Interim Results

Schroder AsiaPacific Fund PLC
29 May 2007





                                                                 29 May 2007

                       SCHRODER ASIAPACIFIC FUND plc



Schroder AsiaPacific Fund plc announces its unaudited Interim Results for the
period ended 31 March 2007.



Income Statement


                                                   For the six months                  For the six months
                                                  ended 31 March 2007                 ended 31 March 2006
                                                          (unaudited)                         (unaudited)

                                      Revenue     Capital       Total     Revenue     Capital       Total
                                        £'000       £'000       £'000       £'000       £'000       £'000
Gains on investments held at
fair value                                 -      33,839      33,839           -      40,358      40,358


Exchange gains/(losses) on loans
and  currency balances                     -         968         968           -       (381)       (381)


Income                                  2,829           -       2,829       2,641           -       2,641


Management fees                       (1,321)           -     (1,321)     (1,113)           -     (1,113)


Administrative expenses                 (183)           -       (183)       (159)           -       (159)


Net return on ordinary
activities before   finance
costs and taxation                      1,325      34,807      36,132       1,369      39,977      41,346


Interest payable                        (676)           -       (676)       (545)           -       (545)

Return on ordinary activities
before taxation                          649      34,807      35,456         824      39,977      40,801


Taxation on ordinary activities         (418)           -       (418)       (246)         645         399
Net return on ordinary
activities after taxation                231      34,807      35,038         578      40,622      41,200
Net return per share                    0.14p      20.82p      20.96p       0.39p      27.61p      28.00p






The Total Return column of this statement is the profit and loss account of the
Company. The Revenue Return and Capital Return columns are both provided in
accordance with guidance issued by the Association of Investment Companies. The
Company has no recognised gains or losses other than those disclosed in the
Income Statement and the Reconciliation of Movements in Shareholders' Funds.
Accordingly no Statement of Total Recognised Gains or Losses is presented.



All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year.




Reconciliation of Movements in Shareholders' Funds (unaudited)


                 Share     Share       Capital      Share      Warrant   Warrant    Capital   Revenue   Total
                 capital   premium     redemption   purchase   reserve   exercise   reserve   reserve
                           account     reserve      reserve              reserve
                 £'000     £'000       £'000        £'000      £'000     £'000      £'000     £'000     £'000
Balance at 30    13,922    25          81           110,529    8,695     9          34,462    3,153     170,876
September  2005
(restated) (a)
Less investment  -         -           -            -          -         -          (80)      -         (80)
valuation
changes
Net profit from  -         -           -            -          -         -          40,622    578       41,200
operating
activities
Dividends - paid -         -           -            -          -         -          -         (2,645)   (2,645)
in respect of 30
September 2005
Conversion of    2,797     25,175      -            -          (8,695)   8,695      -         -         27,972
warrants to
ordinary shares
(restated)


Balance at 31    16,719    25,200      81           110,529    -         8,704      75,004    1,086     237,323
March 2006


                  Share     Share      Capital      Share       Warrant   Warrant   Capital   Revenue   Total
                  capital   premium    redemption   purchase    reserve   exercise  reserve   reserve
                            account    reserve      reserve               reserve
                  £'000     £'000      £'000        £'000       £'000     £'000     £'000     £'000     £'000
Balance at 30     13,922    25         81           110,529     8,695     9         34,462    3,153     170,876
September  2005
(restated) (a)
Less investment   -         -          -            -           -         -         (80)      -         (80)
valuation
adjustment
Net profit from   -         -          -            -           -         -         34,481    2,769     37,250
operating
activities
Dividends - paid  -         -          -            -           -         -         -         (2,645)   (2,645)
in respect of the
year ended 30
September 2005
Conversion of     2,797     25,174     -            -           (8,695)   8,695     -         -         27,971
warrants to
ordinary shares
(restated)


Balance at 30     16,719    25,199     81           110,529     -         8,704     68,863    3,277     233,372
September 2006
-restated


                  Share     Share      Capital      Share       Warrant   Warrant   Capital   Revenue   Total
                  capital   premium    redemption   purchase    reserve   exercise  reserve   reserve
                            account    reserve      reserve               reserve
                  £'000     £'000      £'000        £'000       £'000     £'000     £'000     £'000     £'000
Balance at 30     16,719    25,199     81           110,529     -         8,704     68,863    3,277     233,372
September  2006
Less investment   -         -          -            -           -         -         -         -         -
valuation changes
Net profit from   -         -          -            -           -         -         34,807    231       35,038
operating
activities
Dividends - paid  -         -          -            -           -         -         -         (2,842)   (2,842)
in respect of  30
September 2006
Conversion of     -         -          -            -           -         -         -         -         -
warrants to
ordinary shares -
restated


Balance at 31     16,719    25,199     81           110,529     -         8,704     103,670   666       265,568
March 2007



a) The balance of revenue reserve at 30 September 2005 has increased by
£2,645,000 being the final dividend accrued and now added back in accordance
with FRS21.


