Final Results - Correction

Amendment This is a correction to the announcement that was released on 24 June 2002 at 15.43. The dividend payment date and record date are detailed below. INVESCO Asia Trust plc Preliminary Announcement of Unaudited Final Results For the Financial Year Ended 30 April 2002 Chairman's Statement In my statement at this time last year I suggested that we could look for better performance, in both relative and absolute terms, from Asian markets in the year ahead. This has proved to be the case and is reflected in an increase of 13.6% in the Fund's net asset value during a period in which our benchmark index, the MSCI (All Country) Far East ex Japan Free Index, rose by 10.5%. The mid-market price of the Company's ordinary shares increased by 24.1% over the period because of the portfolio's performance and the narrowing of the discount on the share price from 19.4% at end April 2001 to 11.9% at 30 April 2002. There are now continuing signs of decoupling of Asian markets from other global markets. Increasingly, investors are recognising the Asian-specific positives of growing domestic demand, continuing corporate restructuring, increasing global outsourcing trends and highly competitive export performance. Authoritative economic commentators are forecasting that the Region's economies could grow by 5.2% this year, with China and South Korea as the star performers. As an aside, however, we remain cautious of exposure to China where significant governance issues remain unresolved. It must be acknowledged, of course, that the global environment remains challenging following the bursting of the technology bubble and weak capital expenditure in Western economies; and that, despite the decoupling of markets mentioned above, Asian economies will continue to be affected - through the export link - by the volatility of the global cycle. While caution will therefore remain the watchword, the Managers will continue their emphasis on bottom-up stock selection, with rigorous valuation disciplines designed to add value to the portfolio. Dividends Higher income and lower management expenses and interest charges contributed to an increase in distributable revenue from Â£338,000 last year to Â£524,000 for the year under review. In accordance with our policy of considering only the net revenue of the year as available for distribution, the Board is recommending a dividend of 0.4 pence per ordinary share (2001: 0.3p). If that is approved, the balance of Â£100,000 remaining will be carried to reserves. The dividend will be payable on 2 August 2002 to shareholders on the register on 5 July 2002. Annual General Meeting The Board is proposing two items of Special Business at the Annual General Meeting. The first seeks renewal of the authority to issue new ordinary shares, and the second for renewed authority to buy back the Company's ordinary shares - in both cases within prescribed limits as set out in the Notice of the Meeting. Neither of these authorities has been exercised in the year under review, but the Board considers it prudent to have the flexibility to issue new shares and to buy back shares as and when they consider it appropriate to do so. Approval of the relevant resolutions will enable the Board to act within a much shorter time scale than would otherwise be the case. No new shares would be issued at prices below prevailing net asset values, nor would shares be repurchased at prices higher than prevailing net asset values. Outlook Thailand, Malaysia, the Philippines, Indonesia and South Korea, the five countries most affected by 1997's financial crisis, have repaid more than US$100 billion of external debt since 1997, and they continue to rebuild their foreign exchange reserves. In 1995, Asia's emerging economies had a combined current account deficit of US$37 billion. This had been converted to a US$90 billion surplus by the end of 2000. These factors, taken together with the positive trends which I have referred to above, suggest to us that there is a real prospect of East Asia regaining its former status as the fastest growing region in the world. The process will not be complete this year or next and there will doubtless be thrills and spills along the way, but the Board looks forward to a continuing, if gradual, improvement in investor sentiment in the markets in which we invest and further advances in your Company's fortunes. Alfred Ho, our manager based in Hong Kong, will make a short presentation on performance and prospects at the conclusion of the Annual General Meeting, after which the Board will look forward to meeting shareholders over refreshments. I would like to conclude this year's statement with a note of thanks to Sir Michael Richardson who retired at the Annual General Meeting last year. He had been associated with the Company and its predecessor for many years and he served them well. He was the most courteous and congenial of colleagues and the other members of the Board join me in wishing him good health, long life and happiness in his retirement. Robin Baillie Chairman 20 June 2002 Statement of Total Return (incorporating the revenue account) for the year ended 30 April 2002 2001 Unaudited Notes Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Gains/(losses) on 1 - 9,572 9,572 - (26,536) (26,536) investments (Losses)/gains on foreign - (191) (191) - 122 122 currency revaluation Income 2 1,245 - 1,245 1,216 - 1,216 Investment management fee 3 (123) (370) (493) (147) (441) (588) Other expenses 4 (383) (14) (397) (393) (14) (407) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net return before finance 739 8,997 9,736 676 (26,869) (26,193) costs and taxation Interest payable and 5 (24) (72) (96) (81) (244) (325) similar charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Return on ordinary 715 8,925 9,640 595 (27,113) (26,518) activities before tax Tax on ordinary 6 (191) 74 (117) (257) 181 (76) activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Return on ordinary 524 8,999 9,523 338 (26,932) (26,594) activities after tax for the financial year Dividend in respect of 7 (424) - (424) (318) - (318) equity shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer to/(from) 100 8,999 9,099 20 (26,932) (26,912) reserves Return per ordinary share: Basic 8 0.50p 8.49p 8.99p 0.32p (25.19)p (24.87)p The Revenue column of this statement is the Revenue 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. Reconciliation of Movement in Shareholders' Funds for the year ended 30 April 2002 2001 Unaudited Â£'000 Â£'000 Revenue return for the year 100 20 Capital return for the year 8,999 (26,932) Shares purchased for cancellation - (3,132) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net movement in Shareholders' funds 9,099 (30,044) Opening Shareholders' funds 67,010 97,054 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Closing Shareholders' funds 76,109 67,010 The accompanying notes are an integral part of this statement Balance Sheet at 30 April 2002 2001 Unaudited Â£'000 Â£'000 Fixed assets Investments 78,437 60,226 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Current assets Debtors 4,265 1,211 Cash at bank 1,058 6,197 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,323 7,408 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Creditors: amounts falling due 7,651 624 within one year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net current (liabilities)/assets (2,328) 6,784 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total assets less current 76,109 67,010 liabilities Capital and reserves Called-up share capital 10,596 10,596 Share premium account 74,588 74,588 Other reserves Capital redemption reserve 650 650 Special reserve 25,796 25,796 Capital reserve - realised (33,965) (41,547) Capital reserve - unrealised (2,184) (3,601) Revenue reserve 628 528 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Equity Shareholders' funds 76,109 67,010 Net asset value per ordinary share Basic 71.8p 63.2p Cash Flow Statement for the year ended 30 April 2002 2001 Unaudited Â£'000 Â£'000 Cash inflow/(outflow) from operating activities 227 (18) Servicing of finance (94) (331) Taxation 154 204 Capital expenditure and financial investment (11,817) 7,654 Equity dividends paid (318) (695) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net cash (outflow)/inflow before management of liquid (11,848) 6,814 resources and financing Management of liquid resources 1,640 (1,640) Financing 6,900 (6,192) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Decrease in cash (3,308) (1,018) Reconciliation of cash flow to movement in net (debt)/ funds 2002 2001 Unaudited Â£'000 Â£'000 Decrease in cash (3,308) (1,018) Cash (inflow)/outflow from (increase)/decrease in debt (6,900) 3,060 Cash (inflow)/outflow from (decrease)/increase in (1,640) 1,640 liquid resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Change in net (debt)/funds resulting from cash flows (11,848) 3,682 Translation difference (191) 124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Movement in net (debt)/funds in the year (12,039) 3,806 Net funds at beginning of year 6,197 2,391 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net funds at end of year (5,842) 6,197 The financial information set out above does not constitute the Company's statutory accounts for the years ended 30 April 2002 or 2001. The financial information for 2001 is derived from the statutory accounts for 2001 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2001 statutory accounts and 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 2002 will be finalised on the basis of the 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 accompanying notes are an integral part of this statement Notes to the Financial Statements 1. Gains on Investments 2002 2001 Â£'000 Â£'000 Realised gains/(losses) on sales 8,155 (3,946) Movement in unrealised depreciation 1,417 (22,590) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gains/(losses) on investments 9,572 (26,536) 2. Income 2002 2001 Â£'000 Â£'000 Income from investments Overseas dividends 1,105 1,044 Scrip dividends 53 - . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,158 1,044 Other income Deposit interest 87 172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total income 1,245 1,216 Total income comprises: Dividends 1,158 1,044 Interest 87 172 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,245 1,216 3. Investment management fee 2002 2001 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Investment 123 370 493 147 441 588 management fee 4. Other expenses 2002 2001 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 General expenses 292 - 292 300 - 300 Directors' fees (see below) 60 - 60 68 - 68 Auditors' remuneration - for 18 - 18 17 - 17 audit services Auditors' remuneration - for 13 - 13 8 - 8 other services Transaction charges - 14 14 - 14 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383 14 397 393 14 407 Directors' emoluments are authorised by the Articles of Association in a total amount of Â£100,000 per annum. Of the Directors' emoluments disclosed above, Â£ 5,000 (2001: Â£5,000) was payable to a third party in respect of making available the services of a Director. The fee was assigned to INVESCO Asset Management Limited. 5. Interest payable and similar charges 2002 2001 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Overdraft interest 2 5 7 10 30 40 Term loan repayable 22 67 89 71 214 285 within 1 year, not by instalment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 72 96 81 244 325 6. Tax on net revenue from ordinary activities 2002 2001 Revenue Capital Total Revenue Capital Total Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 United Kingdom tax: Corporation tax at 20% (2001: nil) 33 - 33 - - - Tax relief attributable to 74 (74) - 181 (181) - management fee and interest, allocated to capital reserve - realised Relief on overseas tax (33) - (33) - - - Prior year adjustment (2) - (2) (8) - (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72 (74) (2) 173 (181) (8) Overseas tax 119 - 119 84 - 84 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191 (74) 117 257 (181) 76 7. Dividends 2002 2001 Â£'000 Â£'000 Dividend on equity shares Ordinary - proposed dividend of 0.4p per share (2001: 0.3p) 424 318 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424 318 8. Return per ordinary share Basic revenue return per ordinary share is based on the net revenue return on ordinary activities after taxation and on 105,962,136 (2001: 106,915,417) ordinary shares, being the weighted average number of ordinary shares in issue throughout the year. Basic capital return per ordinary share is based on the net capital return on ordinary activities after taxation and on 105,962,136 (2001: 106,915,417) ordinary shares, being the weighted average number of ordinary shares in issue throughout the year. As the ordinary share price remained under the warrant exercise price, the warrants are not dilutive and therefore no diluted or fully-diluted return per ordinary share has been calculated. The audited Report and Accounts will be posted to shareholders shortly. Copies may be obtained during normal business from the Company's Registered Office, 11 Devonshire Square, London, EC2M 4YR. The Annual General Meeting will be held at the Company's Registered Office on Thursday, 1 August 2002 at 12.00 noon. By order of the Board INVESCO Asset Management Limited - Secretaries 20 June 2002

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