Final Results

Schroder AsiaPacific Fund PLC
21 November 2002

                                                                21 November 2002


                         SCHRODER ASIAPACIFIC FUND PLC

                         Unaudited Preliminary Results


The Directors of Schroder AsiaPacific Fund plc announce the unaudited
preliminary results for the year ended 30 September 2002.


    Unaudited Statement of Total Return for the year ended 30 September 2002


                                             For the year ended                         For the year ended
                                              30 September 2002                          30 September 2001

                                         Revenue       Capital       Total           Revenue       Capital     Total

                                           £'000         £'000       £'000             £'000         £'000         £'000

Realised losses on sales                       -       (1,641)     (1,641)                 -       (2,760)       (2,760)

Unrealised gains/(losses) on                   -         9,029       9,029                 -      (43,752)      (43,752)
investments

Exchange gains/(losses)                        -         1,202       1,202                 -         (510)         (510)

Income                                     2,444             -       2,444             2,305             -         2,305

Administrative expenses                    (260)             -       (260)             (377)             -         (377)

Investment management fee                (1,047)             -     (1,047)             (931)             -         (931)

Return/(deficit) before finance            1,137         8,590       9,727               997      (47,022)      (46,025)
costs and taxation

Interest payable                           (300)             -       (300)             (571)             -         (571)

Return /(deficit) on ordinary                837         8,590       9,427               426      (47,022)      (46,596)
activities before taxation

Tax on ordinary activities                 (229)             -       (229)              (58)             -          (58)

Return /(deficit) attributable to            608         8,590       9,198               368      (47,022)      (46,654)
equity shareholders

Final dividend                             (557)             -       (557)                 -             -             -

Transfer to/(from) reserves                   51         8,590       8,641               368      (47,022)      (46,654)

Return /(deficit) per ordinary             0.44p         6.17p       6.61p             0.26p      (33.61)p      (33.35)p
share

Dividend per ordinary share                0.40p             -       0.40p                 -             -             -


                                                                                         At                       At
Summary Balance Sheet                                                     30 September 2002             30 September

                                                                                                                2001
Assets                                                                                £'000                    £'000

Listed investments at market value                                                   94,441                   76,985

Net current (liabilities)/ assets                                                   (8,488)                      327

Net Assets                                                                           85,953                   77,312

Net asset value per ordinary share (undiluted)                                       61.75p                   55.54p


Abridged Cash Flow Statement                                                     Year ended               Year ended
                                                                          30 September 2002        30 September 2001

                                                                                      £'000                    £'000

Net cash inflow from operating activities                                             1,194                      910

Cash outflow from returns on investments and servicing of finance                     (334)                    (645)

Tax recovered                                                                            90                      181

Net cash outflow from financial investment                                         (10,123)                    (595)

Equity dividends paid                                                                     -                        -

Net cash inflow/(outflow) from financing                                              4,552                  (5,795)

Net cash outflow                                                                    (4,621)                  (5,944)



Reconciliation of net cash inflow to movement in net funds/(debt)
                                                                                 Year ended               Year ended
                                                                          30 September 2002        30 September 2001

                                                                                      £'000                    £'000

Net cash outflow during the year                                                    (4,621)                  (5,944)

Movement in loan facility to finance investments                                    (4,553)                    5,362

Exchange gains/(losses) on revaluation of currency                                    1,202                    (510)

Change in net funds                                                                 (7,972)                  (1,092)

Net funds brought forward                                                               195                    1,287

Net (debt)/funds carried forward                                                    (7,777)                      195


The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2002. The financial
information for the year ended 30 September 2001 is derived from the statutory
accounts for the year which have been delivered to the Registrar of Companies.
The auditors reported on those 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 the year ended 30 September 2002 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.


This announcement is prepared on the basis of the accounting policies as set out
in the most recently published set of annual financial statements, except that
the Company has adopted 'FRS19' Deferred Taxation. This had no impact on the
results for either the current or prior year.


This statement was approved by the Board of Directors on 21 November 2002.


Statement by the Chairman, The Hon Rupert Carington:

Investment Performance

During the year ended 30 September 2002 the Company's undiluted net asset value
per share produced a total return of 11.8%*, comparing favourably with a total
return of 7.4% in sterling terms in the Company's benchmark Index, the Morgan
Stanley All Countries Far East (Free) excluding Japan Index, over the same
period. The Company's relative net asset value performance was also ahead of its
peer group average during the year of 6.7%*. It is interesting to compare this
positive performance with that of other markets and in particular with the MSCI
World Index, which recorded a negative total return of 24.2%.


The most significant factor contributing to the Company's out-performance
against its benchmark Index was stock selection in Hong Kong/China, Korea and
Singapore.


