Interim Results

Deutsche Equity Income Trust PLC 21 May 2003 DEUTSCHE EQUITY INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2003 Extract from the Chairman's Statement Performance for the first six months was in line with the index, with our net asset value per share falling by 3.6% compared to a fall of 3.7% in the FT-SE All-Share Index. Our share price fell slightly less, by 3.4% over the period, as the premium of share price to net asset value increased marginally from1.3% to 1.6%. The period was generally a difficult one for income funds as the market rotated out of higher yielding and defensive sectors into those offering the potential for greater capital growth. The continued decline of equity markets also put increased strain on many financial companies' balance sheets, resulting in a reduction in dividend payouts from household names such as Abbey National and Prudential. However, we now believe that corporate profit expectations are more realistic than for some time and there are some tentative signs that dividend cover (both from earnings and a cash flow basis) is beginning to improve. Our revenue available to shareholders rose by 17.8% compared to the same period last year due mainly to the receipt of a special dividend from Canary Wharf; we do not expect that our income for the financial year to 30 September as a whole will increase by a similar amount. We are paying an unchanged interim dividend of 2.50p per share and this will be paid on 25 June 2003 to those shareholders on the register at the close of business on 30 May 2003. J. Leigh Pemberton Chairman The financial information for the year ended 30 September 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 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 M Pope Secretary Registered Office: One Appold Street London EC2A 2UU 21 May 2003 For further information please contact: Graham Ashby at Deutsche Asset Management Tel: 020 7545 6000 STATEMENT OF TOTAL RETURN (incorporating the revenue account*) Six months to 31 March Year to 30 September 2002 Six months to 31 March 2003 2002 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Losses on investments - (3,241) (3,241) - (15,322) (15,322) - 11,008 11,008 Income ** 1,898 - 1,898 3,555 - 3,555 1,735 - 1,735 Investment management fee (209) (90) (299) (589) (252) (841) (305) (131) (436) Other expenses (79) - (79) (185) - (185) (62) - (62) ----------------------------------------------------------------------------------- Net return before finance 1,610 (3,331) (1,721) 2,781 (15,574) (12,793) 1,368 10,877 12,245 costs and taxation Interest payable (1) - (1) (2) - (2) (1) - (1) ----------------------------------------------------------------------------------- Return on ordinary 1,609 (3,331) (1,722) 2,779 (15,574) (12,795) 1,367 10,877 12,244 activities before tax Tax on ordinary activities - - - - - - (1) - (1) ----------------------------------------------------------------------------------- Return on ordinary activities after tax for the financial year attributable to equity shareholders 1,609 (3,331) (1,722) 2,779 (15,574) (12,795) 1,366 10,877 12,243 Dividends in respect of (994) - (994) (3,022) - (3,022) (994) - (994) equity shares ----------------------------------------------------------------------------------- Transfer to reserves after interim dividend of 2.50p (2002 - 615 (3,331) (2,716) (243) (15,574) (15,817) 372 10,877 11,249 2.50p) ----------------------------------------------------------------------------------- Return per ordinary share 4.05p (8.38)p (4.33)p 6.99p (39.17)p (32.18)p 3.44p 27.35p 30.79p * The revenue column of this statement is the profit and loss account of the Company. ** Included in income is an amount of £300,000 (2002-£nil) in respect of a special dividend received from Canary Wharf plc during the period. The directors consider that this item is an income receipt. In accordance with the Company's accounting policies, the classification of such items as either income or capital is reviewed on a case by case basis with consideration given to all relevant information. 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 30 September 2002 are derived 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 30 as at 31 March 2003 September 2002 March 2002 £'000 £'000 £'000 Fixed assets Investments 71,837 74,599 99,427 Current assets Debtors 649 1,514 1,525 Cash 686 1,219 1,730 1,335 2,733 3,255 ----------------------------- Creditors: amounts falling due within one year (1,515) (2,959) (1,242) Net current (liabilities)/assets (180) (226) 2,013 ----------------------------- Total assets less current liabilities 71,657 74,373 101,440 ----------------------------- Capital and reserves Called-up share capital 9,941 9,941 9,941 Share premium account 20,373 20,373 20,373 Other reserves Capital redemption reserve 12,609 12,609 12,609 Capital reserve - realised 49,356 54,928 54,607 Capital reserve - unrealised (21,487) (23,728) 3,045 Revenue reserve 865 250 865 ----------------------------- Total equity shareholders' funds 71,657 74,373 101,440 ----------------------------- Net asset value per ordinary share 180.2p 187.0p 255.1p ----------------------------- Mid-market quotation of ordinary shares 183.0p 189.5p 237.5p ----------------------------- CASH FLOW STATEMENT Six months ended Year ended Six months ended 31 March 2003 30 September 2002 31 March 2002 £'000 £'000 £'000 Operating activities Cash received from investments 1,888 3,420 1,604 Interest received 75 36 22 Cash received from stocklending and underwriting - 3 2 Investment management fees paid (342) (845) (418) Cash paid to and on behalf of directors (26) (49) (25) Other cash payments (100) (134) (68) -------------------------------------- Net cash inflow from operating activities 1,495 2,431 1,117 -------------------------------------- Servicing of finance Interest paid (1) (2) (1) -------------------------------------- Net cash outflow from servicing of finance (1) (2) (1) -------------------------------------- Taxation Overseas tax received - 18 18 Income tax received - 13 13 -------------------------------------- Taxation received - 31 31 -------------------------------------- Financial investment Purchase of investments 25,266 (59,935) (31,751) Sale of investments (25,265) 60,574 33,226 -------------------------------------- Net cash inflow from financial investment 1 639 1,475 -------------------------------------- Equity dividends paid (2,028) (3,002) (2,008) -------------------------------------- (Decrease)/increase in cash (533) 97 614 -------------------------------------- This information is provided by RNS The company news service from the London Stock Exchange

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