North European Oil Royalty Trust (NRT) 2003年年度报告「NYSE」.pdf

1、Annual Report 2003NorthEuropean OilRoyalty TrustATTENTION:PLEASE RETAINCRITICAL TAX INFORMATION ENCLOSEDTable of ContentsReport to Unit Owners .2-3Selected Financial Data .4Description of Trust Assets .5Managements Discussion and Analysis .6-9Distributions and Trading .10Auditors Report .11Financial

2、 Statements.12-15Notes to Financial Statements .16-19Dollar Royalties-Western and Eastern Oldenburg .20Note to Unit Owners(Removable).21-22Ten Year History of Net Gas Sales .23Net Gas Reserves(Estimated)and Volume of Net Gas Sales .24The Annual Meeting of Unit Owners will be held on Wednesday,Februa

3、ry 11,2004,at 1:30P.M.,in Rooms 3 and 4,Ninth Floor,at the University Club,1 West 54th Street,New York City(northwest corner of 5th Avenue;entrance on 54th Street).Allunit owners are cordially invited to attend.If you plan to attend the meeting,please note that The University Club has a dress code.G

4、entlemen are required to wear a jacket and ladies are required to wear business attire.TheUniversity Club does not make exceptions.1IMPORTANT TAX INFORMATIONFor your convenience the information necessary to prepareyour 2003 tax return is included in the removable“Note to Unit Owners”on Pages 21 and

5、22.Please note there will be no separate mailing of the tax letter.2NORTH EUROPEAN OIL ROYALTY TRUSTReport to Unit Owners:FOURTH QUARTER 2003Net income for the Trust for the fourth quarter of fiscal 2003 was$3,997,312,an increase of17.3%from the fourth quarter of fiscal 2002.At this level of royalti

6、es the Trust was able to pay adistribution of 45 cents per unit,seven cents higher than the distribution for the fourth quarter of fiscal2002.Other than the impact of the strong Euro,the impact of the other factors affecting royaltyincome was mixed.Under the lower royalty rate agreement with Oldenbu