TIDMBGEU
RNS Number : 3955G
Baillie Gifford European Grw Ts PLC
25 November 2020
RNS Announcement: Results
Baillie Gifford European Growth Trust plc
Legal Entity Identifier: 213800QNN9EHZ4SC1R12
The following is the results announcement for the year to 30
September 2020 which was approved by the Board on 24 November
2020.
Results for the year to 30 September 2020
------------------------------------------
Over the year to 30 September 2020, the Company's net asset
value per share (NAV) total return was 37.5% compared to a negative
total return of 0.3% for the FTSE Europe ex UK Index (in sterling
terms). The share price total return for the same period was
54.2%.
-- Over the ten months to 30 September 2020, being the period
under the management of Baillie Gifford, the Company's NAV total
return was 36.4% compared to a negative total return of 0.2% for
the FTSE Europe ex UK Index (in sterling terms). The share price
total return for the same period was 44.2%.
-- Online fashion market place Zalando, IT provider Bechtle,
digital payment processor Adyen and the food delivery company
Delivery Hero were amongst the portfolio's strongest contributors
to absolute returns.
-- The portfolio now contains an unlisted company, Northvolt,
the Swedish battery developer and manufacturer which specialises in
lithium-ion technology for electric vehicles.
-- The net revenue return for the year was 4.17p per share
(2019: 31.00p). A final dividend of 3.50p per share is being
recommended to give a total for the year of 3.50p (2019: 31.00p).
As highlighted previously, it is the intention of the Board that
dividends be paid by way of a single final payment and be the
minimum permissible to maintain investment trust status.
-- At this year's Annual General Meeting the Directors will be
seeking shareholder approval to undertake a 10 for 1 share
split.
-- The portfolio managers remain focused on finding the
companies that will progress through current events and emerge with
an even more dominant position and strong prospects. They remain
vigilant to investment opportunities at attractive valuations in
sustainable businesses with special cultures that provide the best
chance of producing significant absolute returns over the coming
years.
For a definition of terms see Glossary of Terms and Alternative
Performance Measures at the end of this announcement. Total return
information is sourced from Baillie Gifford/Refinitiv and relevant
underlying index providers, see disclaimer at the end of this
announcement.
Baillie Gifford European Growth Trust's principal investment
objective is to achieve capital growth over the long-term from a
diversified portfolio of European securities.
The Company is managed by Baillie Gifford & Co, an Edinburgh
based fund management group with around GBP302.5 billion under
management and advice as at 24 November 2020.
Past performance is not a guide to future performance. Baillie
Gifford European Growth Trust plc is a listed UK company. The value
of its shares and any income from them can fall as well as rise and
investors may not get back the amount invested. The Company is
listed on the London Stock Exchange and is not authorised or
regulated by the Financial Conduct Authority. You can find up to
date performance information about Baillie Gifford European Growth
Trust plc on the Company's page of the Managers' website at
www.bgeuropeangrowth.com ++
++ Neither the contents of the Managers' website nor the
contents of any website accessible from hyperlinks on the Managers'
website (or any other website) is incorporated into, or forms part
of, this announcement.
For further information please contact:
Anzelm Cydzik, Baillie Gifford & Co
Tel: 0131 275 2000
Mark Knight, Four Communications
Tel: 0203 697 4200 or 07803 758810
Chairman's Statement
Covid-19
Six months on from my interim statement, I continue to wish
everyone well and to pass on my and the Board's sincere best wishes
to all those affected directly or indirectly as a consequence of
Covid-19.
Performance
I am happy to report that, despite notable market volatility,
and in the absence of overall progress by the indices, the
Company's portfolio performed strongly in the year to 30 September
2020 and, in particular, since Baillie Gifford & Co Limited
('Baillie Gifford') took on the management of the portfolio at the
end of November 2019. The Net Asset Value per share ('NAV') total
return over the Company's financial year was 37.5% compared to a
total return of -0.3% for the FTSE Europe ex UK Index, in sterling
terms. The share price total return over the year was 54.2% as the
discount narrowed from 12.8% to 2.4%. Short term performance is
rarely of significance, though this year has been notable and has
served to repay shareholders for their patience.
The following table divides the financial year in two, showing
the performance over the two months to the end of November 2019
when the portfolio was managed by Edinburgh Partners and the
ten-month period since when the portfolio has been managed by
Baillie Gifford.
Total Return 30 September 2019 30 September 2019 to 30 November 2019 to
(%) to 30 November 2019 30 September 2020
30 September 2020
NAV 37.5 0.8 36.4
------------------- --------------------- --------------------
Share Price 54.2 6.9 44.2
------------------- --------------------- --------------------
FTSE Europe
ex UK, in
sterling (0.3) (0.1) (0.2)
------------------- --------------------- --------------------
Management Arrangements
As highlighted last year in my statement to shareholders, the
Board served notice on Edinburgh Partners, terminating its
appointment and replacing it with Baillie Gifford as the Company's
Alternative Investment Fund Manager, Company Secretary and
Administrator; the move took effect at the end of November 2019. As
part of the move, the Company's name was changed from The European
Investment Trust plc, as were its London Stock Exchange ticker and
web address (to BGEU and www.bgeuropeangrowth.com
respectively).
Portfolio Re-organisation
Following the move to Baillie Gifford, the portfolio was
reorganised extensively in the first half of December, with only
one holding, Ryanair, being retained and 40 new ones bought. This
was necessary so as to reposition the portfolio to growth equities
and thus align it with Baillie Gifford's investment philosophy.
Details on the prospects for the companies now held in the
portfolio are contained in the Managers' Report below.
Costs
The cost of the portfolio restructuring was a little over 1% of
the Company's NAV and, as part of the transition from Edinburgh
Partners, Baillie Gifford agreed to waive its management fee for
six months.
The ongoing charges figure for the year was 0.41% and would have
been 0.66% without the fee waiver. This compares favourably with
other actively-managed investment funds and particularly well
against other European focussed investment trusts. Our own
comparable figure for last year was 0.62%.
