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Share Name | Share Symbol | Market | Type |
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Geox SPA | BIT:GEO | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.006 | -1.00% | 0.592 | 0.582 | 0.603 | 0.598 | 0.59 | 0.598 | 110,185 | 17:00:00 |
GARTMORE EUROPEAN INVESTMENT TRUST p.l.c. ANNOUNCEMENT OF RESULTS AND DIVIDEND FOR THE YEAR TO 30 SEPTEMBER 2003 The Directors announce the Company's unaudited results for the year to 30 September 2003 as follows:- HIGHLIGHTS - Diluted Net Asset Value per Ordinary share increased over the year to 30 September by 19.9% to 310.25p, by comparison with an increase of 23.1% in the FTSE World Index - Europe (ex UK) in sterling terms - Mid-market price per Ordinary share increased over the year by 14.2% to 259.75p - Proposed dividend of 3.0p per Ordinary share - Diluted Net Asset Value per Ordinary share increased by 11.4% and 141.6% over the last five and ten years respectively, compared with a decrease of 9.1% and an increase of 63.6% in the FTSE World Index - Europe (ex UK) in sterling terms over the same periods - Net revenue after taxation rose from £1,748,000 to £1,935,000 CHAIRMAN'S STATEMENT Performance Despite high market volatility for much of the early part of the review year, I am pleased to report that much improved global stock market conditions since the end of the Iraq war helped your Company to deliver strong performance over the year as a whole. The net asset value per share (fully diluted) rose by 19.9% over the year. The Company's performance has lagged behind our benchmark, the FTSE World Europe (ex-UK) Index, which rose by 23.1% (in sterling terms), although it is worth noting that our holdings were relatively defensively positioned for much of the year, a stance adopted by the Managers with the support of the Board. While our Managers' focus remained very much on `quality' cash-generative stocks such as Royal Dutch Petrol, the market's surge of optimism in the latter months of the review year saw some investors become less discriminating in their stock selection. Against this backdrop, some proven `quality' names were left trailing behind as some investors' sentiment seemed more driven by optimism than realism. However, it is testament to the proven longer-term stock-picking skills of our Manager that over the last five years the diluted net asset value has risen by 11.4%, significantly ahead of the benchmark index which fell by 9.1% over the same period. Revenue, Dividends and Borrowings Gross revenue in the year to 30 September 2003 decreased marginally, by 2.4% to £3.6 million. However, net revenue after taxation increased by 10.7%. General expenses have reduced considerably over the previous year, mainly as a result of savings arising from the direct appointment of the Company's custodian. Management fees have also fallen as the average value of the Company's total assets was lower than the previous year. The Board is recommending a final dividend of 3.0p, in line with that paid last year. This will result in a transfer of £251,000 into revenue reserves. The multi-currency borrowing facility was used modestly throughout the year. The Company had no borrowings at the year-end, compared with borrowings of £3.5 million at 30 September 2002. Corporate activities As reported previously, your Board remains committed to a policy of enlarging the Company. Whilst a number of opportunities have presented themselves during the year, none were on terms sufficiently favourable to the Company's shareholders to proceed with. As the share price remained at a discount to the diluted NAV throughout the period there have been no opportunities to issue shares, other than those issued as a result of the exercise of warrants. Your Board hopes that further shares will be issued when the shares once again trade at a premium. Warrantholders I would like to remind warrantholders that their last opportunity to subscribe for Ordinary shares at 220p will be on 2 February next year. A letter giving further details of the exercise procedure has been sent to warrantholders with this report. Market Background European stock markets tracked their global counterparts sharply lower in volatile market conditions ahead of the war in Iraq. However, with economic and corporate news largely disappointing, global central banks delivered a succession of interest rate cuts, thus sowing some of the seeds of a recovery as soon as the geo-political environment began to improve. Following a poor first quarter of 2003, the unexpectedly early, and largely successful, conclusion to major combat operations triggered a relief rally in global stock markets. As the year