Balance Sheet


                                                                  31 March      31 March            30 September
                                                                      2007          2006                    2006
                                                               (unaudited)   (unaudited)                 audited
                                                                     £'000         £'000                   £'000
Fixed assets
Investments held at fair value through                             285,513       252,885                 242,628
profit or loss

Current assets
Debtors                                                              8,415         1,563                   7,203
Cash at bank                                                         9,625         6,978                  11,027
                                                                    18,040         8,541                  18,230

Creditors: amounts falling due within one                         (37,976)      (23,948)                (27,428)
year
Net current liabilities                                           (19,936)      (15,407)                 (9,198)
Total assets less current liabilities                              265,577       273,478                 233,430
Provision for liabilities and charges                                  (9)         (155)                    (58)
Net assets                                                         265,568       237,323                 233,372


Capital and reserves
Called up share capital                                             16,719        16,719                  16,719
Capital redemption reserve                                              81            81                      81
Share premium                                                       25,199        25,200                  25,199
Share purchase reserve                                             110,529       110,529                 110,529

Warrant exercise reserve                                             8,704         8,704                   8,704
Capital reserves                                                   103,670        75,004                  68,863
Revenue reserve                                                        666         1,086                   3,277
Total equity shareholders' funds                                   265,568       237,323                 233,372

Net asset value per ordinary share                                 158.84p       141.95p                 139.59p


Cash Flow Statement


                                                     For the six months   For the six months         For the year
                                                                  ended                ended            ended
                                                          31 March 2007         31 March 2006    30 September 2006
                                                                                 
                                                            (unaudited)          (unaudited)           (audited)
                                                                  £'000                £'000                £'000
Operating activities
Dividends received                                                2,352                1,839                6,853

Interest received                                                   199                  155                  312

Stock lending fee income                                              -                   76                   84
Administrative expenses                                           (276)                (309)                (357)
Investment management fee                                       (1,235)                (936)              (2,089)
Net cash inflow from operating                                    1,040                  825                4,803
activities
Returns on investments and servicing of
finance
Bank interest paid                                                (636)                (540)              (1,120)
Net cash outflow from return on                                   (636)                (540)              (1,120)
investments and servicing of finance
Taxation
UK Tax paid                                                       (248)                (329)                (636)
Overseas tax paid                                                 (197)                 (64)                (499)
Total tax paid                                                    (445)                (394)              (1,135)

Financial Investment
Purchase of investments                                       (120,166)             (93,960)            (158,092)

Sales of investments                                            114,051               57,532              123,219
Net cash outflow from financial                                 (6,115)             (36,428)             (34,873)
investment
Equity dividends paid                                           (2,842)              (2,645)              (2,645)
Net cash outflow before financing                               (8,998)             (39,182)             (34,970)
Financing
Conversion of warrants to ordinary                                    -               27,965               27,971
shares

Bank loan raised                                                  7,663                    -                    -

Net cash outflow from financing                                   7,663               27,965               27,971
Net cash outflow                                                (1,335)             (11,217)              (6,999)

Reconciliation of net cash outflow to
movement in net debt

Net cash outflow                                                (1,335)             (11,217)              (6,999)

Increase in bank loan                                           (7,663)                    -                    -
Changes in net debt due to cash flows                           (8,998)             (11,217)              (6,999)

Exchange profits/(losses) on
revaluation of currency loans and cash
balances                                                            968                (381)                1,097


Change in net funds                                             (8,030)             (11,598)              (5,902)

Net debt brought forward                                       (10,387)              (4,485)              (4,485)
Net debt carried forward                                       (18,417)             (16,083)             (10,387)




Notes



1. Accounting Policies

The interim financial statements have been prepared in accordance with the
Companies Act 1985 and Generally Accepted Accounting Practice (UK GAAP) issued
by the Accounting Standards Board (ASB) and the Statement of Recommended
Practice 'Financial Statement of Investment Trust Companies' ('SORP') issued in
January 2003 and revised in December 2005. The same accounting policies used for
the year ended 30 September 2006 have been applied.



2. Net Asset Value

Net asset value per ordinary share is based on the net assets attributable to
shareholders of £265,568,000 (31 March 2006: £237,323,000 and 30 September 2006
£233,372,000) and on 167,189,762 (31 March 2006 167,189,762 and 30 September
2006: 167,189,762) shares in issue at the end of the period.



3. Return per Share

The revenue return per ordinary share is based on the net revenue return on
ordinary activities after interest payable and taxation of £231,000 (31 March
2006: return of £578,000) and on 167,189,762 (31 March 2006: 147,152,533)
ordinary shares being the weighted average number of ordinary shares in issue
during the period.



The capital return per ordinary share is based on the net return for the period
of £34,807,000 (31 March 2006: return of £40,622,000) and on 167,189,762 (31
March 2006: 147,152,533) ordinary shares being the weighted average number of
ordinary shares in issue during the period.



4. Results

The half yearly figures are non-statutory accounts. The balance sheet and income
statement for the year ended 30 September 2006 are extracts from the latest
published accounts, restated for changes in accounting policy. A copy of the
published accounts for that year has been delivered to the Registrar of
Companies. The report of the auditors on those accounts was unqualified and did
not contain a statement under section 237 (2) or (3) of the Companies Act 1985.


