Interim Results

Deutsche Latin American Cos Tst PLC
22 October 2002



                  DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC

                      PRELIMINARY ANNOUNCEMENT OF RESULTS

                     FOR THE HALF YEAR ENDED 31 AUGUST 2002

                     Extract from the Chairman's Statement

World stock markets have experienced one of the worst periods of performance
during the last few months since the 1987 crash. Latin America, which had been
outperforming the major markets, has finally succumbed to the international
pressures and I am disappointed to have to report a fall in our net asset value
of 28.3% for the six month period, although this was somewhat better than the
performance of the MSCI Latin American Free Index which fell 31.7%.

Our share price fell by 27.9% with the discount of the share price to net asset
value narrowing slightly to 18.8% from 19.2% at the end of the financial year.
Our earnings per share fell by 8.2% compared with the same period last year.

We have renewed our borrowing facility albeit at a reduced level and, while it
would be foolhardy to expect anything other than a volatile experience from
investing in the region, we consider the case sufficiently strong to have made
use of it during the last few weeks, for the first time in several months, to
increase our investment portfolio. It is at moments of turbulence like this that
the best bargains can often be found.





Richard Watkins

Chairman

The financial information for the year ended 28 February 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

Joint Secretary

London EC2A 2UU

Registered Office:

One Appold Street

21 October 2002



For further information please contact:

James Fox at Deutsche Asset Management

Tel: [phone]


                                                                                                                      
  CASH FLOW STATEMENT                                                                                                 
                                                            Six months to       Year ended          Six months to     
                                                            31 August 2002      28 February 2002    31 August 2001    
                                                            £'000               £'000               £'000             
  Reconciliation of operating profit to net cash inflow     -----------------   -----------------   ----------------- 
  from operating activities                                                                                           
  Cash received from investments                             768                 1,458               1,104             
  Interest received                                           94                   289                 160              
  Investment management fees paid                           (204)                 (388)               (205)             
  Cash paid to and on behalf of directors                    (24)                  (49)                (25)             
  Other cash payments                                       (147)                 (220)               (176)             
                                                            -----------------   -----------------   ----------------- 
  Net cash inflow from operating activities                  487                 1,090                858               
                                                            -----------------   -----------------   ----------------- 
  Servicing of finance                                                                                                
  Interest paid                                              (467)                 (664)             (659)             
                                                            -----------------   -----------------   ----------------- 
  Net cash outflow from servicing of finance                 (467)                 (664)             (659)             
                                                            -----------------   -----------------   ----------------- 
  Taxation paid                                               (39)                  (122)              (83)             
  Financial investment                                                                                                 
  Purchase of investments                                   (9,093)             (17,239)            (11,504)          
  Sale of investments                                        9,592               21,096              14,584            
                                                            -----------------   -----------------   ----------------- 
  Net cash inflow from financial investment                    499                 3,857              3,080             
                                                            -----------------   -----------------   ----------------- 
  Equity dividends paid                                        (96)                (96)                (96)             
  Financing                                                                                                           
  Repayment of US$15 million loan                           (10,400)                -                   -               
 
  Drawdown from new £10 million loan facility                 4,236                 -                   -               
 
  Repurchase and cancellation of ordinary shares              -                   (281)               (175)             
  Exercise of subscription warrants                           -                      1                   -              
  
                                                            -----------------   -----------------   ----------------- 
  (Decrease)/increase in cash                                 (5,780)             3,785               2,925             
                                                            --------------      --------------      --------------    
          

                                                                                                                      
  STATEMENT OF                                                                                                        
  TOTAL RETURN                                                                                                        
  (incorporating                                                                                                      
  the revenue                                                                                                         
  account*)                                                                                                           
                   Six months to 31 August 2002    Year to 28 February 2002               Six months to 31 August 2001
                   Revenue   Capital    Total      Revenue    Capital   Total             Revenue   Capital   Total   
                   £'000     £'000      £'000      £'000      £'000     £'000             £'000     £'000     £'000   
                                                                                                                     
  Realised and     -         (12,030)   (12,030)   -          (1,073)   (1,073)   -                 (5,891)   (5,891) 
  unrealised                                                                                                          
  losses on                                                                                                           
  investments                                                                                                         

  Income           756       -          756        1,706      -         1,706     1,171             -         1,171   

  Investment       (184)     -          (184)      (400)      -         (400)     (199)             -         (199)   
  management fee                                                                                                      

  Other expenses   (130)     -          (130)      (228)      -         (228)     (119)             -         (119)   
    

                                                                                                                      
  Net return before 
  finance costs   442     (12,030)   (11,588)     1,078    (1,073)         5       853          (5,891)      (5,038) 
  and taxation                                                                                                        
  Interest 
   payable       (188)       -          (188)      (678)      -         (678)     (423)             -          (423)   
 
  

                                                                                                                      
  Return on 
  ordinary 
  activities      254    (12,030)   (11,776)        400    (1,073)      (673)      430          (5,891)      (5,461) 
  before tax                                                                                                          
  Tax on 
  ordinary 
  activities      (40)       -          (40)       (173)       -        (173)     (196)            -           (196)   
 
                                                                                                                      
  Return on 
  ordinary 
  activities 
  after                                                                               
  tax for the 
  financial year                                                                                          
  attributable to
  equity 
  shareholders    214    (12,030)    (11,816)        227    (1,073)      (846)     234           (5,891)     (5,657) 
  
  Dividend in 
  respect of 
  equity shares   -          -          -            (96)       -         (96)      -               -           -       
 
                                                                                                             
 Transfer to 
 reserves       214      (12,030)    (11,816)        131    (1,073)       (942)    234           (5,891)     (5,657) 
 

                                                                                                                     
 Return per 
 ordinary 
 share:       0.45p       (25.16)p   (24.71)p        0.47p   (2.24)p      (1.77)p   0.49p       (12.26)p     (11.77)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 28 February 2002 are taken 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 28          as at 31
                    August          February            August
                      2002              2002              2001
                     £'000             £'000             £'000
                ----------------------------------------------
Fixed assets        30,338            42,460            38,380
- investments
Current              3,553            10,732            10,462
assets
                ----------------------------------------------
Total assets        33,891            53,192            48,842
Creditors:         (3,841)          (11,305)          (11,169)
amounts
falling due
within one
year
                ----------------------------------------------
Total assets        30,050            41,887            37,673
less current
liabilities
Provisions             (3)              (24)              (17)
for
liabilities
and charges
                ----------------------------------------------
Net assets          30,047            41,863            37,656
                ----------------------------------------------
Called-up           11,953            11,953            12,003
share capital
Share premium       11,752            11,752            11,752
account
Other
Reserves
Special             17,981            17,981            17,980
reserve
Warrant              4,026             4,026             4,029
reserve
Warrant                  3                 3                 -
exercise
reserve
Capital              4,089             4,089             4,040
redemption
reserve
Capital           (17,694)          (15,392)          (13,595)
reserve -
realised
Capital            (3,396)             6,332               119
reserve -
unrealised
Revenue              1,333             1,119             1,328
reserve
                ----------------------------------------------
Total equity        30,047            41,863            37,656
shareholders'
funds
                ----------------------------------------------
Net Asset
Value per
ordinary
share
Basic                62.84 p           87.56 p           78.43 p
Fully Diluted        70.71 p           90.20 p           83.00 p

Mid-market           51.00 p           70.75 p           64.25 p
quotation of
ordinary
shares
                 ----------------------------------------------







                      This information is provided by RNS
            The company news service from the London Stock Exchange