progressed, corporate and economic news began to show a more encouraging trend. This was particularly so in the US, but evidence also began to emerge that Continental European economies, helped by the lowest interest rates for a generation, were also showing more convincing signs of responding to the improving operating backdrop. Outlook Following another turbulent spell for investors, we can be fairly confident that the European economy will begin 2004 in better shape than a year earlier. Following an extended spell of cost-cutting and wider restructuring, we believe that European companies are also now in better condition to compete on the global stage. Against this backdrop, I am confident that your Company's Managers will continue to demonstrate considerable acumen in selecting companies well-placed to continue to deliver strong returns as the trading environment improves. Directors As you will see in the Report of the Directors, Mr Hugh Jenkins will be retiring at the forthcoming Annual General Meeting. I should like to take this opportunity to thank Hugh for his immense contribution to the Company and to wish him a long and happy retirement. With the retirement of Mr W Campbell Allan at the AGM in January of this year and Hugh's retirement early next year your Board felt that a search should be undertaken to identify two new directors to augment the Board. I am delighted to welcome Mr Alexander Comba and Mr Rodney Dennis to the Board and I look forward to working with them in the years to come. Special Business of the Annual General Meeting At the Annual General Meeting the Directors will again seek to renew the authorities previously granted to allot and buy back shares. Authority will also be sought to buy back shares to be held by the Company in Treasury for subsequent resale or cancellation. The passing of these resolutions will give the Board flexibility to add shareholder value should the opportunity arise. I hope you will give these resolutions your support. DIVIDEND The Directors recommend a final dividend of 3.0p (3.0p) per Ordinary share of 50p each for the year ended 30 September 2003 which will result in a transfer of £251,000 (£64,000) into revenue reserves. The shares will be marked ex-dividend on 17 December 2003 and the dividend is proposed to be paid on 30 January 2004 to shareholders on the Register on 19 December 2003. STATEMENT OF TOTAL RETURN Year to 30 September 2003 Revenue Capital Total Return £'000 £'000. £'000 Income and Capital Profits Dividends and other income 3,618 - 3,618 Net profit on investments - 32,727 32,727 -------- ----------- ----------- Return before Expenses, Finance Costs 3,618 32,727 36,345 and Taxation Expenses Management fee (372) (1,117) (1,489) Other fees and expenses (524) - (524) -------- ----------- ----------- Return before Finance Costs and 2,722 31,610 34,332 Taxation Finance Costs Interest payable (26) (62) (88) Exchange gain on currency loans - 338 338 -------- ----------- ----------- Return on Ordinary Activities before 2,696 31,886 34,582 Taxation Taxation (761) 384 (377) -------- ----------- ----------- Return to Equity Shareholders after 1,935 32,270 34,205 Taxation -------- ----------- ----------- Appropriated to Equity Shareholders Dividends - Ordinary shares (3.0p per (1,684) - (1,684) share) -------- ----------- ----------- Transferred to Reserves 251 32,270 32,521 -------- ----------- ----------- Total Return per Ordinary share 3.45p 57.48p 60.93p Diluted Earnings per Ordinary share 3.08p STATEMENT OF TOTAL RETURN (COMPARATIVE) Year to 30 September 2002 Revenue Capital Total Return £'000 £'000. £'000 Income and Capital Profits / (Losses) Dividends and other income 3,706 - 3,706 Net loss on investments - (45,603) (45,603) -------- ----------- ----------- Return before Expenses, Finance Costs 3,706 (45,603) (41,897) and Taxation Expenses Management fees (449) (2,236) (2,685) Other fees and expenses (671) - (671) -------- ----------- ----------- Return before Finance Costs and 2,586 (47,839) (45,253) Taxation Finance Costs Interest payable (59) (151) (210) Exchange gain on currency loans - 426 426 -------- ----------- ----------- Return on Ordinary Activities before 2,527 (47,564) (45,037) Taxation Taxation (779) 380 (399) -------- ----------- ----------- Return to Equity Shareholders after 1,748 (47,184) (45,436) Taxation -------- ----------- ----------- Appropriated to Equity Shareholders Dividends - Ordinary shares (3.0p per (1,684) - (1,684) share) -------- ----------- ----------- Transferred to/(from) Reserves 64 (47,184) (47,120) -------- ----------- ----------- Total Return per Ordinary share 3.11p (84.07)p (80.96)p Diluted Earnings per Ordinary share 2.78p NOTES The revenue