Final Results

Deutsche Latin American Cos Tst PLC
29 April 2004

                        DEUTSCHE LATIN AMERICAN COMPANIES TRUST PLC

                            PRELIMINARY ANNOUNCEMENT OF RESULTS

                            FOR THE YEAR ENDED 29 FEBRUARY 2004

            Extract from the Chairman's Statement

            I am delighted to report a significant recovery in the Latin
            American markets over the year reflected in a 66.1% increase in our
            share price.

            Our net asset value per share rose by 56.8% underperforming the MSCI
            Latin American Free Index in sterling capital terms, which rose by
            59.1%. The discount of share price to net asset value narrowed from
            20.8% to 16.1% at the year end.

            We again took an active approach to gearing during the year
            increasing the loan from £3.2 million to its maximum level of £7
            million. Immediately following the year end, this was reduced to
            £3.9 million for short term tactical reasons. The Board is pleased
            to note that gearing added value over the year.

            Our earnings per share rose significantly to 0.97p from 0.61p as a
            result of better dividend flow from Latin American investments and
            lower interest rates on our US dollar loan. We are therefore
            recommending a final dividend of 0.70p per share, 133.3% higher than
            last year. This will be paid on 2 July 2004 to shareholders on the
            register at the close of business on 4 June 2004. As always the
            level of dividend will fluctuate from year to year as capital growth
            remains your Company's priority.

                                                                 Richard Watkins

                                                                        Chairman

            The final dividend of 0.70p per share will be paid on 2 July 2004 to
            shareholders on the register at the close of business on 4 June
            2004.

            The financial information set out overleaf does not constitute the
            Company's statutory accounts for the years ended 29 February 2004 or
            28 February 2003. The financial information for 2004 is derived from
            the statutory accounts for 2003 which have been delivered to the
            Registrar of Companies. The Auditors have reported on the 2003
            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 2004, 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.



            By order of the Board Registered Office:

            M Pope One Appold Street

            Secretary London EC2A 2UU

29 April 2004

            For further information please contact:

            John Murray at Deutsche Investment Trust Managers Limited

            Tel: [phone]



  Statement of                                                                                                        
  Total Return                                                                                                        
  (incorporating                                                                                                      
  the revenue                                                                                                         
  account*)                                                                                                           
  For the year                                                                                                        
  ended                                                                                                               
  February                                                                                                            
                          Revenue       Capital       Total            Revenue          Capital            Total      
                             2004          2004        2004               2003             2003             2003      
                            £'000         £'000       £'000              £'000            £'000            £'000      

  Gains/(losses)               -        14,533        14,533                -          (16,204)         (16,204)      
  on                                                                                                                  
  investments                                                                                                         

  Income                    1,306            -         1,306            1,128                -            1,128       
                                                                                                                      
  Investment                (317)            -        (317)              (284)               -             (284)      
  management                                                                                                          
  fee                                                                                                                 
  Other                     (284)            -        (284)              (238)               -             (238)      
  expenses                                                                                                            
  Net return                 705        14,533        15,238              606          (16,204)         (15,598)      
  before                                                                                                              
  finance costs                                                                                                       
  and taxation                                                                                                        
  Interest                   (89)            -         (89)              (223)               -             (223)      
  payable                                                                                                             
  Return on                  616        14,533        15,149              383          (16,204)         (15,821)      
  ordinary                                                                                                            
  activities                                                                                                          
  before tax                                                                                                          
  Tax on                    (153)            -        (153)               (89)               -              (89)      
  ordinary                                                                                                            
  activities                                                                                                          
  Return on                                                                                                           
  ordinary                                                                                                            
  activities                                                                                                          
  after tax for                                                                                                       
  the                                                                                                                 
  financial                  463        14,533        14,996              294          (16,204)         (15,910)      
  year                                                                                                                
  attributable                                                                                                        
  to equity                                                                                                           
  shareholders                                                                                                        
  Dividends in              (335)            -        (335)              (143)               -             (143)      
  respect of                                                                                                          
  equity shares                                                                                                       
  Transfer to                                                                                                         
  reserves                                                                                                            
  after                                                                                                               
  proposed                                                                                                            
  dividend of                                                                                                         
  0.70p per                  128        14,533        14,661              151          (16,204)         (16,053)      
  share(2003 -                                                                                                        
  0.30p)                                                                                                              
  Return per                                                                                                          
  ordinary                                                                                                            
  share:                                                                                                              
  Undiluted and             0.97    p    30.39    p    31.36  p          0.61    p      (33.89)   p      (33.28)   p  
  diluted                                                                                                             

  *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 year end February                                                             
                                                                                2004            2003 
                                                                               £'000           £'000 
                  Fixed assets                                                                        
                  Investments                                                 46,244          28,285  
                                                                                                      
                  Current assets                                                                      
                  Debtors                                                      1,069             211  
                  Cash at bank and in hand                                       739             801  
                                                                                                      
                                                                               1,808           1,012  
                                                                                                      
                  Creditors: amounts falling due within one year              (7,566)         (3,479) 
                  Net current liabilities                                     (5,758)         (2,467) 
                  Total assets less current liabilities                       40,486          25,818  
                  Provisions for liabilities and charges                         (15)             (8) 
                  Net assets                                                  40,471          25,810  
                  Capital and reserves                                                                
                  Called-up share capital                                     11,953          11,953  
                  Share premium account                                       11,752          11,752  
                  Other reserves                                                                      
                  Special reserve                                             17,981          17,981  
                  Warrant reserve                                              4,026           4,026  
                  Warrant exercise reserve                                         3               3  
                  Capital redemption reserve                                   4,089           4,089  
                  Capital reserve - realised                                 (17,910)        (20,000) 
                  Capital reserve - unrealised                                 7,179          (5,264) 
                  Revenue reserve                                              1,398           1,270  
                  Total equity shareholders' funds                            40,471          25,810  
                  Net asset value per ordinary share                                                  
                  Diluted                                                      84.65p          53.98p 
                  Fully diluted                                                87.90p          63.72p 
 
 

                                                                                                               
         CASH FLOW STATEMENT                                                                                   
         As at Year Ended February                                                                             
                                                                                              2004        2003 
                                                                                             £'000       £'000 
                                       Reconciliation of operating profit to net cash                          
                                       inflow from operating activities                                        
                                       Cash received from investments                        1,182       1,081 
                                       Interest received                                        16         104 
                                       Cash received from stocklending                          -            1 
                                       Investment management fees paid                       (298)       (311) 
                                       Cash paid to and on behalf of directors                (55)        (49) 
                                       Other cash payments                                   (202)       (214) 
                                                                                                               
                                       Net cash inflow from operating activities               643         612 
                                       Servicing of finance                                                    
                                       Interest paid                                         (119)       (479) 
                                       Net cash outflow from servicing of finance            (119)       (479) 
                                       Taxation paid                                         (158)        (62) 
                                       Financial investment                                                    
                                       Purchase of investments                            (22,465)    (17,139) 
                                       Sale of investments                                  18,334      14,952 
                                                                                                               
                                       Net cash outflow from financial investment          (4,131)     (2,187) 
                                       Equity dividends paid                                 (143)        (96) 
                                       Financing                                                               
                                       Drawdown/(part repayment) of bank loan                3,974     (6,369) 
                                       Netcash inflow/(outflow) from financing               3,974     (6,369) 
                                       Increase/(decrease) in cash                              66     (8,581) 
                                                                                                               


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