Objective and Investment Policy
At the Annual General Meeting ('AGM') held on 23 January 2020,
shareholders approved changes to the Company's objective and
investment policy. As detailed in the 2019 Annual Report, the
objective was revised to reflect Baillie Gifford's investment style
following the transition of the portfolio from Edinburgh Partners.
The investment policy was also revised, principally to allow for up
to 10% of the Company's total assets, as measured at the time of
initial investment, to be invested in unlisted investments.
Unlisted Investments
While public equity markets have provided plenty of exceptional
companies in which to invest, companies are choosing to stay
private for longer. Reasons for this include increasing compliance
and reporting costs, availability of capital and technology-led
strategies which have made it easier to scale often without large
upfront capital costs. While Europe has not traditionally been a
large market for unlisted securities, these factors now mean there
are attractive businesses to be found in the private market and
where investors can participate in the most rapid phase of
growth.
I am pleased to report that, as at the financial year end, the
portfolio had made its first investment in an unlisted company,
Northvolt, the Swedish battery developer and manufacturer which
specialises in lithium-ion technology for electric vehicles. The
Managers' Report below provides further detail on this
investment.
Dividend and Expense Allocation Policy
As flagged in the 2019 Annual Report, following the move to
Baillie Gifford, the Company's dividend policy has been changed
such that no interim dividend will be paid and any annual dividend
will be paid only to the extent required for the Company to
maintain its investment trust status.
Revenue return per share for the year was 4.17p and the Board is
recommending a final dividend of 3.50p per share. Subject to
shareholder approval at the AGM, the dividend will be paid on 29
January 2021 to shareholders on the register on 8 January 2021. The
ex-dividend date will be 7 January 2021.
In March 2020, the Company announced a change to its expense
allocation policy as the revised investment objective explicitly
seeks to achieve capital growth. Effective 1 April 2020, the
allocation policy was amended to 80% to capital and 20% to revenue
to replace the prior policy of two-thirds to capital and one-third
to revenue. This change is in line with the Board's continued aim
of matching expenses against the estimated division of the
Company's long-term returns.
Borrowings
The Company has a EUR30 million overdraft facility with The
Northern Trust Company. At the year end, the facility was partially
utilised, with EUR18.7 million (GBP16.9 million) drawn down. Under
normal circumstances, your Board believes that the portfolio should
have a modest level of gearing and the facility provides the
portfolio managers with flexibility to take advantage of
opportunities when deemed appropriate. The Board sets the strategic
parameters for the gearing within which the portfolio managers
operate. As at 30 September 2020 invested gearing stood at 4% of
shareholders' funds.
Tender, Discount, Share Buybacks and Issuance
Following approval by shareholders at the General Meeting that
immediately followed the AGM at the end of January 2020, the
Company undertook a tender for 10% of its ordinary shares in issue
at a 2% discount to the prevailing NAV; these shares are now held
in treasury for re-issuance, subject to annual shareholder
approval, at prices in excess of NAV and after associated costs to
ensure no dilution to existing investors. The Board is looking to
renew the annual issuance authority at the AGM.
When buying back shares, the Board does not have a formal
discount target, but monitors the discount closely and is prepared
to buy back shares opportunistically. Excluding the tender, no
shares were bought back during the period.
Sub-Division of Shares ('share split')
As already referred to, the Company has seen a positive change
in its fortunes since the appointment of Baillie Gifford and with
it a substantial and welcome increase in its share price. As the
number of private individuals owning the Company's shares continues
to grow, it is the Board's view that a sub-division of the
Company's share capital would be beneficial. Therefore, at the AGM,
a resolution will be put to shareholders to agree a 10:1 share
split. The full rationale for this proposal will be included in the
Directors' Report within the Annual Report and Financial
Statements.
The Board
Michael Moule is to retire from the Board at the conclusion of
the AGM and, as previously announced, to avoid a conflict, Sue
Inglis stood down from the Board at the end of November 2019
following the move to Baillie Gifford. Thanks have already been
extended to Sue and the Board now wishes also to thank Michael for
his wisdom, experience, insights and commitment to the Company
since his appointment to the Board in 2004. He will be replaced as
the Company's Senior Independent Director by Andrew Watkins.
I am pleased to report that, following a detailed search for
candidates undertaken in conjunction with an external consultancy,
the Board has appointed Emma Davies to the Board as a non-executive
Director with effect from 1 January 2021. Emma is an experienced
investor whose expertise spans global equities, as well as property
and private equity markets in the UK, most recently as a Partner at
Marylebone Partners, a leading wealth management boutique. She
brings with her a sophisticated understanding of ESG considerations
and is also currently a non-executive Director and Chair of the
Audit Committee of Riverstone Credit Opportunities Income Plc as
well as a member of the Magdalen College, Oxford, Investment
Committee. Her appointment falls to be ratified by shareholders at
the AGM.
Outlook
Whilst the Covid-19 induced decline impacted most stocks, the
strongest risers thereafter tended to be growth names, in
particular in the area of technology, where evolution accelerated
in a manner that appears increasingly permanent. Europe is not
known for its deep pool of technology companies and it has been
interesting to note that here it has been the financially strong
entrepreneurial businesses that typically have founders or families
involved in running their businesses that have prospered and
adapted both in business and in share price.
Opportunism and adaptability both deserve a premium in today's
uncertain world and have been proving their worth. Despite Covid-19
the portfolio managers remain focused on what they can control:
finding the companies that can and will navigate through current
events and emerge with an even more dominant position and strong
prospects. They remain vigilant to investment opportunities at
attractive valuations in sustainable businesses with special
cultures that provide the best chance of producing significant
absolute returns over the coming years.
Annual General Meeting
This year's AGM will take place on 21 January 2021 at the
offices of Baillie Gifford & Co in Edinburgh at 11.00am. Whilst
normally this would take place in London with shareholders
encouraged to attend, as a consequence of Covid-19 and the
uncertainty regarding government policy on group meetings, this
year's arrangements require modification. Therefore, shareholders
are being encouraged to submit their votes by proxy ahead of the
meeting rather than attempt to do so in person. It is intended that
the meeting itself will involve the minimum number of people
necessary for it to be quorate, so anyone not authorised to attend
will likely be declined entry. Should the situation change, further
information will be made available through the Company's page of
the Managers' website at www.bgeuropeangrowth.com and the London
Stock Exchange regulatory news service. Should shareholders have
questions for the Board or the Managers or any queries as to how to
vote, please make contact using the shareholder information set out
on in the Annual Report and Financial Statements. A highlight of
any AGM is hearing the views of the portfolio managers. This year,
due to current circumstances, the management team will record a
webcast which will be available to view on the Company's
aforementioned website following the AGM.
