Final Results
Morgan Grenfell Latin American Companies Trust PLC
26 April 2000
PRELIMINARY ANNOUNCEMENT OF RESULTS
FOR THE YEAR ENDED 29 FEBRUARY 2000
EXTRACT FROM THE CHAIRMAN'S STATEMENT
I am pleased to be able to report an excellent year for your Company. Our net
asset value per share has risen 67.4%,and our share price by even more, 83.2%,
as the discount to net asset value has narrowed. Our warrants meanwhile have
more than doubled in price, rising 105.8%. For the purposes of comparison the
MSCI Latin American Free Index, measured in sterling, rose 72.9%, heavily
influenced by the two largest markets, Brazil which gained 110.6% and Mexico
70.6%. The other markets were more subdued, none other than Argentina rising
more than 50%.
The income from our investments is lower this year as a result of a shift in
our portfolio towards higher growth shares which tend to pay lower dividends.
We are recommending a final dividend of 0.20p per share, compared with 0.65p
per share paid last year.
J.W.R. Shakespeare
Chairman
The final dividend of 0.20p per share will be paid on 4 July 2000 to
shareholders on the register at the close of business on 9 June 2000.
The financial information set out overleaf does not constitute the Company's
statutory accounts for the years ended 29 February 2000 or 28 February
1999. The financial information for 1999 is derived from the statutory
accounts for 1999 which have been delivered to the Registrar of Companies. The
Auditors have reported on the 1999 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 2000, 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 Friday, 30 June 2000 at 11.45 a.m.
at Winchester House, 1 Great Winchester Street, London EC2.
By order of the Board Registered Office:
P A Hogwood One Appold Street
Secretary London EC2A 2UU
For further information please contact:
Rosie Bichard at Deutsche Asset Management
Tel: 020 7545 6000
Year to 29th Year to 28th
February 2000 February 1999
Net Asset Value Per Ordinary
Share Basic: 99.32p 59.34p
Statement of total return
(incorporating the revenue
account*)
For the year ended 29th February
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
1999 1999 1999 1998 1998 1998
Gains/(losses) on investments - 24,387 24,387 - (22,418) (22,418)
Income 1,209 - 1,209 1,823 - 1,823
Investment management fee (669) - (669) (545) - (545)
Other expenses (224) - (224) (289) - (289)
Return on ordinary activities
before tax 316 24,387 24,703 989 (22,418) (21,429)
Interest payable (4) - (4) - - -
Return on ordinary activities
before tax 312 24,387 24,699 989 (22,418) (21,429)
Tax on ordinary activities (63) - (63) (315) - (315)
Return on ordinary activities
after tax for the financial
year attributable to equity
shareholders 249 24,387 24,636 674 (22,418) (21,744)
Dividends in respect of
equity shares (120) - (120) (411) - (411)
Transfer to reserves after
proposed dividend of 0.20p
(1999 - 0.65p) 129 24,387 24,516 263 (22,418) (22,155)
Return per ordinary share (p):
Basic and diluted 0.40 39.20 39.60 1.06 (35.07) (34.01)
*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 year.