Interim Results
26 Outubro 2004 - 2:53PM
UK Regulatory
RNS Number:5076E
Deutsche Latin American Cos Tst PLC
26 October 2004
DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE HALF YEAR ENDED 31 AUGUST 2004
EXTRACT FROM THE CHAIRMAN'S STATEMENT
Latin America proved to be one of the best performing regions during the six
months to 31 August 2004, outperforming both the US market and global emerging
markets during the period. Our benchmark, the MSCI EM Latin America Index, rose
by 2.2% in sterling capital terms with both Venezuela and Colombia posting
double-digit gains. Amongst the larger markets, Brazil rose by 2.4% and Mexico
and Chile gained 1.2% and 2.2% respectively; Argentina, however, fell by 9.3%.
Our net asset value per share fell by 1.1% during the period. The share price
rose by 5.6% as the discount of share price to net asset value narrowed to 10.4%
at the half-year end.
Following the defeat of the continuation vote at the Annual General Meeting in
August, the Company has created greater liquidity in the Portfolio in
anticipation of corporate change in the near future. The Board continues to
review various proposals for the Company's future and would expect to make a
full announcement shortly.
All outstanding loan amounts have been repaid and the Company's loan facility
cancelled.
No dividend has been declared at the interim stage.
Richard Watkins
Chairman
The financial information for the year ended 29 February 2004 is derived from
the statutory accounts for 2004 which have been delivered to the Registrar of
Companies. The Auditors have reported on the 2004 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 Registered Office:
M Pope One Appold Street
Joint Secretary London EC2A 2UU
26 October 2004
For further information please contact:
John Murray at Deutsche Asset Management
Tel: 020 7545 6000
mins/latame/preinteriml13.doc
STATEMENT OF TOTAL RETURN
(incorporating the revenue account*)
Six months to 31 August 2004 Year to 28 February 2004 Six months to 31 August
2003
Revenue Capital Total Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000 #'000
Realised and - (877) (877) - 14,533 14,533 - 10,205 10,205
unrealised
(losses)/gains on
investments
Income 913 - 913 1,306 - 1,306 793 - 793
Investment (158) - (158) (317) - (317) (139) - (139)
management fee
Other expenses (172) - (172) (285) - (285) (132) - (132)
Net return before 583 (877) (294) 704 14,533 15,237 522 10,205 10,727
finance costs and
taxation
Interest payable (24) - (24) (89) - (89) (50) - (50)
Return on ordinary 559 (877) (318) 615 14,533 15,148 472 10,205 10,677
activities before
tax
Tax on ordinary (143) - (143) (152) - (152) (115) - (115)
activities
Return on ordinary
activities after
tax for the
financial year
attributable to
equity shareholders 416 (877) (461) 463 14,533 14,996 357 10,205 10,562
Dividend in respect
of equity shares - - - (335) - (335) - - -
Transfer to/(from) 416 (877) (461) 128 14,533 14,661 357 10,205 10,562
reserves
Return per ordinary 0.87 p (1.83) p (0.96) p 0.97 p 30.39 p 31.36 p 0.75 p 21.34 p 22.09 p
share:
*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 2004 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 2004 February 2004 August 2003
#'000 #'000 #'000
Fixed assets
Investments 39,313 46,244 39,272
Current assets
Debtors 331 1,069 188
Cash at bank and in hand 730 739 333
1,061 1,808 521
Creditors: amounts falling due within one year (350) (7,566) (3,409)
Net current assets/ 711 (5,758) (2,888)
(liabilities)
Total assets less current 40,024 40,486 36,384
liabilities
Provision for liabilities and (14) (15) (12)
charges
Net assets 40,010 40,471 36,372
Capital and reserves
Called-up share capital 11,953 11,953 11,953
Share premium account 11,752 11,752 11,752
Other Reserves
Special reserve 17,981 17,981 17,981
Warrant reserve 4,026 4,026 4,026
Warrant exercise reserve 3 3 3
Capital redemption reserve 4,089 4,089 4,089
Capital reserve - realised (17,255) (17,910) (19,858)
Capital reserve - unrealised 5,647 7,179 4,799
Revenue reserve 1,814 1,398 1,627
Total equity shareholders' 40,010 40,471 36,372
funds
Net asset value per ordinary
share
Basic 83.68 p 84.65 p 76.07 p
Fully diluted 87.13 p 87.90 p 81.14 p
Mid-market quotation of ordinary shares 75.00 p 71.00 p 62.25 p
CASH FLOW STATEMENT
Six months to Year ended Six months to
31 August 2004 28 February 2004 31 August 2003
#'000 #'000 #'000
Reconciliation of operating
profit to net cash
inflow from operating
activities
Cash received from 925 1,182 756
investments
Interest received 17 16 10
Investment management fees (165) (298) (132)
paid
Cash paid to and on behalf (48) (55) (24)
of directors
Other cash payments (119) (202) (69)
Net cash inflow from 610 643 541
operating activities
Servicing of finance
Interest paid (32) (119) (38)
Net cash outflow from (32) (119) (38)
servicing of finance
Taxation paid (67) (158) (65)
Financial investment
Purchase of investments (11,077) (22,465) (6,726)
Sale of investments 17,643 18,334 5,967
Net cash inflow/(outflow) 6,566 (4,131) (759)
from financial investment
Equity dividends paid (335) (143) (143)
Financing
(Repayment)/drawdown of bank loan (6,519) 3,974 -
Increase/(decrease) in cash 223 66 (464)
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR DQLFLZBBXFBE
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