Michael MacPhee
Chairman
24 November 2020
Past performance is not a guide to future performance.
Total return information is sourced from Refinitiv/Baillie
Gifford and relevant underlying index providers, see disclaimer at
the end of this announcement.
For a definition of terms, see Glossary of Terms and Alternative
Performance Measures at the end of this announcement.
Managers' Report
================
Our First Year
The rollercoaster analogy is used far too often in investor
letters and annual reports but the ride we have all had over the
last twelve months will not be forgotten for a very long time. Last
November, we were delighted to take over the management of what is
now called Baillie Gifford European Growth Trust. We very quickly
transformed the portfolio, selling all but one of the original
holdings, and reinvested the proceeds into what we consider the
most innovative growth companies in Europe. These included, to give
some examples, specialty chemicals distributor IMCD, air compressor
manufacturer Atlas Copco, IT provider Bechtle, and audio streaming
platform Spotify. Many of the names in the portfolio will be
unfamiliar because we are trying to do something very different to
most other managers, certainly when it comes to being long-term and
emphasising growth. Each company though, regardless of where it is
domiciled or what industry it operates within, shares the same
characteristics we look for in any investment: exposure to large
and growing markets; unique corporate cultures that translate into
strong competitive positions; managers and inside shareholders whom
we trust; and, finally, the potential to at least double in value
over a five year period. For us, this is a simple yet effective
framework that we have used for many years to assess potential
outliers in Europe. As we now better appreciate, most of the wealth
and value in equity markets is generated by a relatively small
number of companies so, if we can find these outliers and invest in
them for long periods of time, we maximise our chances of long-term
outperformance.
As we moved into the New Year, little did we know what was to
come. Since February, the Covid-19 pandemic has disrupted our lives
and economies in a way very few could have predicted. When
reporting the interim results at the end of March, however, we
noted that our portfolio had held up well during the initial
sell-off. This was because the companies we invested in were
financially strong and exposed to structural growth trends like
digitalisation, e-commerce and healthcare innovation. What we did
not know then was just how much of an accelerant effect the
lock-down restrictions would have on changing consumer behaviours
and those same structural growth trends. In April, Microsoft's CEO
said, "we have seen two years' worth of digital transformation in
two months" referring to the rapid rise in remote working, online
sales and marketing, and the use of cloud computing. This digital
transformation has affected a lot more than enterprise software and
IT though; it has affected almost every aspect of our lives. Many
of the companies we invest in, like digital payment processor
Adyen, online fashion marketplace Zalando, and the food delivery
company Delivery Hero, have benefitted from the changes we have all
had to make to our daily lives. Healthcare is another area that has
received a boost, with increasing demand for the products
manufactured and distributed by companies like Sartorius Stedim
Biotech, a supplier for the biotech and pharmaceutical industry,
and Addlife, a distributor of laboratory equipment. As these
businesses have made fundamental progress their underlying
performance has been rewarded by the market, resulting in them
being notable contributors to the absolute performance of the
portfolio over the past financial year. We believe that long-run
returns from investing in equities are driven by owning big
winners. In our view, the past nine months since we took over as
managers of the portfolio illustrate this point well.
Consequently, the Company has performed very strongly since we
took it on, although we consider this far too short a time period
to differentiate between skill and luck. We hope to be judged over
at least a five-year period, the same timeframe we would use to
judge a company's potential prospects and success. It is of course
only natural to ask how sustainable this performance is. While we
fully expect to have periods of underperformance, we still strongly
believe that the structural trends mentioned above have many years
left to play out, and that the companies in the current portfolio
are very well placed to benefit. We are also very encouraged by the
emergence of more digital platforms and disruptive business models
in Europe. Together with some of the world's best industrial and
consumer brands, we think these technology companies, many of which
will remain private, will provide genuinely active growth managers
with an opportunity set richer than anything we have ever had
before.
Europe's Technology Renaissance
In stressful times like these it's very easy to forget about the
big picture and fixate over short-term data that gets
over-emphasised and over-analysed. As investors we try not to get
bogged down in the minutiae of quarterly results or guess the
short-term direction of markets. Our aim is to identify
long-lasting secular trends and characteristics of companies and
management teams that will enable them to be genuine outliers. We
think about how big a company could grow if things really work out
over the next decade, and we put a lot of emphasis on ambition and
purpose. These are less tangible and more oblique than simple
financial metrics, however, we consider them to be critical to
long-term value creation.
We have been thinking a lot about ambition recently,
specifically in a European context. Over the last 30-40 years,
ambition has produced some of the most successful companies in the
world. Most of them, however, have been in what we would consider
to be traditional industries: Nokia and Ericsson in mobiles and
network equipment; ASML in semiconductor lithography; Atlas Copco
in air compressors; LVMH, Kering and Hermes in luxury goods;
Inditex in fashion retail; and so on. What Europe has lacked though
are the big-tech companies seen in the US or China like Amazon,
Alibaba, Tencent or Facebook. These companies, by virtue of their
massive and growing user bases and network economics, have built
tremendously powerful businesses and produced spectacular
returns.
So why have we not had anything like this in Europe? There are
lots of reasons but the two that come up repeatedly are of a
financial and cultural nature. European start-ups simply have not
had the financial support - the cold hard cash from early investors
- which is needed to build scale. You could argue that this is the
reason many European tech companies sell too early and to foreign
acquirers; iZettle selling to PayPal, and Booking.com selling to
Priceline spring to mind, but there are many more. Even more
critical is the idea that European tech companies have generally
lacked global ambition or the understanding that growth, and the
scale that it brings, is all that really matters. Investors also
need to take some of the blame here as short-termism and risk
aversion have encouraged flawed strategies that try to maximise
profitability too early. For young, fast growing companies this
simply does not work.