Investment Manager's Review



During the six months to 31 March 2007, the total return on the Company's net
assets was 16.2%, outperforming the benchmark index, which produced a total
return of 11.8%.



The backdrop has continued to be generally supportive for the regional equity
markets.  While global growth has slowed, this has been confined primarily to
the United States and to Japan in contrast to Europe and the emerging markets.
The increased importance of the latter should not be minimised, given that China
contributed an estimated 12% of global economic growth in 2006. In the face of
growing evidence of weak housing and sub-prime mortgage defaults in the United
States, investors have shown a degree of confidence that Asia's growth is now
less dependent on demand in the United States.



Monetary links to the dollar, however, remain important for the region. Although
interest rates in other OECD countries (Europe, Japan) have been rising, US
rates were increasingly perceived as having peaked.  This has important
implications for local liquidity conditions and has been a factor in the
strength of many regional markets, most notably Singapore, where real estate and
banking stocks have led the strong market rally.



While a similar trend was evident in Hong Kong, the domestic sectors were
overshadowed by more directly China-related stocks.  These were buoyed by
continued strong economic growth, a rising renminbi, and the continuation of a
spectacular rally (130% in 2006) in the domestic (or 'A') share markets which
are largely closed to foreign investors.  Chinese stocks corrected sharply in
January, but still offered amongst the highest returns in the review period.
Attempts by the PRC authorities to restrain local equity markets have hitherto
proved in vain.



Other areas of strength included some of the ASEAN markets, most notably
Malaysia on hopes for better corporate governance and lower inflation due to
falling energy prices, and the Philippines where interest rates fell below 4%
and remittances from overseas nationals rose some 40%.  After ten years of
inactivity, the Philippine property market showed signs of recovery and foreign
direct investment is beginning to pick up on the back of a cheap, well-educated
and English-speaking workforce.



In contrast, Thailand, Taiwan and Korea trailed the regional average.  In
Thailand, political uncertainty and policy miscalculations (most notably a
misguided imposition of capital controls in December) have undermined what
fragile confidence there was.  Korea and Taiwan have suffered for the high
weightings in information technology which has exhibited generally dull trends
in the period, while domestic politics has been a dampener in both countries.



Performance and Portfolio Activity



Performance has been strong in absolute terms, and has also out-paced that of
the benchmark index.  The main positive factors behind performance has been
stock selection in Hong Kong, where a number of the China-related holdings have
performed very well over the period, with smaller contributions from stock
selection in Indonesia, the Philippines, Korea and Thailand.  The only country
where stock selection lagged was in Singapore, where our portfolio was too
defensive.  In terms of allocation, the gearing has had a favourable impact,
partly offset by country positioning, where our non-index position in India did
not keep pace with the regional benchmark, and we were overly cautious on
Malaysia.



In terms of policy, key overweights in emerging ASEAN markets have remained in
place, augmented by additions to Malaysia, and more recently Thailand.  We have
also added to India following the relative weakness, and have moved the
aggregate Hong Kong/China weighting up to near neutral.  The emphasis here
remains upon Hong Kong companies with significant mainland China businesses
which we continue to believe offer superior value.  The additions above have
been accommodated by a modest increase in effective gearing, and reduction in
Korea, particularly of export-sensitive stocks.  Sectoral bias continues to be
upon sectors favoured by stronger domestic growth such as financials, consumer
cyclicals, and selected industrials.



Outlook and Policy



The bout of market volatility in late February was a reminder of the fragility
of market confidence.  Although the ostensible reason (volatility in the
domestic Chinese equity markets) was widely cited, the underlying reason was
fears that the US sub-prime and housing issues were spilling over into the
broader economy.  Subsequent data have quietened these concerns as evident in
the ensuing rally in markets.



Whilst it is difficult to judge the outlook for the US economy, we believe that
in any scenario other than recession the outlook for Asian markets remains
attractive. Export growth is obviously important, but the domestically generated
recovery in regional economies is looking more resilient and convincing than at
any time in the last ten years. Moreover, unlike the mid 1990s, the growth looks
much more securely based given continued current account surpluses round the
region, generally secure fiscal positions, and better corporate governance and
balance sheets.



Valuations are not cheap by the standards of recent years, but continue to look
attractive compared to global peers.  At a stock specific level we continue to
see plenty of opportunities to invest in soundly managed, soundly financed and
growing companies.  Our focus remains upon companies benefiting from domestic
demand trends; this sector bias in part explains the underweight positions in
Taiwan and Korea, balanced by overweights in emerging ASEAN.



Schroder Investment Management Limited

29 May 2007



The Interim Report will be mailed to registered shareholders in June 2007 and
from the date of release copies of the Interim Report will be made available to
the public at the Company's Registered Office at 31 Gresham Street, London EC2V
7QA.





Enquiries:



John Spedding
Schroder Investment Management Limited
29 May 2007
(020 7658 3206)
(e-mail  [e-mail])


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