Returns to shareholders during the year under review have also been assisted by
a narrowing in the discount of the Company's share price to its net asset value.
During the year the share price rose from 45.0p to 56.0p, a 24.4% increase, well
in excess of the rise in net asset value, as the discount narrowed from 19.0% at
the beginning of the year to 9.3% at the end of the year. The Company's peer
group average discount also narrowed during the year, reaching 12.6%* at the end
of September 2002.


Between the end of the financial year and 13 November 2002, the net asset value
per share increased by 2.7% to 63.4p and the share price by 2.3% to 57.3p, the
discount widening slightly to 9.6%. The benchmark Index produced a total return
of 4.8% over the same period.



Dividend


The principal investment objective of the Company is to generate capital growth
and this has been the main reason for the absence of a dividend since 1999.
However I am pleased to be able to recommend the payment of a dividend this year
amounting to 0.40 pence per share. The main reasons for this are a combination
of lower borrowing costs and an increase in the underlying dividends of
companies in which we invest. If the resolution proposed at the Annual General
Meeting to pay a final dividend is passed, the dividend will be posted on 14
February 2003.


Gearing Policy


The Board continues to hold the view that in the long term strategic borrowing
will benefit the Company. During the year, the Board has utilised the
flexibility allowed by the structure of its gearing facility to respond to
changing market conditions. At the beginning of the year, the Company had drawn
US$12 million from its US$35 million facility. During the year, the amount drawn
under the facility fluctuated; at one stage total drawings were as low as US$6
million (in October 2001) and at another as high as US$25 million (in May 2002).
At the end of the year, US$20 million was drawn from the facility and this level
of borrowing has been maintained since that time.


Purchase of Shares for Cancellation


An authority given to Directors to purchase up to 14.99% of the Company's issued
share capital for cancellation was renewed at the Annual General Meeting on 14
February 2002. During the year ended 30 September 2002 the Company did not use
this authority and no shares were purchased for cancellation.


The Board continues to consider whether purchases should be made on a regular
basis, and therefore propose that the authority to purchase up to 14.99% of the
Company's issued share capital for cancellation be renewed by shareholders at
the forthcoming Annual General Meeting.


Warrantholders' Circular


On 31 January 2003, warrantholders will have a further opportunity to exercise
their subscription rights. A Circular reminding them of this opportunity and
setting out the steps they must take if they wish to exercise their subscription
rights will be distributed with the Report and Accounts. Warrantholders should
be aware that they will have further opportunities to exercise their
subscription rights in each of the years 2004 to 2006.


Articles of Association


The Company's current Articles of Association were adopted in 1997. Since then
there have been certain changes to company law and practice. Most notably, The
Companies Act 1985 (Electronic Communications) Order 2000 enables companies to
use electronic communications as an alternative to traditional means of
communication. A resolution to adopt revised Articles of Association is included
in the Notice of the Annual General Meeting. Further details of the changes may
be found in the report of the Directors.


Outlook


Although there are a number of geo-political concerns we remain cautiously
optimistic on the prospects for regional stock markets in the medium term. In
general, Government finances are healthier and corporate profitability has
improved following the restructuring after the 1997 crisis. In many of the
economies, domestic and regional demand has been supportive of markets. However,
ultimately growth and stock market performance depends largely on growth in the
world economy and in particular the United States of America. If there is a
pick-up in US growth, albeit at a fairly low level, Asian markets, on which
companies tend to trade at lower valuations than their peers on developed
markets, should be well placed to outperform.


Annual General Meeting


The Annual General Meeting will be held at 11.30 a.m. on Thursday 13 February
2003 at 31 Gresham Street, London, EC2V 7QA. As in previous years, Mr Dobbs, on
behalf of the Investment Manager, will give a presentation on the prospects for
Asia and the Company's investment strategy, before the formal business of the
meeting.


The Hon Rupert Carington

Chairman

*Source: AITC/Fundamental Data.


Dividend for the year

The Directors of the Company have declared the payment of a final dividend, of
0.40p net per share, for the year ended 30 September 2002. The dividend will be
payable on 17 February 2003 to shareholders on the register on 17 January 2003.


Ex-Dividend Date:                                         15 January 2003

Transfers must be lodged by:                              17 January 2003

Dividend Warrants:                                        Despatched on 14 February 2003

Payment Date:                                             17 February 2003

Dividend per share:                                       0.40p net


The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in December 2002 and from that date copies of the Annual
Report and Accounts will be available to the public at the Company's registered
office: 31 Gresham Street, London, EC2V 7QA.


Enquiries:       Schroder Investment Management Limited

John Spedding

(0207 658 3206)

21 November 2002


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