Before getting too despondent, the good news is that there are
now clear signs that Europe's technology ecosystem has been shaken
up by a new breed of European entrepreneur who understands how to
scale and grow dominant digital platforms. Over the past six years,
the number of billion-dollar tech companies in Europe, both public
and private, is up nearly four-fold; the aggregate valuation of
these businesses is up five-fold to more than $400bn; and the total
equity raised is up 13-fold. Companies like Spotify and Adyen are
now worth $50bn and $60bn respectively and for once are
outperforming US competitors. We have also seen bold acquisitions
from companies like Just Eat Takeaway.com, which is buying Grubhub
in the US, and Adevinta, which is buying eBay's online classifieds
businesses. If successful, these deals will help build the largest
global platforms in their respective businesses outside China. More
than that though, they signal a real cultural change and a level of
ambition in Europe that we have not seen for a very long time.
Daniel Ek, the co-founder and CEO of Spotify, deserves a special
mention. At Baillie Gifford, we have got to know him and the
company well, having invested in 2015 when it was still private. We
think he has done a remarkable job over the past five years
building up the most popular audio streaming platform outside
China. It has thrived because of its focus and the long-term
ambition he has for it. This ambition however is not just reserved
for Spotify, and it is a testament to the type of leader he is that
he recently announced he will be investing EUR1bn - a significant
portion of his personal wealth - in European tech start-ups in
areas like biotechnology, machine learning and materials science.
While acknowledging the funding gap and propensity for some
European entrepreneurs to sell out before realising their full
potential, he also reiterated the point that Europe already has
most of the ingredients to create more globally relevant digital
champions.
With more support like this and inspirational companies like
Spotify and Adyen, we have no doubt that the changes we have
started to see in Europe's tech ecosystem are going to have a
profound effect on the composition of European indices. For those
investors who can take a step back from the current pandemic and
grasp this, there will be opportunities to invest in what we
believe will be the next generation of European outliers. This is
the 'European Dream' as Ek put it and, to us, seems a much more
important area to be thinking about than the extent of the rebound
in the next quarter.
Portfolio changes
We would expect over long periods of time that our portfolio
turnover will be 20% or lower. This means that our average holding
periods will be greater than five years and, more importantly, that
we are giving ourselves enough time to benefit from compound growth
which in turn leads to exponential growth. In a practical sense,
this means we are only really looking for between five and ten new
ideas each year although the exact number can obviously vary.
Earlier this year we initiated new positions in the Swiss
freight forwarding operator Kuehne & Nagel, which has invested
heavily into best-in-class IT systems which should help it expand
its market share over time; Remy Cointreau, the leading producer of
high end cognac; Pernod Ricard, a French drinks business with the
potential to improve its margin profile and accelerate its top line
growth; and Ubisoft, one of the leading global video games
publishers.
More recently, over the last six months we initiated new
positions in four companies. These are commercial oven manufacturer
Rational; IT consultant Reply; digital media company Schibsted; and
battery manufacturer Northvolt, which is our first unlisted
investment. Each of these is a founder or family run company with
what we think is a special corporate culture. Combined with growth,
competitive strength and potential returns, we consider these
companies to be outliers.
As our first unlisted investment, Northvolt is particularly
significant from a process point of view but also for what it
indicates about the level of ambition in Europe and the scope there
is for addressing climate change. Broadly speaking, the company was
founded in 2016 to enable Europe's transition to a decarbonised
future. More specifically, it is building huge manufacturing
facilities in Sweden and Germany to produce the world's greenest
lithium-ion batteries for electric vehicles, industrial
applications and storage systems. By harnessing cheap
hydro-electric power in the north of Sweden and adopting a fully
circular business model from mining to recycling, it aims to have a
cost advantage versus other battery manufacturers and to take 25%
of the potential European market by 2030. Beyond the obvious
environmental benefits, European politicians and its car
manufacturers, like VW and BMW, are also very supportive given the
alternative option of depending on Asian supply chains. With
batteries potentially being the real bottleneck for progress,
Northvolt therefore is a company that is needed by its European
customers. It may be that, without it, Europe's car companies will
be even further on the back foot when it comes to
electrification.
Ambition is nothing without execution but we're very impressed
with the people involved here. Peter Carlsson, the co-founder and
CEO, was the head of sourcing and supply chain at Tesla, and before
that NXP and Sony Ericsson, so he knows all about building at scale
and trying to change the world. The team around him also has
critical domain experience gathered at other automotive, battery
and manufacturing companies around the world. These are the people
that we are ultimately trusting to make the right decisions. There
are of course numerous risks with an endeavour like this which may
require further funding and at least five years to become an
established leader, however, we feel that the upside potential if
it does work out more than offsets these. Even globally, there
aren't many opportunities to invest and support deserving projects
at this kind of scale, so we feel fortunate to be able to
participate.
As a reminder, we can invest up to 10% of the company's total
assets at time of purchase in private companies. We feel strongly
that this is an area that will grow in importance, for Europe as a
home to entrepreneurial start-ups, and for us as investors who can
bridge that gap between private and public equity. We are at the
very early stages of this process, but Baillie Gifford has a number
of other investment vehicles that have been building expertise and
relationships in this area. So far, this has been of tremendous
value to us and we have to thank our colleagues for doing a lot of
the heavy lifting. Northvolt, for instance, was brought to us by
Daniel Ek of Spotify and Christina Stenbeck of Kinnevik who have
both personally invested. Being able to tap into this established
network and leverage our collaborative research culture will be a
key factor if we are to succeed. Our reputation as long-term and
supportive investors has already opened doors to unlisted
opportunities that would have otherwise been closed. This is an
exciting prospect and we believe that this will be very beneficial
for the Company and our fellow shareholders.
