Preliminary Final Results

Aberdeen Asian Smaller Co's Inv Tst
25 September 2003

ABERDEEN ASIAN SMALLER COMPANIES INVESTMENT TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

for the year ended 31 July 2003

Chairman's Statement



RESULTS and DIVIDEND

I am delighted to report that during this financial year and against an
uncertain global economic backdrop, the Company's net asset value ('NAV')
increased by 22.2% and the share price by 28.5%. This compares to a rise of
10.9% in the MSCI AC Asia Pacific Free ex-Japan Index.


During the year, the Company was awarded 1st place over one and five years in
the UK Investment Trusts Far East ex Japan sector by Standard and Poor's.

This excellent result underlines the investment approach of your Managers which
is to invest in companies that are well managed, have good growth prospects and
strong balance sheets. Despite the substantial increase in the NAV over the past
year, the quality of the portfolio has not declined. The Managers estimate that
the current portfolio is on a prospective price earnings ratio of just over 10
times based upon 2004 estimated earnings and a dividend yield of 4.2%. The
balance sheets of the underlying companies in which we invest are strong - in
aggregate they have no debt and are in a net cash position.

Your Board is pleased to recommend the payment of a final dividend of 3.1p
payable on 1 December 2003 to Ordinary Shareholders on the register on 31
October 2003, which is an increase of 17.0% against 2002.

DIRECTORATE

I would like to take this opportunity to welcome Miss Haruko Fukuda OBE to the
Board following her appointment in January 2003. Miss Fukuda brings a wealth of
international experience to the Board, which complements the skills of the
existing Directors. She will be standing for re-election at the forthcoming
Annual General Meeting.

GEARING

Over the last few years the Company has judiciously used gearing to enhance
investment performance. This is reviewed on a regular basis by the Board who, on
the advice of the Manager, are responsible for setting gearing levels. At 31
July 2003, gearing stood at 11.6% of the NAV of the Company.


OUTLOOK

Our confidence in the future for Asian markets rests mostly on factors internal
to Asia and on the attractive valuations of Asian stocks. The area is insulated
from the slow recovery in the major economies of North America and Europe by the
fact that it has large domestic markets and a higher proportion of savings which
can be directed towards consumption. Company profitability and retained earnings
are improving with excess cash being prudently used to pay higher dividends and
fund share buy-backs. Higher standards of corporate governance and greater
disclosure are becoming more prevalent. With these and other general more
positive factors in the region, your Board is confident that the current year
should result in further good performance.

ANNUAL GENERAL MEETING

The Board looks forward to meeting Shareholders at the Annual General Meeting to
be held on 27 November 2003 at 12.30p.m.

Nigel Cayzer

Chairman

25 September 2003


Statement of Total Return
                                                                   Year ended                      Year ended
                                                                  31 July 2003                    31 July 2002

                                                                  (unaudited)                       (audited)
                                                            Revenue    Capital     Total    Revenue    Capital     Total
                                                              £'000      £'000     £'000      £'000      £'000     £'000
Gains on investments                                              -      8,340     8,340          -      6,037     6,037
Income                                                        2,338          -     2,338      1,946          -     1,946
Investment management fee                                     (454)          -     (454)      (447)          -     (447)
Other expenses                                                (331)          -     (331)      (321)          -     (321)
Exchange gains                                                    -         62        62          -        105       105
Net return before finance
costs and taxation                                            1,553      8,402     9,955      1,178      6,142     7,320
Interest payable and similar charges                          (248)          -     (248)      (122)          -     (122)
Return on ordinary activities
before taxation                                               1,305      8,402     9,707      1,056      6,142     7,198
Taxation on ordinary activities                               (471)          -     (471)      (342)          -     (342)
Return on ordinary activities
after taxation                                                  834      8,402     9,236        714      6,142     6,856
Dividends in respect of equity shares                         (829)          -     (829)      (709)          -     (709)
Transfer to reserves                                              5      8,402     8,407          5      6,142     6,147
Return per Ordinary share (pence):
Basic                                                          3.12      31.40     34.52       2.67      22.96     25.63
Fully-diluted                                                  3.02      30.40     33.42       2.65      22.78     25.43

The revenue column of this statement represents the revenue account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations.





Balance Sheet
                                                                                                As at              As at
                                                                                         31 July 2003       31 July 2002

                                                                                          (unaudited)          (audited)
                                                                                                £'000              £'000
Fixed assets
Investments                                                                                    51,979             43,537
Current assets
Debtors                                                                                           232                223
Cash at bank and in hand                                                                          795                175
                                                                                                1,027                398
Creditors: amounts falling due within one year                                                (3,812)            (3,085)
Net current liabilities                                                                       (2,785)            (2,687)
Total assets less current liabilities                                                          49,194             40,850
Creditors: amounts falling due after more than one year
Bank loan                                                                                     (2,798)            (2,877)
                                                                                               46,396             37,973
Provisions for liabilities and charges                                                           (51)               (35)
Net assets                                                                                     46,345             37,938
Share capital and reserves
Called-up share capital                                                                         6,689              6,689
Capital redemption reserve                                                                      2,062              2,062
Special reserve                                                                                14,990             14,990
Other capital reserves:
Warrant reserve                                                                                 2,275              2,275
Capital reserve - realised                                                                     11,453             10,586
Capital reserve - unrealised                                                                    8,616              1,081
Revenue reserve                                                                                   260                255
Equity Shareholders' funds                                                                     46,345             37,938
Net asset value per Ordinary share (pence):
Basic                                                                                          173.22             141.80
Fully-diluted                                                                                  158.04             133.13







