Interim Results

Deutsche Equity Income Trust PLC 20 May 2004 DEUTSCHE EQUITY INCOME TRUST PLC PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE HALF YEAR ENDED 31 MARCH 2004 Extract from the Chairman's Statement I am pleased to report a positive start to our financial year with the net asset value per ordinary share rising 8.8% and the share price 9.0% over the six months to 31 March 2004. This is slightly better than our benchmark, the FTSE All-Share Index, which rose 8.4% over the same period. Equity markets continued their recovery with smaller and mid-sized companies once again outperforming their larger counterparts. Larger companies suffered as a consequence of their higher dependency on overseas earnings, which were adversely affected by the weakening US dollar. Earnings per ordinary share over the six months to 31 March 2004 were 3.41p, a fall of 15.8% over the equivalent period in the last financial year. This difference is mainly due to the special dividend we received last year from Canary Wharf. The Board has decided to pay an unchanged interim dividend of 2.50p per ordinary share, which will be paid on 25 June 2004 to those shareholders on the register at the close of business on 28 May 2004. As heralded in the last annual report and accounts, your Board has introduced a policy of modestly gearing the portfolio on a flexible basis where we think it is advantageous for shareholders to do so. At 31 March 2004, your portfolio was 4.2% geared compared your Board's maximum of 10.0%. Gearing levels are closely monitored by your Board. Tony Mitchard Chairman The financial information for the year ended 30 September 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 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 20 May 2004 For further information please contact: John Murray at Deutsche Asset Management Tel: 020 7545 6000 STATEMENT OF TOTAL RETURN (incorporating the revenue account*) Six months to 31 March 2004 Year to 30 September 2003 Six months to 31 March 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains/(losses) on - 7,303 7,303 - 10,089 10,089 - (3,241) (3,241) investments Income 1,728 - 1,728 4,207 - 4,207 1,898 - 1,898 Investment management fee (210) (210) (420) (467) (200) (667) (209) (90) (299) Other expenses (142) - (142) (181) - (181) (79) - (79) Net return before finance 1,376 7,093 8,469 3,559 9,889 13,448 1,610 (3,331) (1,721) costs and taxation Interest payable (21) (21) (42) (2) - (2) (1) - (1) Return on ordinary 1,355 7,072 8,427 3,557 9,889 13,446 1,609 (3,331) (1,722) activities before tax Tax on ordinary activities - - - (25) - (25) - - - Return on ordinary activities after tax for the financial year attributable to equity 1,355 7,072 8,427 3,532 9,889 13,421 1,609 (3,331) (1,722) shareholders Dividends in respect of (994) - (994) (3,181) - (3,181) (994) - (994) equity shares Transfer to reserves after interim dividend of 2.50p (2003 - 2.50p) 361 7,072 7,433 351 9,889 10,240 615 (3,331) (2,716) Return per ordinary share 3.41p 17.78p 21.19p 8.88p 24.87p 33.75p 4.05p (8.38p) (4.33)p *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 30 September 2003 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 September March 2004 2003 2003 £'000 £'000 £'000 Fixed assets Investments 96,078 86,023 71,837 Current assets Debtors 1,442 1,264 649 Cash 604 279 686 2,046 1,543 1,335 Creditors: amounts falling due within (6,078) (2,953) (1,515) one year Net current liabilities (4,032) (1,410) (180) Total assets less current liabilities 92,046 84,613 71,657 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 48,543 47,784 49,356 Capital reserve - (382) (6,695) (21,487) unrealised Revenue reserve 962 601 865 Total equity shareholders' funds 92,046 84,613 71,657 Net asset value per ordinary share 231.5p 212.8p 180.2p Mid-market quotation of ordinary shares 230.0p 211.0p 183.0p CASH FLOW STATEMENT Six months to Year to Six months to 31 March 30 September 31 March 2004 2003 2003 £'000 £'000 £'000 Operating activities Cash received from investments 1,344 4,298 1,888 Interest received 11 29 75 Cash received from stocklending 3 1 - Investment management fees paid (422) (683) (342) Cash paid to and on behalf of directors (33) (54) (26) Other cash payments (74) (142) (100) Net cash inflow from operating activities 829 3,449 1,495 Servicing of finance Interest paid (21) (2) (1) Net cash outflow from servicing of finance (21) (2) (1) Taxation Overseas tax paid - (25) - Taxation paid - (25) - Financial investment Purchase of investments (36,543) (60,000) 25,266 Sale of investments 33,747 58,660 (25,265) Net cash (outflow)/inflow from financial investment (2,796) (1,340) 1 Equity dividends paid (2,187) (3,022) (2,028) Drawdown of loan facility 4,500 - - Increase/(decrease) in cash 325 (940) (533) This information is provided by RNS The company news service from the London Stock Exchange

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