Interim Results

Deutsche Latin American Cos Tst PLC 22 October 2002 DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE HALF YEAR ENDED 31 AUGUST 2002 Extract from the Chairman's Statement World stock markets have experienced one of the worst periods of performance during the last few months since the 1987 crash. Latin America, which had been outperforming the major markets, has finally succumbed to the international pressures and I am disappointed to have to report a fall in our net asset value of 28.3% for the six month period, although this was somewhat better than the performance of the MSCI Latin American Free Index which fell 31.7%. Our share price fell by 27.9% with the discount of the share price to net asset value narrowing slightly to 18.8% from 19.2% at the end of the financial year. Our earnings per share fell by 8.2% compared with the same period last year. We have renewed our borrowing facility albeit at a reduced level and, while it would be foolhardy to expect anything other than a volatile experience from investing in the region, we consider the case sufficiently strong to have made use of it during the last few weeks, for the first time in several months, to increase our investment portfolio. It is at moments of turbulence like this that the best bargains can often be found. Richard Watkins Chairman The financial information for the year ended 28 February 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 half-yearly report will be sent to shareholders and will also be made available to the public at the Company's registered office. By order of the Board M Pope Joint Secretary London EC2A 2UU Registered Office: One Appold Street 21 October 2002 For further information please contact: James Fox at Deutsche Asset Management Tel: 020 7545 6000 CASH FLOW STATEMENT Six months to Year ended Six months to 31 August 2002 28 February 2002 31 August 2001 £'000 £'000 £'000 Reconciliation of operating profit to net cash inflow ----------------- ----------------- ----------------- from operating activities Cash received from investments 768 1,458 1,104 Interest received 94 289 160 Investment management fees paid (204) (388) (205) Cash paid to and on behalf of directors (24) (49) (25) Other cash payments (147) (220) (176) ----------------- ----------------- ----------------- Net cash inflow from operating activities 487 1,090 858 ----------------- ----------------- ----------------- Servicing of finance Interest paid (467) (664) (659) ----------------- ----------------- ----------------- Net cash outflow from servicing of finance (467) (664) (659) ----------------- ----------------- ----------------- Taxation paid (39) (122) (83) Financial investment Purchase of investments (9,093) (17,239) (11,504) Sale of investments 9,592 21,096 14,584 ----------------- ----------------- ----------------- Net cash inflow from financial investment 499 3,857 3,080 ----------------- ----------------- ----------------- Equity dividends paid (96) (96) (96) Financing Repayment of US$15 million loan (10,400) - - Drawdown from new £10 million loan facility 4,236 - - Repurchase and cancellation of ordinary shares - (281) (175) Exercise of subscription warrants - 1 - ----------------- ----------------- ----------------- (Decrease)/increase in cash (5,780) 3,785 2,925 -------------- -------------- -------------- STATEMENT OF TOTAL RETURN (incorporating the revenue account*) Six months to 31 August 2002 Year to 28 February 2002 Six months to 31 August 2001 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Realised and - (12,030) (12,030) - (1,073) (1,073) - (5,891) (5,891) unrealised losses on investments Income 756 - 756 1,706 - 1,706 1,171 - 1,171 Investment (184) - (184) (400) - (400) (199) - (199) management fee Other expenses (130) - (130) (228) - (228) (119) - (119) Net return before finance costs 442 (12,030) (11,588) 1,078 (1,073) 5 853 (5,891) (5,038) and taxation Interest payable (188) - (188) (678) - (678) (423) - (423) Return on ordinary activities 254 (12,030) (11,776) 400 (1,073) (673) 430 (5,891) (5,461) before tax Tax on ordinary activities (40) - (40) (173) - (173) (196) - (196) Return on ordinary activities after tax for the financial year attributable to equity shareholders 214 (12,030) (11,816) 227 (1,073) (846) 234 (5,891) (5,657) Dividend in respect of equity shares - - - (96) - (96) - - - Transfer to reserves 214 (12,030) (11,816) 131 (1,073) (942) 234 (5,891) (5,657) Return per ordinary share: 0.45p (25.16)p (24.71)p 0.47p (2.24)p (1.77)p 0.49p (12.26)p (11.77)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 period. The statement of total return, balance sheet and cash flow statement are unaudited. The figures in respect of the year to 28 February 2002 are taken from the full accounts which have been delivered to the Registrar of Companies and which contain an unqualified audit report. BALANCE SHEET as at 31 as at 28 as at 31 August February August 2002 2002 2001 £'000 £'000 £'000 ---------------------------------------------- Fixed assets 30,338 42,460 38,380 - investments Current 3,553 10,732 10,462 assets ---------------------------------------------- Total assets 33,891 53,192 48,842 Creditors: (3,841) (11,305) (11,169) amounts falling due within one year ---------------------------------------------- Total assets 30,050 41,887 37,673 less current liabilities Provisions (3) (24) (17) for liabilities and charges ---------------------------------------------- Net assets 30,047 41,863 37,656 ---------------------------------------------- Called-up 11,953 11,953 12,003 share capital Share premium 11,752 11,752 11,752 account Other Reserves Special 17,981 17,981 17,980 reserve Warrant 4,026 4,026 4,029 reserve Warrant 3 3 - exercise reserve Capital 4,089 4,089 4,040 redemption reserve Capital (17,694) (15,392) (13,595) reserve - realised Capital (3,396) 6,332 119 reserve - unrealised Revenue 1,333 1,119 1,328 reserve ---------------------------------------------- Total equity 30,047 41,863 37,656 shareholders' funds ---------------------------------------------- Net Asset Value per ordinary share Basic 62.84 p 87.56 p 78.43 p Fully Diluted 70.71 p 90.20 p 83.00 p Mid-market 51.00 p 70.75 p 64.25 p quotation of ordinary shares ---------------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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