The new positions were funded by the complete disposals of our
holdings in Zooplus, a European online pet food retailer; the
Turkish discount grocery retailer BIM; Coca Cola Icecek, Coca
Cola's Turkish bottling operation; the Swiss elevator and escalator
company Schindler; the Swedish bank Svenska Handelsbanken; Legrand,
the French supplier of electrical equipment; the Swedish
engineering company Alfa Laval; Edenred, the French meal-voucher
and corporate benefits operator; and Tenaris, the Italian producer
of oil pipes. In some cases, like Schindler, Alfa Laval or Legrand,
we sold our holdings because, although we continue to admire these
businesses, we believe that there are other, more exciting and
faster growing companies we would rather own. In other cases, we
believe our investment thesis has not been playing out; Zooplus or
Tenaris spring to mind here.
As believers in long-term equity returns we expect to utilise
gearing strategically. We utilised some borrowings as part of the
Company's 10% tender transaction at the end of January and invested
gearing currently stands at c. 4% of shareholders' funds. We have
the ability to increase our gearing levels further to take
advantage of any opportunities arising at an individual stock
level.
Outlook
It seems that human ingenuity and scientific progress will allow
us to resume a more normal way of living soon, however we still do
not know what the economic or financial impact from Covid-19 will
be. We will continue to try and invest in companies that are
relatively immune to macro-economic and other exogenous shocks but
where there is also the potential for huge value creation. Not all
of these companies will be successful and, given the short-term
impact investor sentiment can have on markets, we will inevitably
go through periods of underperformance. We should not worry too
much about this though. As long as we remain diligent and focused
on the investment philosophy and process we have developed over the
years, we strongly believe that the odds of outperforming and
generating worthwhile absolute returns are tipped in our favour.
More generally though, when thinking about the transition Europe is
going through and the potential outliers that will emerge from both
public and private markets, we are very excited and optimistic
about the future. As investment managers, we will focus on getting
better at our jobs every day, but the truth is that we will
continue to ride on the coat-tails of the brilliant founders and
entrepreneurs who do all the hard work. These are the people with
the vision and ambition to make a real difference and to hopefully
create and build Europe's next super companies.
Stephen Paice
Moritz Sitte
Baillie Gifford & Co
24 November 2020
List of Investments as at 30 September 2020
============================================
% of
Value total
Name Business Country GBP'000 assets*
=================== ========================================= ============= ========= =========
Prosus Media and e-commerce company Netherlands 26,660 5.7
Zalando Online fashion retailer Germany 25,292 5.4
IMCD Speciality chemical distributor Netherlands 23,552 5.0
Bechtle IT systems integrator Germany 19,467 4.2
adidas Sports shoes and equipment manufacturer Germany 19,134 4.1
Adyen Global payment company Netherlands 18,695 4.0
Spotify Online music streaming service Sweden 18,371 3.9
Atlas Copco Industrial compressors manufacturer Sweden 16,963 3.6
Distributor of medical and laboratory
Addlife equipment Sweden 16,930 3.6
Ryanair Low cost European airline Ireland 16,598 3.5
Provider of high performance
insulation and
Kingspan building envelope technologies Ireland 15,675 3.3
Adevinta Provider of internet based services Norway 15,603 3.3
Invests in and builds digital
consumer
Kinnevik businesses Sweden 15,302 3.3
Delivery Hero Online food-delivery service Germany 14,214 3.0
DSV Transport and logistics company Denmark 14,001 3.0
L'Oréal Personal care France 13,349 2.8
Sartorius International pharmaceutical
Stedim and laboratory
Biotech equipment supplier France 13,312 2.8
Kering Luxury brand conglomerate France 12,033 2.6
ASML Semiconductor equipment manufacturer Netherlands 10,970 2.3
International heating technology
NIBE company Sweden 10,367 2.2
Kuehne & Nagel Worldwide freight transporter Switzerland 9,532 2.0
Carl Zeiss
Meditec Medical technology for ophthalmology Germany 9,040 1.9
Investor Industrial holdings company Sweden 8,816 1.9
Online food ordering and home
Takeaway.com delivery Netherlands 8,696 1.9
Manufacturer of rubber and plastic
Hexpol components Sweden 8,240 1.8
Reply Communication technology company Italy 7,573 1.6
Media and classifieds advertising
Schibsted platforms Norway 7,273 1.6
Antibody based drug discovery
MorphoSys platform Germany 7,205 1.5
Manufacturer of precision weighing
Mettler-Toledo equipment Switzerland 7,153 1.5
Beijer Refrigeration and air conditioning Sweden 7,102 1.5
Novozymes Enzyme manufacturer Denmark 7,012 1.5
Manufacturer and distributor
Rémy of premium wines
Cointreau and spirits worldwide France 6,482 1.4
Ubisoft
Entertainment Video games publisher France 6,288 1.3
Richemont Luxury goods company Switzerland 6,184 1.3
Supplier to mining and construction
Epiroc industries Sweden 5,138 1.1
Inditex International clothing retailer Spain 4,737 1.0
Northvolt
(u) Battery developer and manufacturer Sweden 4,254 0.9
Rational Industrial machinery manufacturing Germany 4,143 0.9
Pernod Ricard Global spirits manufacturer France 3,162 0.7
Genetic engineering for cell
Cellectis based therapies France 2,455 0.5
Global Positioning Systems (GPS)
developer for
U-Blox a range of markets Switzerland 1,882 0.4
=================== ========================================= ============= ========= =========
Total investments 468,855 99.8
Net liquid
assets* 732 0.2
Total assets 469,587 100.0
Borrowings (16,939) (3.6)
Shareholders' funds 452,648 96.4
============================================================== ============= ========= =========
(u) Denotes unlisted holding.
* For a definition of terms used, see Glossary of Terms and
Alternative Performance Measures at the end of this
announcement.