Cash Flow Statement
                                                                                   Year ended              Year ended
                                                                                  31 July 2003            31 July 2002

                                                                                   (unaudited)             (audited)
                                                                                £'000       £'000       £'000      £'000
Net cash inflow from operating activities                                                   1,218                    887
Servicing of finance
Bank and loan interest paid                                                     (248)                    (82)
Net cash outflow from servicing of finance                                                  (248)                   (82)
Taxation
Net taxation paid                                                                           (106)                   (71)
Financial investment
Purchases of investments                                                      (7,388)                (15,980)
Sales of investments                                                            7,274                  10,177
Net cash outflow from financial investment                                                  (114)                (5,803)
Equity dividends paid                                                                       (709)                  (535)
Net cash inflow/(outflow) before financing                                                     41                (5,604)
Financing
Drawdown of loans                                                             602                       5,062
Net cash inflow from financing                                                                602                  5,062
Increase in cash                                                                              643                  (542)
Reconciliation of net cash flow to movements in net debt
Increase/(decrease) in cash as above                                                          643                  (542)
Cash inflow from drawdown of loans                                                          (602)                (5,062)
Exchange movements                                                                             62                    105
Movement in net funds/(debt) in the year                                                      103                (5,499)
Opening net (debt)/funds                                                                  (4,702)                    797
Closing net debt                                                                          (4,599)                (4,702)





Notes:

1. Dividend

The Directors have today declared a first and final dividend of 3.10p per
Ordinary share for the year ended 31 July 2003 (2002 - 2.65p) which, if approved
by Shareholders at the Annual General Meeting, will be payable on 1 December
2003 to Shareholders on the register on 31 October 2003 (Provisional Ex-Dividend
29 October 2003).

2. Income
                                       2003                   2002
                                      £'000                  £'000
Income from investments
UK dividend income                       80                     71
Overseas dividends                    2,246                  1,860
                                      2,326                  1,931
Other income
Deposit interest                         12                     15
Total income                          2,338                  1,946

3. Return per Ordinary share
                                                        2003                                     2002
                                           Revenue       Capital         Total       Revenue       Capital         Total
Basic
Net revenue on Ordinary activities
After taxation (£'000)                         834         8,402         9,236           714         6,142         6,856
Weighted average shares in issue        26,754,100    26,754,100    26,754,100    26,754,100    26,754,100    26,754,100
Basic return per Ordinary share (p)           3.12         31.40         34.52          2.67         22.96         25.63
Diluted
Number of dilutive shares                  888,522       888,522       888,522       207,822       207,822       207,822
Diluted shares in issue                 27,642,622    27,642,622    27,642,622    26,961,922    26,961,922    26,961,922
Diluted return per Ordinary share (p)         3.02         30.40         33.42          2.65         22.78         25.43

The basic revenue return per Ordinary share is based on net revenue on ordinary
activities after taxation of £834,000 (2002 - £714,000) and on 26,754,100 (2002
- 26,754,100) Ordinary shares, being the weighted average number of Ordinary
shares in issue during the year.


The basic capital return per Ordinary share is based on net capital gains for
the year of £8,402,000 (2002 - £6,142,000) and on 26,754,100 (2002 - 26,754,100)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the year.


The calculation of the fully diluted revenue and capital returns per Ordinary
share are carried out in accordance with Financial Reporting Standard No. 14,
'Earnings per Share'. For the purposes of calculating diluted revenue and
capital returns per Ordinary share, the number of Ordinary shares is the
weighted average used in the basic calculation plus the number of Ordinary
shares deemed to be issued for no consideration on exercise of all Warrants by
reference to the average share price of the Ordinary shares during the year. The
calculations indicate that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 888,522 (2002 - 207,822) to
27,642,622 (2002 - 26,961,922) Ordinary shares.





4. Net asset value per share

The net asset value per share and the net asset values attributable to equity
Shareholders at the year end calculated in accordance with the Articles of
Association were as follows:

                         Net asset value              Net asset values
                      per share attributable            attributable
                         2003           2002          2003           2002
                            p              p         £'000          £'000
Basic                  173.22         141.80        46,345         37,938
Fully-diluted          158.04         133.13

The movements during the year of the assets attributable to Ordinary shares were
as follows:-
                                                            2003                    2002
                                                           £'000                   £'000
Net assets attributable at 1 August 2002                  37,938                  31,791
Recognised gains for the year                              9,236                   6,856
Dividends appropriated in the year                         (829)                   (709)
Net assets attributable at 31 July 2003                   46,345                  37,938

The basic net asset value per Ordinary share is based on net assets, and on
26,754,100 (2002 - 26,754,100) Ordinary shares, being the number of Ordinary
shares in issue at the year end.

The fully-diluted net asset value per Ordinary share has been calculated on the
assumption that 6,999,400 (2002 - 6,999,400) Warrants in issue were exercised on
the first day of the financial year at 100p per share, giving an average of
33,753,500 (2002 - 33,753,500) Ordinary shares.


5. The financial information set out above does not constitute the Company's
statutory accounts for the years ended 31 July 2003 or 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 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 in due course.


6. Copies of the Annual Report will be posted to Shareholders shortly and
further copies may be obtained from the registered office, One Bow Churchyard,
Cheapside, London EC4M 9HH.




Aberdeen Asset Management PLC,

Secretaries.

25 September 2003


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