column above for each year represents the Revenue Account of the Company. All revenue and capital items derive from continuing activities. No operations were acquired or discontinued during the year. Management fees and loan finance costs are allocated 25% to revenue and 75% to capital. In accordance with the Statement of Recommended Practice for the Financial Statements of Investment Trust Companies, performance fees (when payable) are allocated to capital reserve, together with the tax relief in respect of such allocations. Total Return per Ordinary share has been calculated on the return for the year of £34,205,000 (negative return of £45,436,000) and a weighted average of Ordinary shares in issue during the year of 56,140,499 (56,124,222). Revenue Return per Ordinary share has been calculated on a revenue return to Ordinary shareholders of £1,935,000 (£1,748,000) and a weighted average of Ordinary shares in issue during the year of 56,140,499 (56,124,222). Capital Return per Ordinary share has been calculated on a capital return to Ordinary shareholders of £32,270,000 (negative capital return of £47,184,000) and a weighted average of Ordinary shares in issue during the year of 56,140,499 (56,124,222). BALANCE SHEET At At 30 September 30 September 2003 2002 £'000 £'000 Fixed Assets Listed investments at valuation 177,907 155,142 Unlisted investments in subsidiaries 345 337 -------- -------- 178,252 155,479 Current Assets Debtors - amounts receivable within one 1,610 2,668 year Short-term deposits 4,576 60 Cash at bank 1,333 1,057 -------- -------- 7,519 3,785 Creditors: Amounts payable within one year (5,289) (11,334) ----------- ----------- Net Current Assets/(Liabilities) 2,230 (7,549) ----------- ----------- Net Assets 180,482 147,930 ----------- ----------- Capital and Reserves Called-up share capital 28,073 28,066 Share premium 26,417 26,389 Warrant reserve 1,706 1,710 Merger reserve 61,344 61,344 Other reserves: Capital reserve - realised 55,545 71,025 Capital reserve - unrealised 4,741 (43,009) ----------- ----------- 177,826 145,525 Revenue reserve 2,656 2,405 ----------- ----------- Shareholders' Funds 180,482 147,930 ----------- ----------- Net Asset Value per Ordinary share 321.45p 263.54p ----------- ----------- Diluted Net Asset Value per Ordinary 310.25p 258.73p share ----------- ----------- NOTES The Net Asset Value per Ordinary share is calculated on net assets of £ 180,482,000 (£147,930,000) and 56,145,767 (56,131,524) Ordinary shares in issue at the year end. CASH FLOW STATEMENT Year to Year to 30 September 30 September 2003 2002 £'000 £'000 Revenue Activities Dividends and interest received from 2,809 2,901 investments Interest received on deposits 139 77 Other income 21 - Expenses paid, allocated to revenue (846) (212) -------- -------- 2,123 2,766 -------- -------- Servicing of Finance Bank overdraft interest (5) (9) Bank revolving credit facility interest (83) (201) --------- --------- (88) (210) --------- --------- Taxation Recovered Income tax 434 586 -------- -------- Investment Activities Acquisitions of investments (386,564) (483,450) Disposals of investments 395,415 490,646 Expenses paid, allocated to capital (1,957) (2,236) ------------ ------------ 6,894 4,960 ------------ ------------ Equity Dividends Ordinary shares (1,684) (1,683) --------- --------- Financing Shares issued 31 43 Exchange gain on currency loans 338 426 ---------- ---------- 369 469 ---------- ---------- Net Cash Inflow 8,048 6,888 --------- --------- Annual General Meeting The Company's Annual General Meeting for 2004 will be held at Gartmore House, 8 Fenchurch Place, London EC3M 4PB on Monday, 26 January 2004, at 12.30 p.m. The Directors and the Managers will be available to answer questions and discuss the Company's performance after the Meeting. Annual Report and Accounts The Report and Accounts for the year ended 30 September 2003 will be posted to shareholders shortly. Copies will be available from the offices of Gartmore Investment Limited, Gartmore House, 8 Fenchurch Place, London EC3M 4PB. NOTE The above financial information does not constitute statutory accounts under the Companies Act 1985. The Results and Balance Sheet for the year to 30 September 2003 are taken from the Company's latest Financial Statements which are subject to final audit and have not yet been delivered to the Registrar of Companies. The comparative financial information is based on the full statutory accounts for the year ended 30th September 2002, which included an unqualified audit report and have been filed with the Registrar of Companies. GARTMORE INVESTMENT LIMITED SECRETARIES 11 December 2003 END
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