19 Dec 2007 12:53
EUROPEAN UTILITIES TRUST PLC
INTERIM MANAGEMENT STATEMENT (UNAUDITED)
Interim Management Statement for the quarter ended 31 October 2007. It has been produced for the sole purpose of providing information to the Company's shareholders in accordance with the requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon for any other purpose.
Investment ObjectiveThe Company seeks to achieve long-term growth of capital and income byinvesting in the securities of European utility and utility relatedinvestments.Financial Highlights 31 October 31 July % change 2007 2007 Gross assets¢â‚¬ ‚£43.86m ‚£39.25m 11.75% Dow Jones Euro Stoxx composite 312.93 262.39 19.26%benchmark* Ordinary Income share net asset 331.50p 284.15p 16.67%value Share price 303.00p 273.00p 10.99% Discount to net asset value (8.60%) (3.92%)
Zero Coupon Preference share net 313.99p 308.50p 1.78% asset value
Share price 327.00p 324.00p 0.92%
¢â‚¬ Total assets less current liabilities
* Representing 70% of the Dow Jones Euro Stoxx Utilities Index and 30% of the Dow Jones Euro Stoxx Telecoms Index.
Gearing
The Company currently has long-term borrowings of ‚£3.6 million, representing approximately 8.9% of net assets.
Material Events and Transactions
Proposed change of investment policy and corporate restructure
The Company has announced its intention to change its investment policy and corporate structure. Full details and the reasons behind the change can be found in the Circular to shareholders dated 17 December 2007, available via the website, www.premierassetmanagement.co.uk.
Dividends
On 20 September 2007, the Company declared a second interim dividend of 6.0p per Ordinary Income share, which was paid on 26 October 2007.
On 19 December 2007, the Company declared an interim dividend of 2.07p per Ordinary Income share, payable on 21 January 2008.
Annual General Meeting
At the Annual General Meeting held on 19 December 2007, all resolutions were passed.
The Board is not aware of any significant events or transactions which have occurred since 31 October 2007 and the date of the publication of this statement which would have a material impact on the financial position of the Company.
Top FifteenHoldingsas at 31 October 2007
% of gross assets RWE 7.0% E.ON 6.8% CEZ Group 6.7% Suez 5.7% Centrica 5.6% Iberdrola 5.5% Telefonica 5.2% Gaz de France 5.0% National Grid 4.5% Enel 4.3% Severn Trent 3.6% Autostrada Torino-Milano 3.6% Scottish & Southern Energy 3.5% EDP Energias de Portugal 3.5% International Power 3.1%
The analysis of the gross assets less current liabilities at 31 October 2007 by geographical area is as follows:
Czech Republic 7% France 11% Germany 14% Greece 2% Italy 10% Portugal 3% Spain 11% United Kingdom 35% Cash 7% 100%The analysis of the gross assets less current liabilities by sector at 31October 2007 is as follows:Electricity 45% Water 11% Gas Distribution 12% Telecoms 14% Infrastructure 11% Cash 7% 100%Further Information
The Company's shares are listed on the London Stock Exchange and the price is published in the Financial Times under `Investment Companies' and then split into share class.
The Company releases its net asset value per share to the London Stock Exchange weekly and at each month end.
Daily prices, Company announcements, Report and Accounts and monthly fact sheets are available via www.premierassetmanagement.co.uk .
The information in this statement should not be considered as a financial promotion.
By order of the Board
Capita Sinclair Henderson Limited
Company Secretary
19 December 2007
EUROPEAN UTILITIES TRUST PLC