Final Results

Deutsche Equity Income Trust PLC 01 November 2004 DEUTSCHE EQUITY INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS 30 SEPTEMBER 2004 Extract from the Chairman's Statement In a good year for the UK equity market, and after three years of outperformance, our net asset value per share underperformed our benchmark rising 10.5% compared with the FTSE All-Share Index, which rose by 12.0% in capital terms. Our gross revenue fell during the financial year, principally due to the absence of the special dividend from Canary Wharf and a fall in the income paid by some of our securities. The Board believes that it is appropriate to maintain our progressive dividend policy by utilising some of our revenue reserves. Accordingly, we are proposing to pay an increased final dividend of 5.70p per share which, together with the interim dividend of 2.50p per share already paid, makes a total dividend per share for the year of 8.20p, 2.5% higher than last year. The portfolio remained modestly geared during the year, averaging around 4% of equity assets compared to our maximum approved level of 10%. Gearing levels continue to be monitored closely by the Board. A K Mitchard, Chairman The final dividend of 5.70p per share will be paid on 23 December 2004 to shareholders on the register at the close of business on 12 November 2004 The financial information set out overleaf does not constitute the Company's statutory accounts for the years ended 30 September 2004 or 2003. The financial information for 2003 is derived from the statutory accounts for 2003 which have been delivered to the Registrar of Companies. The Auditors have reported on the 2003 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 2004, which have not yet been reported on by the Auditors, 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 following the Company's Annual General Meeting. The annual report will be sent to shareholders and will also be made available to the public at the Company's registered office. ANNUAL GENERAL MEETING The Annual General Meeting will be held on Wednesday, 15 December 2004 at 11.00 a.m. One Appold Street, London EC2. By order of the Board M Pope Joint Company Secretary Registered Office: One Appold Street London EC2A 2UU 1 November 2004 For further information please contact John Murray at Deutsche Asset Management Tel: 020 7545 6000 STATEMENT OF TOTAL RETURN (Unaudited) (incorporating the revenue account*) Year to 30 September 2004 Year to 30 September 2003 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Realised and unrealised gains on investments - 9,718 9,718 - 10,089 10,089 Income 3,688 - 3,688 4,207 - 4,207 Investment management fee (418) (418) (836) (467) (200) (667) Other expenses (261) - (261) (181) - (181) Net return before finance costs and taxation 3,009 9,300 12,309 3,559 9,889 13,448 Interest payable (83) (83) (166) (2) - (2) Return on ordinary activities before tax 2,926 9,217 12,143 3,557 9,889 13,446 Tax on ordinary activities - - - (25) - (25) Return on ordinary activities after tax for the financial year attributable to equity shareholders 2,926 9,217 12,143 3,532 9,889 13,421 Dividend in respect of equity shares (3,261) - (3,261) (3,181) - (3,181) Transfer (from)/to reserves after aggregate dividend paid and proposed of 8.20p (2003 - 8.00p per share) (335) 9,217 8,882 351 9,889 10,240 Return per ordinary share 7.36p 23.18p 30.54p 8.88p 24.87p 33.75p *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. BALANCE SHEET (Unaudited) as at 30 as at 30 September 2004 September 2003 £'000 £'000 Fixed assets Investments 100,438 86,023 Current assets Debtors 2,496 1,264 Cash at bank and in hand 965 279 3,461 1,543 Creditors: amounts falling due within one year (10,404) (2,953) Net current liabilities (6,943) (1,410) Net assets 93,495 84,613 Capital and reserves Called-up share capital 9,941 9,941 Share premium account 20,373 20,373 Other reserves Capital redemption reserve 12,609 12,609 Capital reserve - realised 49,549 47,784 Capital reserve - unrealised 757 (6,695) Revenue reserve 266 601 Total equity shareholders' funds 93,495 84,613 Net asset value per ordinary share: Basic 235.1p 212.8p CASH FLOW STATEMENT (Unaudited) Year ended Year ended 30 September 2004 30 September 2003 £'000 £'000 Operating activities Cash received from investments 3,651 4,298 Interest received 26 29 Cash received from stocklending 4 1 Investment management fees paid (823) (683) Cash paid to and on behalf of directors (74) (54) Other cash payments (171) (142) Net cash inflow from operating activities 2,613 3,449 Servicing of finance Interest paid (128) (2) Net cash outflow from servicing of finance (128) (2) Taxation Overseas tax paid - (25) Taxation paid - (25) Financial investment Purchase of investments (72,021) (60,000) Sale of investments 68,903 58,660 Net cash outflow from financial investment (3,118) (1,340) Equity dividends paid (3,181) (3,022) Financing Drawdown of Bank Loan 4,500 - Increase/(decrease) in cash 686 (940) This information is provided by RNS The company news service from the London Stock Exchange

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