BARING EMERGING EUROPE PLC Interim Management Statement Review of the period from 1 October 2012 to 31 December 2012 This Interim Management Statement for the period from 1 October 2012 to 31 December 2012 contains information which covers that period, unless otherwise stated. INVESTMENT OBJECTIVE The investment objective of the Company is to achieve long-term capital growth, principally through investment in Emerging European securities. MATERIAL EVENTS OR TRANSACTIONS DURING THE PERIOD The directors confirm the following material events and transactions which have occurred since the Company's year end on 30 September 2012. Portfolio: The portfolio's exposure to Polish equities has been significantly reduced since the Company's year end on 30 September 2012. This reflects the fact that target prices were reached in Polish financial stocks and miners. In Russia, holdings in the dominant gas producers Novatek and Gazprom were reduced and funds were re-invested in the mobile telecom operator MTS and miner Norilsk Nickel. The portfolio remains overweight the Russian market relative to the benchmark index. The portfolio weighting in Turkish equities was increased as economic indicators consistently surprised positively and corporate profitability improved, underscoring the attractive growth and valuation characteristics of the Turkish stock market. The Company participated in the IPO of MD Medical, a leading Russian private healthcare operator. Discount: The share price discount to net asset value at 30 December 2012 was 10.4% (30 September 2012: 9.4%) Share Capital: During the period from 1 October 2012 to 31 December 2012 the Company bought back 1,803,000 ordinary shares at a cost of £12.22 million. At 30 December 2012 the Company's issued share capital consisted of 22,568,043 ordinary shares (excluding the 3,318,207 ordinary shares held in treasury). Results for the Year Ended 30 September 2012 On 29 November 2012 the Company announced its final results for the year ended 30 September 2012. The annual report and accounts for the year ended 30 September 2012 was mailed to shareholders on 5 December 2012. ANNUAL GENERAL MEETING HELD ON 9 JANUARY 2013 Resolutions All the resolutions set out in the Notice of Meeting were duly passed. The resolutions approved included those which authorise the Company to issue shares for cash, including shares held in treasury, to make market purchases of the Company's own shares and to adopt New Articles of Association. Annual Dividend Shareholders approved the payment of an annual dividend of 16.0p per ordinary share for the year ended 30 September 2012 to be paid on 1 February 2013 to members on the register at the close of business on 14 December 2012. The shares were marked ex-dividend on 12 December 2012. The directors are not aware of any other significant events or transactions up to the date of this report which would have a material impact on the financial position of the Company. COMPANY STATISTICS 31 December 2012 5 February 2013 Gross Assets £186.1 million £199.6 million Net Asset Value Per Ordinary Share 824.72p 906.05p Share Price 739.00p 810.00p Discount to Net Asset Value 10.4% 10.6% CUMULATIVE PERFORMANCE TO 31 DECEMBER 2012 (Total Return in percentage terms) Performance Over 3 months 1 Year 3 Years Share Price* +7.4% +20.4% +2.2% Net asset Value* +8.3% +24.4% +1.7% Benchmark+ +6.7% +21.8% +4.1% * Source - AIC + Source - Barings. MSCI EM Europe 10/40. PORTFOLIO INFORMATION AT 31 DECEMBER 2012 Ten largest holdings: % of Total Assets Geographical breakdown % Sberbank 11.4 Lukoil Holdings 10.9 Russia 64.6 Gazprom 7.5 Turkey 20.8 Tupras 4.4 Poland 8.5 Halk Bank 4.1 Czech Republic 0.9 Novatek 4.1 Ukraine 1.3 Rosneft 3.6 Hungary 2.4 VTB Bank 3.5 Other 1.5 PZU 3.3 Norilsk Nickel 3.3 Total 100.0 6 February 2013 END -0- Feb/06/2013 17:20 GMT
BARING EMERGING EUROPE PLC: Interim Management Statement
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