 24,852 24,852 - (1,443) (1,443)
from investments
Income from fixed asset 960 - 960 1,157 - 1,157
investments
Other interest receivable and 12 - 12 31 - 31
similar income
Gross revenue and capital gains/ ----------- ----------- ----------- ----------- ---------- -----------
(losses)
972 24,852 25,824 1,188 (1,443) (255)
Management fee and performance (393) - (393) (778) (5) (783)
fee
Other administrative expenses (583) - (583) (572) - (572)
---------- ----------- ----------- ----------- ------------ -----------
Net (loss)/return on ordinary (4) 24,852 24,848
activities before interest
payable and taxation (162) (1,448) (1,610)
Interest payable (10) - (10) (86) - (86)
---------- ----------- ----------- ---------- ----------- -----------
Net (loss)/return on ordinary (14) 24,852 24,838 (248) (1,448) (1,696)
activities before taxation
Taxation (153) - (153) (172) - (172)
---------- ----------- ----------- --------- --------- ---------
Net (loss)/return on ordinary (167) 24,852 24,685 (420) (1,448) (1,868)
activities after taxation
Dividends - - - - - -
---------- ----------- ----------- ---------- ---------- ---------
Transfer (from)/to reserves (167) 24,852 24,685 (420) (1,448) (1,868)
---------- ----------- ----------- ---------- ---------- ----------
cents cents cents cents cents cents
(Loss)/return per ordinary share (2.12) 314.94 312.82 (5.32) (18.35) (23.67)
The revenue columns of this statement represent the revenue accounts of the
Company.
STATEMENT OF TOTAL RETURN (incorporating the revenue account)
for the half year ended 31 July 2003 (continued...)
(Audited)
Year End
31 Jan 2003
Revenue Capital Total
US$'000 US$'000 US$'000
Total capital gains/(losses) from - 12,084 12,084
investments
Income from fixed asset 1,504 - 1,504
investments
Other interest receivable and 37 - 37
similar income
Gross revenue and capital gains/ ----------- --------- ----------
(losses)
1,541 12,084 13,625
Management fee and performance (1,586) (620) (2,206)
fee
Other administrative expenses (1,081) - (1,081)
----------- --------- ----------
Net (loss)/return on ordinary
activities before interest
payable and taxation (1,126) 11,464 10,338
Interest payable (80) - (80)
----------- ---------- ------------
Net (loss)/return on ordinary (1,206) 11,464 10,258
activities before taxation
Taxation (226) - (226)
---------- -------- --------
Net (loss)/return on ordinary (1,432) 11,464 10,032
activities after taxation
Dividends - - -
---------- ---------- ----------
Transfer (from)/to reserves (1,432) 11,464 10,032
---------- ---------- ----------
cents cents cents
(Loss)/return per ordinary share (18.15) 145.28 127.13
The revenue column of this statement represents the revenue account of the
Company.
BALANCE SHEET
as at 31 July 2003 (unaudited)
(Unaudited) (Unaudited) (Audited)
31 July 2003 31 July 2002 31 Jan 2003
US$'000 US$'000 US$'000
Fixed asset investments at market value 128,927 91,202 110,769
Current assets
Debtors 129 616 480
Bank balances 2,218 2,909 105
---------- ---------- ----------
2,347 3,525 585
Creditors: amounts falling due within one year (1,459) (1,497) (5,192)
------------ ------------ ------------
Net current assets/(liabilities) 888 2,028 (4,607)
------------ ------------ -------------
Total assets less current liabilities 129,815 93,230 106,162
Creditors: amounts falling due after one year - - (1,032)
------------ ------------ -------------
Total net assets 129,815 93,230 105,130
------------ ------------ -------------
Capital and reserves
Share capital 7,910 7,910 7,910
Capital redemption reserve 1,050 1,050 1,050
Other reserve 83,621 83,621 83,621
Capital reserve - realised 51,888 33,041 40,732
Capital reserve - unrealised 401 (18,516) (13,295)
Revenue reserve (15,055) (13,876) (14,888)
Total shareholders' funds --------- --------- ----------
129,815 93,230 105,130
---------- ---------- ----------
Total shareholders' funds attributable to:
Equity shareholders 129,796 93,211 105,111
Non-equity shareholders 19 19 19
--------- --------- ----------
129,815 93,230 105,130
---------- ---------- ----------
cents cents cents
Net asset value per ordinary share 1,644.84 1,181.22 1,332.02
These accounts were approved by the Board of Directors on 30 September 2003.