Income Statement
For the year ended For the year ended
30 September 2020 30 September 2019
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================================= ========= ========= ========= ========== ========== ==========
Net gains/(losses) on investments - 125,505 125,505 - (32,508) (32,508)
Currency (losses)/gains (6) (1,211) (1,217) 24 80 104
Income 2,597 - 2,597 14,523 - 14,523
Investment management fee (332) (976) (1,308) (600) (1,199) (1,799)
Other administrative expenses (441) - (441) (484) (6) (490)
================================================= ========= ========= ========= ========== ========== ==========
Net return before finance costs and taxation 1,818 123,318 125,136 13,463 (33,633) (20,170)
Finance costs (45) (78) (123) (21) (24) (45)
================================================= ========= ========= ========= ========== ========== ==========
Net return on ordinary activities before taxation 1,773 123,240 125,013 13,442 (33,657) (20,215)
Tax on ordinary activities (204) - (204) (837) - (837)
================================================= ========= ========= ========= ========== ========== ==========
Net return on ordinary activities after taxation 1,569 123,240 124,809 12,605 (33,657) (21,052)
================================================= ========= ========= ========= ========== ========== ==========
Net return per ordinary share (note 4) 4.17p 327.72p 331.89p 31.00p (82.80p) (51.80p)
================================================= ========= ========= ========= ========== ========== ==========
The total column of this statement is the profit and loss
account of the Company. The supplementary revenue and capital
return columns are prepared under guidance published by the
Association of Investment Companies.
All revenue and capital items in this statement derive from
continuing operations.
A Statement of Comprehensive Income is not required as all gains
and losses of the Company have been reflected in the above
statement.
Balance Sheet
At 30 September 2020 At 30 September 2019
GBP'000 GBP'000 GBP'000 GBP'000
====================================================== ========== ========== =========== ==========
Fixed assets
Investments held at fair value through profit or loss 468,855 369,064
Current assets
Debtors 2,469 2,729
Cash and cash equivalents 57 2,301
====================================================== ========== ========== =========== ==========
2,526 5,030
====================================================== ========== ========== =========== ==========
Creditors
Amounts falling due within one year (18,733) (237)
====================================================== ========== ========== =========== ==========
Net current (liabilities)/assets (16,207) 4,793
====================================================== ========== ========== =========== ==========
Net assets 452,648 373,857
====================================================== ========== ========== =========== ==========
Capital and reserves
Share capital 10,061 10,061
Share premium account 123,749 123,749
Capital redemption reserve 8,750 8,750
Capital reserve 303,850 217,985
Revenue reserve 6,228 13,312
====================================================== ========== ========== =========== ==========
Shareholders' funds 452,648 373,857
====================================================== ========== ========== =========== ==========
Net asset value per ordinary share* 1,249.7p 929.0p
====================================================== ========== ========== =========== ==========
Ordinary shares in issue (note 8) 36,219,933 40,244,369
====================================================== ====================== =========================
* See Glossary of Terms and Alternative Performance Measures at the end of this announcement.
Statement of Changes in Equity
For the year ended 30 September 2020
Share Share premium Capital redemption Shareholders'
capital account reserve Capital reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
===================== ======== ============== ==================== =============== =============== =============
Shareholders' funds
at 1 October 2019 10,061 123,749 8,750 217,985 13,312 373,857
Dividends paid during
the year (note 5) - - - - (8,653) (8,653)
Shares bought back
into treasury - - - (37,365) - (37,365)
Net return on
ordinary activities
after taxation (note
4) - - - 123,240 1,569 124,809
Shareholders' funds
at 30 September 2020 10,061 123,749 8,750 303,860 6,228 452,648
===================== ======== ============== ==================== =============== =============== =============
For the year ended 30 September 2019
Capital
Share premium redemption Shareholders'
Share capital account reserve Capital reserve Revenue reserve funds
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================ ================ =============== ================ =============== =============== =============
Shareholders'
funds at 1
October 2018 10,314 123,749 8,497 259,842 11,917 414,319
Dividends paid
during the year
(note 5) - - - - (11,210) (11,210)
Shares purchased
for
cancellation (253) - 253 (8,200) - (8,200)
Net return on
ordinary
activities
after taxation
(note 4) - - - (33,657) 12,605 (21,052)
Shareholders'
funds at 30
September 2019 10,061 123,749 8,750 217,985 13,312 373,857
================ ================ =============== ================ =============== =============== =============
Cash Flow Statement
===================
For the year ended 30 September
2020 2019
GBP'000 GBP'000 GBP'000 GBP'000
==================================================== ========= ======== ======== ========
Cash flows from operating activities
Net return on ordinary activities before taxation 125,013 (20,215)
Net (gains)/losses on investments (125,505) 32,508
Currency losses/(gains) 1,217 (104)
Finance costs 123 45
Overseas withholding tax (220) (837)
Changes in debtors and creditors 1,369 (799)
==================================================== ========= ======== ======== ========
Cash from operations* 1,997 10,598
Interest paid (111) (43)
==================================================== ========= ======== ======== ========
Net cash inflow from operating activities 1,886 10,555
==================================================== ========= ======== ======== ========
Cash flows from investing activities
Acquisitions of investments (445,038) (66,810)
Disposals of investments 471,204 90,731
==================================================== ========= ======== ======== ========
Net cash inflow from investing activities 26,166 23,921
==================================================== ========= ======== ======== ========
Cash flows from financing activities
Shares bought back into treasury (37,365) (8,477)
Equity dividends paid (note 5) (8,653) (11,210)
==================================================== ========= ======== ======== ========
Net cash outflow from financing activities (46,018) (19,687)
==================================================== ========= ======== ======== ========
(Decrease)/increase in cash and cash equivalents (17,966) 14,789
Exchange movements (1,217) 104
Cash and cash equivalents at start of year (note 9_ 2,301 (12,592)
==================================================== ========= ======== ======== ========
Cash and cash equivalents at end of year (note 9) (16,882) 2,301
Comprising:
Cash at bank 57 2,301
Bank overdraft (16,939) -
==================================================== ========= ======== ======== ========
(16,882) 2,301
==================================================== ========= ======== ======== ========
* Cash from operations includes dividends received of
GBP2,905,000 (2019 - GBP14,362,000)
Notes to the Condensed Financial Statements
===========================================
1.
1. The Financial Statements for the year to 30 September 2020 have been prepared in accordance
with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'
and on the basis of the accounting policies set out in the Annual Report and Financial statements
for the year ended 30 September 2020.
