Final Results

Deutsche Latin American Cos Tst PLC
22 April 2002



                      DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC

                          PRELIMINARY ANNOUNCEMENT OF RESULTS

                          FOR THE YEAR ENDED 28 FEBRUARY 2002

        Extract from the Chairman's Statement

        I am glad to be able to report that those Latin American stock markets
        in which we are invested performed relatively well during our financial
        year, which ended on 28 February. It may perhaps appear surprising that
        these have done better than most major markets in a period which has
        seen a recession in the United States, the terrorist attack on the World
        Trade Center and the collapse of the Argentine economy. However, it is
        encouraging that the relative attractiveness of many Latin American
        companies is being better recognised.

        Our net asset value per share fell 1.9% during the year as a whole, less
        than the MSCI Latin American Free Index which declined by 2.8%. The
        falls were entirely in the first half of our financial year and in the
        second half our net asset value rose by 11.7%. Our share price fell more
        than the net asset value over the twelve month period, by 9.9%, as the
        discount of share price to net asset value widened. However, the
        discount has narrowed again since the end of the financial year. We
        repurchased for cancellation 450,000 shares during the year.

        Revenue available for shareholders has risen slightly, by 4.1%. The
        Board is proposing an unchanged final dividend of 0.20p per share. The
        dividend will be paid on 1 July 2002 to those shareholders on the
        register at the close of business on 7 June 2002.

                                                                 Richard Watkins

                                                                        Chairman

        The final dividend of 0.20p per share will be paid on 1 July 2002 to
        shareholders on the register at the close of business on 7 June 2002.

        The financial information set out overleaf does not constitute the
        Company's statutory accounts for the years ended 28 February 2002 or 28
        February 2001. The financial information for 2001 is derived from the
        statutory accounts for 2001 which have been delivered to the Registrar
        of Companies. The Auditors have reported on the 2001 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 2002,
        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, 28 June 2002 at 11.45
        a.m. at Winchester House,

        1 Great Winchester Street, London EC2.



        By order of the Board                               Registered Office:

        M Pope                                              One Appold Street

        Secretary                                             London EC2A 2UU

                                                                22 April 2002

        For further information please contact:

        Rosie Bichard at Deutsche Investment Trust Managers Limited

        Tel: [phone]


                                                                                                                        
                                          Year to 28th February 2002                          Year to 28th February 2001
Statement of total return
(incorporating the revenue account*)
For the year ended 28th February
                                                                                                                        
                            Revenue          Capital          Total           Revenue           Capital          Total  
                              £'000            £'000          £'000             £'000             £'000          £'000  
                               2002             2002           2002              2001              2001           2001

Losses on investments             -          (1,073)        (1,073)                 -           (7,674)         (7,674)
Income                        1,706               -          1,706              1,478                -           1,478
Investment management fee      (400)              -           (400)              (509)               -            (509)
Other expenses                 (228)              -           (228)              (324)               -            (324)
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Return on ordinary 
activities before tax         1,078          (1,073)             5               645           (7,674)           (7,029)
Interest payable               (678)              -           (678)             (298)               -              (298)
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Return on ordinary                     
activities before tax           400          (1,073)          (673)              347           (7,674)           (7,327)
Tax on ordinary activities     (173)              -           (173)             (129)               -              (129)
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Return on ordinary activities 
after tax for the financial 
year attributable to 
equity shareholders             227          (1,073)         (846)               218           (7,674)           (7,456)
Dividends in respect of 
equity shares                   (96)              -           (96)              (97)                -               (97)
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Transfer to reserves after 
proposed dividend of
0.20p (2001 - 0.20p)            131          (1,073)          (942)               121           (7,674)          (7,553)
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Return per ordinary share (p):
Basic and diluted              0.47           (2.24)         (1.77)              0.41           (14.46)          (14.05)
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*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.




Balance sheet
As at 28 February 2002
                                                                                                                        
                                                       2002                 2001                                        
                                                      £'000                £'000
                                                                                 
                                                    ------------------------------
Fixed assets
Investments                                          42,460               47,094
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Current assets
Debtors                                                 225                  876
Cash at bank and in hand                             10,507                6,501
------------------------------------------------------------------------------------------------------------------------
                                                                                                                        
                                                     10,732                7,377
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Creditors: amounts falling due within one year      (11,305)             (11,373)
------------------------------------------------------------------------------------------------------------------------
Net current assets                                     (573)              (3,996)
------------------------------------------------------------------------------------------------------------------------
Total assets less current liabilities                41,887               43,098
------------------------------------------------------------------------------------------------------------------------
Provisions for liabilities and charges                  (24)                 (13)
------------------------------------------------------------------------------------------------------------------------
Net assets                                           41,863               43,085
------------------------------------------------------------------------------------------------------------------------
Capital and reserves
Called-up share capital                              11,953               12,065
Share premium account                                11,752               11,752
Other reserves
Special reserve                                      17,981               18,155
Warrant reserve                                       4,026                4,029
Warrant exercise reserve                                  3                    -
Capital redemption reserve                            4,089                3,977
Capital reserve - realised                          (15,392)             (13,998)                        
Capital reserve - unrealised                          6,332                6,011
Revenue reserve                                       1,119                1,094
------------------------------------------------------------------------------------------------------------------------
Total equity shareholders' funds                     41,863               43,085
------------------------------------------------------------------------------------------------------------------------
Net asset value per ordinary share
Basic                                                 87.56p               89.27p
Fully diluted                                         90.19p               91.53p
------------------------------------------------------------------------------------------------------------------------

Cash flow statement
Year ended 28 February 2002
                                                        2002                2001
                                                        £000                £000
                                            ------------------------------------------------

Reconciliation of operating profit to net cash inflow from operating activities

Cash received from investments                         1,458               1,453
Interest received                                        289                 224
Cash received from stocklending                            0                  1
                                                       
Investment management fees paid                         -388               -573

Cash paid to and on behalf of directors                  -49                -52
Other cash payments                                     -220               -202                     
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from operating activities              1,090                851
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Servicing of finance
Interest paid                                           -664                -20
------------------------------------------------------------------------------------------------------------------------
Net cash outflow from servicing of finance              -664                -20
------------------------------------------------------------------------------------------------------------------------
Taxation
UK Corporation tax paid                                  -34                  0
Overseas tax paid                                       -161               -116
Income Tax refunded/(paid)                                73                 -7
------------------------------------------------------------------------------------------------------------------------
                                                      
Total tax paid                                          -122               -123
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Financial investment
Purchase of investments                              -17,239            -18,283
Sale of investments                                   21,096             21,799
------------------------------------------------------------------------------------------------------------------------
Net cash inflow from financial investment              3,857              3,516
------------------------------------------------------------------------------------------------------------------------
Equity dividends paid                                    -96               -108
------------------------------------------------------------------------------------------------------------------------
Financing
Drawdown of $15 million loan                               0             10,145
Repurchase and cancellation of Ordinary Shares          -281             -9,146
Exercise of subscription warrants                          1                  0
------------------------------------------------------------------------------------------------------------------------
Increase/(decrease) in cash                            3,785              5,115

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