Cash Flow Statement
for the half year ended 31 July 2003 (unaudited)
(Unaudited) (Unaudited) (Audited)
Half year ended Half year ended Year ended
31 July 2003 31 July 2002 31 Jan 2003
US$'000 US$'000 US$'000
Net cash outflow from operating activities (1,694) (875) (537)
Net cash outflow from servicing of finance (12) (197) (190)
Overseas tax recovered - 3 17
Net cash inflow from financial investment 5,712 9,115 4,460
------------- ------------- --------------
Increase in cash 4,006 8,046 3,750
-------------- -------------- -------------
Reconciliation of operating revenue to net
cash outflow from operating activities
Net revenue loss before finance costs and (4) (162) (1,126)
taxation
(Increase)/decrease in accrued income (103) (413) 145
Decrease/(increase) in other debtors 18 (154) 33
(Decrease)/increase in other creditors (1,452) 31 1,259
Tax on unfranked investment income (153) (172) (228)
Performance fee allocated to capital - (5) (620)
------------ ------------ ------------
Net cash outflow from operating activities (1,694) (875) (537)
------------ ------------ ------------
Reconciliation of net cash flow to movement in
net funds/debt
Increase in cash as above 4,006 8,046 3,750
Exchange difference (242) 36 (123)
------------- ------------- -------------
Movement in net funds/debt 3,764 8,082 3,627
Net debt at start of period (1,546) (5,173) (5,173)
------------- ------------- -----------
Net funds/(debt) at end of period 2,218 2,909 (1,546)
------------- ------------- ------------
Represented by:
Cash at bank and short term deposits 2,218 2,909 105
Bank overdraft - - (1,651)
------------ ------------ -------------
2,218 2,909 (1,546)
======= ======= =======
Notes to the Accounts
1. Return per ordinary share
Revenue loss per ordinary share is calculated by dividing the net
revenue loss for the half year of US$167,000 (half year ended 31 July
2002: US$420,000 loss; year ended 31 January 2003: US$1,432,000 loss) by
the weighted average number of ordinary shares in issue of 7,891,102
(half year ended 31 July 2002: 7,891,102; year ended 31 January 2003:
7,891,102).
Capital return/(loss) per ordinary share is calculated by dividing the
net capital gain for the half year of US$24,852,000 (half year ended 31
July 2002: US$1,448,000 loss; year ended 31 January 2003: US$11,464,000
gain) by the weighted average shares in issue of 7,891,102 (half year
ended 31 July 2002: 7,891,102; year ended 31 January 2003: 7,891,102).
2. Net asset value per ordinary share
Net asset value per ordinary share is based on the net assets
attributable to ordinary shareholders of US$129,796,000 (31 July 2002:
US$93,211,000; 31 January 2003: US$105,111,000) by the 7,891,102 (31
July 2002 and 31 January 2003; 7,891,102) ordinary shares in issue at
the period end.
3. Accounts for the year ended 31 January 2003
The figures and financial information for the year ended 31 January 2003
are extracted from the latest published accounts of the Company 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 include a statement under
either Section 237(2) or Section 237(3) of the Companies Act 1985.
The interim report will be sent to shareholders in October 2003 and will be
available to members of the public from the Company's registered office at 55
Moorgate, London, EC2R 6PA.
For further information, please contact:
Susan Venables
BNP Paribas Secretarial Services Limited
Tel: 020 7410 5971
This information is provided by RNS
The company news service from the London Stock Exchange
END
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