2. Income 2020 2019
GBP'000 GBP'000
=========================================================== ==================== ======================
Income from investments
Overseas dividends 2,597 14,519
Other income
Interest on withholding tax reclaims - 4
=============================================================== ==================== ======================
Total income 2,597 14,523
=========================================================== ==================== ======================
Investment Management Fee
=========================================================== ==================== ======================
3. 2020 2020 2020 2019 2019 2019
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
================================== ========== =========== ======== ========== ========== ==========
Investment management fee 332 976 1,308 600 1,199 1,799
---------------------------------- ---------- ----------- -------- ---------- ---------- ----------
Baillie Gifford & Co Limited, a wholly owned subsidiary of Baillie Gifford & Co, was appointed
as the Company's Alternative Investment Fund Manager ('AIFM') and Company Secretary on 29
November 2019. The agreement with the previous AIFM, Edinburgh Partners AIFM Limited, was
terminated on 29 November 2019. Baillie Gifford & Co Limited has delegated portfolio management
services to Baillie Gifford & Co. Dealing activity and transaction reporting has been further
sub-delegated to Baillie Gifford Overseas Limited and Baillie Gifford Asia (Hong Kong) Limited.
The Investment Management Agreement is terminable on not less than three months' notice or
on shorter notice in certain circumstances. Compensation would only be payable if termination
occurred prior to the expiry of the notice period.
The annual management fee is 0.55% of the lower of (i) the Company's market capitalisation
and (ii) the Company's net asset value (which shall include income), in either case up to
GBP500 million, and 0.50% of the amount of the lower of the Company's market capitalisation
or net asset value above GBP500 million, calculated and payable quarterly. In order to offset
the costs of repositioning the portfolio following its appointment as AIFM, Baillie Gifford
agreed to waive its management fee for six months. Prior to the termination of its appointment,
Edinburgh Partners AIFM Limited received GBP525,000 in respect of management fees, of which
GBP215,000 represented its termination fee.
=========================================================================================================
4. Net Return per Ordinary Share 2020 2020 2020 2019 2019 2019
Revenue Capital Total Revenue Capital Total
================================== ========== =========== ======== ========== ========== ==========
Net return on ordinary activities 4.17p 327.72p 331.89p 31.00p (82.80p) (51.80p)
================================== ========== =========== ======== ========== ========== ==========
Revenue return per ordinary share is based on the net revenue return on ordinary activities
after taxation of GBP1,569,000 (2019 - GBP12,605,000), and on 37,605,394 (2019 - 40,626,941)
ordinary shares, being the weighted average number of ordinary shares in issue during each
year.
Capital return per ordinary share is based on the net capital gain for the financial year
of GBP123,240,000 (2019 - net capital loss of GBP33,657,000), and on 37,605,394 (2019 - 40,626,941)
ordinary shares, being the weighted average number of ordinary shares in issue during each
year.
There are no dilutive or potentially dilutive shares in issue.
=============================================================================================================
5. Ordinary Dividends 2020 2019 2020 2019
GBP'000 GBP'000
====================================================== ====== ====== ======== ========
Amounts recognised as distributions in the year:
Previous year's final dividend (paid 31 January 2020) 21.50p 18.00p 8,653 7,387
Interim dividend - 9.50p - 3,823
========================================================== ====== ====== ======== ========
21.50p 27.50p 8,653 11,210
========================================================== ====== ====== ======== ========
Also set out below are the total dividends paid and proposed in respect of the financial year,
which is the basis on which the requirements of section 1158 of the Corporation Tax Act 2010
are considered. The revenue available for distribution by way of dividend for the year is
GBP1,569,000 (2019 - GBP12,605,000).
2020 2019 2020 2019
GBP'000 GBP'000
Dividends paid and payable in respect of the year:
Interim dividend - 9.50p - 3,823
Proposed final dividend (payable 29 January 2021) 3.50p 21.50p 1,268 8,653
================================================================= ======= ======== ========= =========
3.50p 31.00p 1,268 12,476
================================================================= ======= ======== ========= =========
6. The Company has an uncommitted EUR30m bank overdraft credit facility agreement with The Northern
Trust Company for the purpose of pursuing its investment objective. As at 30 September 2020,
EUR18.7m had been drawn down (2019 - Nil).
7. Transaction costs incurred on the purchase and sale of investments are added to the purchase
costs or deducted from the sales proceeds, as appropriate. The purchases and sales proceeds
figures above include transaction costs of GBP542,000 (2019 - GBP141,000) and GBP141,000 (2019
- GBP57,000) respectively.
8. The Company's shareholder authority permits it to hold shares bought back in treasury. Under
such authority, treasury shares may be subsequently either sold for cash (at a premium to
net asset value per ordinary share) or cancelled. At 30 September 2020 the Company had authority
to buy back 6,032,630 ordinary shares. During the year to 30 September 2020, no ordinary shares
(2019 - 1,011,000) were bought back for cancellation and 4,024,436 (2019 - nil) ordinary shares
were bought back into treasury. Under the provisions of the Company's Articles of Association
share buy-backs are funded from the capital reserve.
9.
1 October Cash Exchange 30 September
2019 Flows Movement 2020
GBP'000 GBP'000 GBP'000 GBP'000
=========================== =========== ========= ========== ==============
Cash and cash equivalents 2,301 (17,966) (1,217) (16,882)
=========================== =========== ========= ========== ==============
10. The financial information for 2019 is derived from the statutory accounts for 2019 which have
been delivered to the Registrar of Companies. Statutory accounts for 2020 will be delivered
to the Registrar of Companies in due course. The Auditors have reported on the 2019 and 2020
accounts, their report was (i) unqualified; (ii) did not include a reference to any matters
to which the Auditors drew attention by way of emphasis without qualifying their report; and
(iii) did not contain a statement under sections 498(2) or (3) to 497 of the Companies Act
2006.
11. The Annual Report and Financial Statements will be available on the Company's page of the
Managers' website at www.bgeuropeangrowth.com on or around 11 December 2020.
None of the views expressed in this document should be construed
as advice to buy or sell a particular investment.
Glossary of Terms and Alternative Performance Measures (APM)
Total Assets
Total assets less current liabilities, before deduction of all borrowings.
