Final Results

Anglo-Eastern Plantations PLC
16 April 2002


            ANGLO-EASTERN PLANTATIONS PLC - PRELIMINARY ANNOUNCEMENT


•         Anglo-Eastern Plantations, which owns approximately 16,750ha of mature
and 5,500ha of immature oil palm plantations, primarily in Indonesia but also in
Malaysia, announces a pre-tax profit of £2.3 m (2000: £4.4 m) on a turnover of
£11.8 m (2000: £11.6 m), reflecting a provision of £1.1 m (2000: nil) against
the valuation of the Malaysian estates in addition to very low palm oil prices,
in particular in the first half.

•         The 2001 turnover reflected volumes that were similar to last year's
record, with an increased mature area compensating for a reduced yield, and a
11% decrease in the average palm oil price to US$281/mt (cif Rotterdam), with
May 2001's US$215/mt being the lowest since 1986.

•         The reduction in EPS to 3.6p (2000: 5.0p) was less than that in PBT,
at 28%, as a result of the 45% minority interest in the £1.1 m provision,
together with deferred tax credits.

•         Year end net assets per share amounted to 141p (2000: 132p), whilst
net gearing was 5%
(2000: nil).

•         Compared to the immediately preceding years, the political and social
situation in Indonesia appears to have stabilised, and no material disruption
was suffered.

•         Mr Chan Teik Huat, Chairman and Chief Executive, stated 'In the first
quarter of 2002, FFB crops are 7% ahead of expectations and 13% up on the same
period in 2001, whilst the CPO price has averaged US$ 330, generating a group
profit substantially ahead of the same period in 2001. If CPO prices remain at
current levels, we expect a significant improvement in profits for the year as a
whole.

•         In spite of the poor results for 2001, the Board feels that the better
outlook, together with the progress of  the group's new developments, warrants a
modest improvement in the dividend to 1.40p per share from 1.04p in respect of
2000.

•         Our policy remains to bring the Bengkulu estates to their maximum
potential.   In the absence of any material deterioration in commodity prices we
hope to improve the dividend in respect of 2002.'


Enquiries:

Anglo-Eastern Plantations PLC           020-7236 2838
Rollo Barnes (Financial Director)

Bankside Consultants Limited
Charles Ponsonby                        020-7444 4166



                              CHAIRMAN'S STATEMENT

Profit before tax for 2001 was US$3.3 million, half the profit of $6.6 million
in the previous year.  The 2001 result includes a provision of $1.6 million
against the value of our 55% owned Malaysia estates, described below.  The
profit of $4.9 million before that provision reflected a substantial improvement
in the second half of the year as a result of the recovery in CPO (crude palm
oil) prices from the very low levels experienced in the early part of the year.
Total FFB (fresh fruit bunches) production for the group at 253,000mt was the
same as in 2000.  Increasing crops from the new projects in Bengkulu (South
Sumatra) and from Malaysia offset a fall in North Sumatra from the record levels
there in 2000.

Earnings per share fell to 5.2cts from 7.6cts.  The fall of 32% was less than
that in pre-tax profits because 45% of the valuation provision referred to above
is borne by minority interests.  Also, now that the Bengkulu estates are better
established and prospects clearer, deferred tax credits totalling $0.8 million
have been taken to the profit and loss account against the start up losses on
the projects.  These losses will be available to offset tax on future profits
which should begin to be earned in 2002 onwards.

Shareholders' funds amount to $80,629,000 (2000: $76,901,000) or 206cts per
share (2000: 196cts per share) and net debt totalled $4,311,000 (2000: $ nil).


Commodity prices

The CPO price averaged $281/mt (cif Rotterdam) in 2001 compared to $314 in 2000,
reaching a low of $215 in May, the lowest since 1986.

There were three rallies during 2001, the strongest in August when the price
reached $395 for a few days, falling back to $310 by the year end; this, at any
rate, was 17% better than the $265 price at the beginning of the year.

Rubber prices were on average 16% weaker than in the previous year.  Cocoa was
the only improver among our three crops averaging 35% higher than in 2000 and
increasing 65% between the beginning and end of 2001.  Unfortunately the group's
cocoa production is too small for this to have any marked effect.

Indonesia

Production of FFB from our North Sumatra estates fell 13% to 194,000mt compared
to 223,000mt in 2000.  Since these are now fully mature estates, a fall was to
be expected after the record of 2001.  An increase in production from 7,000mt to
30,000mt from the newly maturing Bengkulu estates compensated for much of the
fall in volume but, since yields are still lower there, the compensation in
profitability was less.

We have slowed new planting in Bengkulu to about 500 ha per year and are
consolidating the existing planted area of 9,300ha.  A further 3,700 ha came
into bearing during the year bringing the total mature area to 6,000 ha or 65%
of the total.

In Bengkulu, construction of the mill is expected to be complete in May 2002.
With Bengkulu estate production expected to be around 60,000mt in 2002 the mill
will start 50% loaded and will eliminate our reliance on outside processors.  We
are hopeful of filling a proportion of the spare capacity in 2002 with FFB from
smallholders in the region.

