Final Results

Deutsche Latin American Cos Tst PLC 29 April 2003 DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 28 FEBRUARY 2003 Extract from the Chairman's Statement Latin American stock markets were unable to resist the sharp fall in global markets during last summer and I have to report a fall of 38.4% in our net asset value per share during our financial year. This was almost identical to the fall in the MSCI Latin American Free Index of 38.5%. World stock markets, as measured by the MSCI World Index, fell by 29.8%. Our share price fell by 39.6% during the same period as the discount of share price to net asset value remained stable. Latin American markets were generally dragged down during the summer by the falls on Wall Street where investors were concerned by the slow recovery in the economy and a number of high profile corporate scandals which led to concerns about the quality of accounting standards in the United States. It is perhaps somewhat ironic that similar concerns have not appeared on such a scale in Latin America but the general risk aversion by equity investors meant that our markets could not escape the general gloom. Our income is down sharply, largely because of a special dividend that we received in the previous financial year. Revenue available to shareholders however increased by 29.3% as both our tax charge and the interest payable on our borrowings were significantly lower. We are recommending a final dividend of 0.30p per share, 50% higher than last year. This will be paid on 2 July 2003 to those shareholders on the register at the close of business on 6 June 2003. Richard Watkins Chairman The final dividend of 0.30p per share will be paid on 2 July 2003 to shareholders on the register at the close of business on 6 June 2003. The financial information set out overleaf does not constitute the Company's statutory accounts for the years ended 28 February 2003 or 28 February 2002. The financial information for 2002 is derived from the statutory accounts for 2002 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2002 accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for 2003, which have not yet been reported on by the Auditors, will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The annual report will be sent to shareholders and will also be made available to the public at the Company's registered office. ANNUAL GENERAL MEETING The Annual General Meeting will be held on Friday, 27 June 2003 at 11.45 a.m. at One Appold Street, London EC2. By order of the Board M Pope Secretary Registered Office: One Appold Street London EC2A 2UU 29 April 2003 For further information please contact: James Fox at Deutsche Investment Trust Managers Limited Tel: 020 7545 6000 Statement of total return (incorporating the revenue account*) For the year ended 28 February Revenue Capital Total Revenue Capital Total 2003 2003 2003 2002 2002 2002 £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (16,204) (16,204) - (1,073) (1,073) Income 1,128 - 1,128 1,706 - 1,706 Investment management fee (284) - (284) (400) - (400) Other expenses (238) - (238) (228) - (228) ------------------------------------------------------------------------------------------------------------------------ Net return before finance 606 (16,204) (15,598) 1,078 (1,073) 5 costs and taxation Interest payable (223) - (223) (678) - (678) ------------------------------------------------------------------------------------------------------------------------ Return on ordinary 383 (16,204) (15,821) 400 (1,073) (673) activities before tax Tax on ordinary (89) - (89) (173) - (173) activities ------------------------------------------------------------------------------------------------------------------------ Return on ordinary activities after tax for the financial year 294 (16,204) (15,910) 227 (1,073) (846) attributable to equity shareholders Dividends in respect of (143) - (143) (96) - (96) equity shares ------------------------------------------------------------------------------------------------------------------------ Transfer to reserves after proposed dividend of 0.30p (2002 - 0.20p) 151 (16,204) (16,053) 131 (1,073) (942) ------------------------------------------------------------------------------------------------------------------------ Return per ordinary share: Basic and diluted 0.61 p (33.89) p (33.28) p 0.47 p (2.24) p (1.77) p ------------------------------------------------------------------------------------------------------------------------ *The revenue column of this statement is the profit and loss account of the company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the year. Balance sheet As at 28 February 2003 2002 £'000 £'000 Fixed assets Investments 28,285 42,460 -------------------------------------------------------------------------------- Current assets Debtors 211 225 Cash at bank and in hand 801 10,507 -------------------------------------------------------------------------------- 1,012 10,732 -------------------------------------------------------------------------------- Creditors: amounts falling due (3,479) (11,305) within one year -------------------------------------------------------------------------------- Net current liabilities (2,467) (573) -------------------------------------------------------------------------------- Total assets less current 25,818 41,887 liabilities -------------------------------------------------------------------------------- Provisions for liabilities and (8) (24) charges -------------------------------------------------------------------------------- Net assets 25,810 41,863 -------------------------------------------------------------------------------- Capital and reserves Called-up share capital 11,953 11,953 Share premium account 11,752 11,752 Other reserves Special reserve 17,981 17,981 Warrant reserve 4,026 4,026 Warrant exercise reserve 3 3 Capital redemption reserve 4,089 4,089 Capital reserve - realised (20,010) (15,392) Capital reserve - unrealised (5,254) 6,332 Revenue reserve 1,270 1,119 -------------------------------------------------------------------------------- Total equity shareholders' funds 25,810 41,863 -------------------------------------------------------------------------------- Net asset value per ordinary share Basic 53.98p 87.56p Fully diluted 63.72p 90.19p -------------------------------------------------------------------------------- CASH FLOW STATEMENT Year ended 28 February 2003 2002 £'000 £'000 Reconciliation of operating profit to net cash --------------------------- inflow from operating activities Cash received from investments 1,081 1,458 Interest received 104 289 Cash received from stocklending 1 - Investment management fees paid (311) (388) Cash paid to and on behalf of directors (49) (49) Other cash payments (214) (220) -------------------------------------------------------------------------------- Net cash inflow from operating activities 612 1,090 -------------------------------------------------------------------------------- Servicing of finance Interest paid (479) (664) -------------------------------------------------------------------------------- Net cash outflow from servicing of finance (479) (664) -------------------------------------------------------------------------------- Taxation UK corporation tax paid - (34) Overseas tax paid (80) (161) Income tax refunded 18 73 -------------------------------------------------------------------------------- Taxation paid (62) (122) -------------------------------------------------------------------------------- Financial investment Purchase of investments (17,139) (17,239) Sale of investments 14,952 21,096 -------------------------------------------------------------------------------- Net cash (outflow)/inflow from financial investment (2,187) 3,857 -------------------------------------------------------------------------------- Equity dividends paid (96) (96) -------------------------------------------------------------------------------- Financing Part repayment of bank loan (6,369) - Repurchase and cancellation of ordinary shares - (281) Exercise of subscription warrants - 1 -------------------------------------------------------------------------------- Net cash outflow from financing (6,369) (280) -------------------------------------------------------------------------------- (Decrease)/increase in cash (8,581) 3,785 -------------------------------------------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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