Net Asset Value
Net Asset Value (NAV) is the value of total assets less liabilities (including borrowings).
The NAV per share is calculated by dividing this amount by the number of ordinary shares in
issue (excluding treasury shares).
Net Liquid Assets
Net liquid assets comprise current assets less current liabilities, excluding borrowings.
Discount/Premium (APM)
As stockmarkets and share prices vary, an investment trust's share price is rarely the same
as its NAV. When the share price is lower than the NAV per share it is said to be trading
at a discount. The size of the discount is calculated by subtracting the share price from
the NAV per share and is usually expressed as a percentage of the NAV per share. If the share
price is higher than the NAV per share, it is said to be trading at a premium.
2020 2019
======================================= ========================== ==================================
Closing NAV per share 1,249.7p 929.0p
Closing share price 1,220.0p 810.0p
--------------------------------------- -------------------------- ----------------------------------
Discount 2.4% 12.8%
======================================= ========================== ==================================
Total Return (APM)
The total return is the return to shareholders after reinvesting the net dividend on the date
that the share price goes ex-dividend.
=======================================================================================================
2020 2020 2019 2019
NAV Share NAV Share
Price Price
====================================== ================= ======== ============== ======== ========
Closing NAV per share/share price (a) 1,249.7p 1,220.0p 929.0p 810.0p
Dividend adjustment factor* (b) 1.0224 1.0235 1.0309 1.0353
Adjusted closing NAV per share/share
price (c = a x b) 1,277.7p 1,248.7p 957.7p 838.6p
Opening NAV per share/share price (d) 929.0p 810.0p 1,004.3p 908.0p
====================================== ================= ======== ============== ======== ========
Total return (c ÷ d) - 1 37.5% 54.2% (4.6%) (7.6%)
====================================== ================= ======== ============== ======== ========
* The dividend adjustment factor is calculated on the assumption that the dividends of 21.5p
(2019 - 27.5p) paid by the Company during the year were reinvested into shares of the Company
at the cum income NAV per share/share price, as appropriate, at the ex-dividend date.
=======================================================================================================
Ongoing Charges (APM)
The total expenses (excluding borrowing costs) incurred by the Company as a percentage of
the average net asset value. The ongoing charges have been calculated on the basis prescribed
by the Association of Investment Companies.
A reconciliation from the expenses detailed in the Income Statement above is provided below.
=======================================================================================================
2020 2019
========================================================= ======== ============== ==================
Investment management fee GBP1,093,000 GBP1,799,000
Other administrative expenses GBP441,000 GBP490,000
--------------------------------------------------------- -------- -------------- ------------------
Total expenses (a) GBP1,534,000 GBP2,289,000
Average net asset value (b) GBP375,086,000 GBP369,194,000
========================================================= ======== ============== ==================
Ongoing Charges ((a) ÷ (b) expressed as a
percentage) 0.41% 0.62%
========================================================= ======== ============== ==================
Glossary of Terms and Alternative Performance Measures (APM)
(Ctd)
Baillie Gifford & Co Limited was appointed on 29 November 2019 and agreed to waive its management
fee for six months from the date of its appointment. The calculation for 2020 above is therefore
not representative of future management fees. The reconciliation below shows the ongoing charges
figure if the management fee waiver had not been in place.
===================================================================================================================
2020 2019
================================================================== ======= ================== ==================
Investment management fee GBP1,093,000 GBP1,799,000
Investment management fee waiver GBP951,000 -
Other administrative expenses GBP441,000 GBP490,000
================================================================== ======= ================== ==================
Total expenses (a) GBP2,485,000 GBP2,289,000
Average net asset value (b) GBP375,086,000 GBP369,194,000
================================================================== ======= ================== ==================
Ongoing Charges ((a) ÷ (b) expressed as a percentage) 0.66% 0.62%
=========================================================================== ================== ==================
Gearing (APM)
At its simplest, gearing is borrowing. Just like any other public company, an investment trust
can borrow money to invest in additional investments for its portfolio. The effect of the
borrowing on the shareholders' assets is called 'gearing'. If the Company's assets grow, the
shareholders' assets grow proportionately more because the debt remains the same. But if the
value of the Company's assets falls, the situation is reversed. Gearing can therefore enhance
performance in rising markets but can adversely impact performance in falling markets.
Equity gearing is the Company's borrowings adjusted for cash and cash equivalents as a percentage
of shareholders' funds.
Potential gearing is the Company's borrowings expressed as a percentage of shareholders' funds.
Leverage (APM)
For the purposes of the Alternative Investment Fund Managers (AIFM) Directive, leverage is
any method which increases the Company's exposure, including the borrowing of cash and the
use of derivatives. It is expressed as a ratio between the Company's exposure and its net
asset value and can be calculated on a gross and a commitment method. Under the gross method,
exposure represents the sum of the Company's positions after the deduction of sterling cash
balances, without taking into account any hedging and netting arrangements. Under the commitment
method, exposure is calculated without the deduction of sterling cash balances and after certain
hedging and netting positions are offset against each other.
Active Share (APM)
Active share, a measure of how actively a portfolio is managed, is the percentage of the portfolio
that differs from its comparative index. It is calculated by deducting from 100 the percentage
of the portfolio that overlaps with the comparative index. An active share of 100 indicates
no overlap with the index and an active share of zero indicates a portfolio that tracks the
index.
Automatic Exchange of Information
In order to fulfil its obligations under UK Tax Legislation relating to the automatic exchange
of information, the Company is required to collect and report certain information about certain
shareholders.
The legislation will require investment trust companies to provide personal information to
HMRC on certain investors who purchase shares in investment trusts. As an affected company,
Baillie Gifford European Growth Trust plc will have to provide information annually to the
local tax authority on the tax residencies of a number of non-UK based certificated shareholders
and corporate entities.
Shareholders, excluding those whose shares are held in CREST, who come on to the share register
will be sent a certification form for the purposes of collecting this information.
For further information, please see HMRC's Quick Guide: Automatic Exchange of Information
- information for account holders https://www.gov.uk/government/publications/exchange-of-information-account-holders
.
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