Provisional land titles have now been granted over all the Bengkulu estate areas
where there has been planting.  Title over a further 5,000 ha of vacant land is
still being processed.

Compared to the immediately preceding years the political and social situation
in Indonesia appears to have stabilised.  We have been fortunate, thanks to all
our local management, not to have suffered any material disruption .

Malaysia

As the estates continue to mature, FFB production increased 27% to 28,000mt.
Yields are still too low to make a profit at the low CPO prices of 2001.  The
operation made a loss of $490,000 in 2001 of which our share is 55%.

Production will increase steadily, and with an improvement in CPO prices the
estates should report an operating surplus.  Following a review of the value of
the estates, we have made a provision of $1.6 million against the carrying value
of the properties.  This provision has been charged to the group's operating
profit.  I should point out that there is a substantial surplus over cost of our
Indonesian properties amounting to $10 million net of exchange losses, but the
provision cannot be offset against that surplus.

Outlook and dividend

FFB crops for the first quarter of 2002 are 7% ahead of expectations and 13% up
on the same period in 2001.  There are signs of a dry spell in North Sumatra and
Malaysia, which might affect crops adversely later, but we hope that Bengkulu,
which has a different weather pattern, will cushion any impact.

The CPO price has averaged $330 in the first quarter of 2002. Opinions in the
vegetable oil market are divided on whether there will be any sustained
improvement in CPO prices.

Cocoa and rubber prices have improved 21% and 25% respectively in the first
quarter.

The rupiah has strengthened about 5% since the end of 2001, which has the effect
of reducing our local income but also reduces inflationary pressure.

Group profit for the first quarter of 2002 is substantially ahead of the same
period in 2001 and if CPO prices remain at current levels we expect a
significant improvement in profits for the year as a whole.

In spite of the poor results for 2001 the board feels that the better outlook,
together with the progress on the group's new developments, warrants a modest
improvement in the dividend to 2.0cts per share from 1.5cts in respect of 2000.

Our policy remains to bring the Bengkulu estates to their maximum potential.  In
the absence of any material deterioration in commodity prices we hope to improve
the dividend in respect of 2002.



                                                                  CHAN TEIK HUAT
                                                                   15 April 2002
                                                                        Chairman



                                  CONSOLIDATED PROFIT AND LOSS ACCOUNT

                                                     2001           2000             2001           2000
                                                  US$'000        US$'000            £'000          £'000

Turnover - continuing operations                   16,992         17,562           11,800         11,630
                                                  _______        _______          _______        _______

Operating profit - continuing operations            3,369          6,560            2,340          4,344


Net interest (payable)/receivable                    (10)             83              (7)             55
                                                  _______        _______          _______        _______
Profit on ordinary activities before tax            3,359          6,643            2,333          4,399


Taxation                                          (1,638)        (3,147)          (1,138)        (2,084)

                                                  _______        _______          _______        _______
Profit on ordinary activities after tax             1,721          3,496            1,195          2,315
Minority interests (all equity interests)             320          (522)              222          (346)
                                                  _______        _______          _______        _______

Profit attributable to shareholders                 2,041          2,974            1,417          1,969

Dividends                                           (785)          (588)            (545)          (389)
                                                  _______        _______          _______        _______
Retained profit for the year                        1,256          2,386              872          1,580
                                                  _______        _______          _______        _______


Earnings per ordinary share (basic and             5.2cts         7.6cts             3.6p           5.0p
diluted)

                                                     2001           2000             2001           2000
                                                  US$'000        US$'000            £'000          £'000
Operating profit is stated after charging:
  Provision for reduction in value of
  Malaysian estates                               (1,553)              -          (1,078)              -
                                                  
                                                  _______        _______          _______        _______

TAXATION:                                            2001           2000             2001           2000
                                                  US$'000        US$'000            £'000          £'000

Foreign corporation tax                             2,443          3,013            1,698          1,995
Foreign withholding tax on remittances                 97            134               67             89
Deferred tax adjustment      - current year         (472)              -            (328)              -
                             - prior years          (430)              -            (299)              -
  
                                                  _______        _______          _______        _______
                                                    1,638          3,147            1,138          2,084
                                                  _______        _______          _______        _______



DIVIDEND:   The board have proposed a final and only dividend for 2001 of 2.0cts
            (2000 - 1.50cts) to be paid on 26 June 2002 to shareholders on the 
            register on 31 May 2002.  Shareholders electing to receive their 
            dividend in sterling will receive 1.40p(2000 - 1.04p).



ACCOUNTS:   Accounting policies remain unchanged from the previous year. The 
            financial information set out above does not comprise the
            company's statutory accounts. Statutory accounts for the previous 
            financial year ended 31 December 2000 have been delivered to the 
            Registrar of Companies. The auditors' report on those accounts was 
            unqualified and did not contain any statement under section 237(2) 
            or (3) of the Companies Act 1985.  The auditors have not yet 
            reported on the accounts for the year ended 31 December 2001, nor
            have any such accounts been delivered to the Registrar of Companies.  
            As in previous years the auditors' report will refer to the 
            political change in Indonesia, but their opinion will not be 
            qualified in this respect.  This report was approved by the board on 
            15 April 2002.

                                       CONSOLIDATED BALANCE SHEET
                                                     2001            2000            2001            2000
                                                  US$'000         US$'000           £'000           £'000

Fixed assets
Tangible assets                                   104,333          97,556          71,461          65,473
                                                  _______         _______         _______         _______

Current assets
Stocks                                                600             784             411             526
Debtors                                             1,916           1,452           1,312             974
Investments                                           266             219             182             147
Cash                                                2,248           2,096           1,540           1,407
                                                  _______         _______         _______         _______
                                                    5,030           4,551           3,445           3,054
                                                  _______         _______         _______         _______
Current liabilities
Creditors:  falling due within one year
Borrowings                                           (99)           (436)            (68)           (292)
Other creditors                                   (5,266)         (4,775)         (3,607)         (3,204)
                                                  _______         _______         _______         _______
                                                  (5,365)         (5,211)         (3,675)         (3,497)
                                                  _______         _______         _______         _______
Net current (liabilities)                           (335)           (660)           (230)           (443)
                                                  _______         _______         _______         _______
Total assets less current liabilities             103,998          96,896          71,231          65,031
Non-current liabilities

Creditors:  falling due after more than one year
Borrowings                                        (6,460)         (1,412)         (4,425)           (948)
Deferred taxation                                     890           (590)             610           (395)
                                                  _______         _______          ______         _______
Net assets                                         98,428          94,894          67,416          63,688
                                                 ________         _______         _______         _______


Share capital                                      15,171          15,171           9,808           9,808
Share premium                                      23,570          23,570          15,329          15,329
Share capital redemption reserve                    1,087           1,087             663             663
Revaluation and exchange reserve                   10,986           8,514           9,004           6,645
Profit and loss account                            29,815          28,559          20,421          19,167
                                                  _______         _______         _______         _______
Shareholders' funds                                80,629          76,901          55,225          51,612
Minority interests                                 17,799          17,993          12,191          12,076
                                                  _______         _______         _______         _______
                                                   98,428          94,894          67,416          63,688
                                                  _______         _______         _______         _______


                         CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES

                                                     2001            2000
                                                   US$000          US$000
Profit for the financial year                       2,041           2,974
Unrealised surplus on revaluation of the            7,292          15,525
estates
(Loss) on exchange translation                    (4,820)        (15,586)
                                                  _______         _______
Total recognised gains relating to the year         4,513           2,913
                                                  _______         _______

                         RECONCILIATION OF MOVEMENT IN SHAREHOLDERS' FUNDS

                                                     2001            2000
                                                   US$000          US$000
Total recognised gains                              4,513           2,913
Dividends                                           (785)           (588)
                                                  _______         _______
Net increase in shareholders' funds                 3,728           2,325
Beginning of year                                  76,901          74,576
                                                  _______         _______
End of year                                        80,629          76,901




                         CONSOLIDATED CASH FLOW STATEMENT


                                                      2001           2000            2001           2000
                                                    US$000         US$000            £000           £000

Net cash inflow from operating activities            6,666          9,133           4,646          6,176
Returns on investment and servicing of finance       (320)             27           (222)             18
Tax paid net of refunds                            (2,513)        (3,354)         (1,745)        (2,222)
Capital expenditure                                (7,804)        (7,142)         (5,420)        (4,730)
Equity dividend paid to parent company
shareholders                                         (588)        (1,569)           (408)        (1,039)
                                                     
                                                   _______        _______         _______        _______
Cash outflow before management of liquid
resources and financing                            (4,559)        (2,905)         (3,149)        (1,797)
Proceeds from sale of current investments                -            364               -            241
Financing
   Drawdown of long term loans                       5,048          1,412           3,506            935
   Finance repayment by minority
   shareholder                                           -             80               -             53
                                                     5,048          1,492           3,506            988
                                                   _______        _______         _______        _______

Increase/(decrease) in cash in the year                489        (1,049)             357          (568)
                                                   _______        _______         _______        _______

CROPS

                                                      2001           2000
                                                    Tonnes         Tonnes
Oil palm fresh fruit bunches
  -ex estates                                      252,632        253,094
  -bought in                                        74,789         38,125
Crude palm oil                                      52,073         52,297
Rubber                                               1,376          1,253
Cocoa                                                  120            131


AREAS

                                                     Total         Mature        Immature
                                                        ha             ha              Ha

Oil palm                                            22,303         16,753           5,550
Rubber                                                 992            925              67
Cocoa                                                  258            172              86
                                                   _______        _______         _______
                                                    23,553         17,850           5,704
                                                                  _______          ______
Reserves                                            11,160
Further title to be issued                           5,397
                                                   _______
Total                                               40,110
                                                   _______



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