Deutschland Inv - Interim Report, etc

RNS No 9153p
DEUTSCHE INVESTMENT CORPORATION INC. 
10 May 1999


Interim Announcement of Unaudited Results for the period 1 August 1998 to 
31 January 1999.

The unaudited Financial Statements were approved on behalf of the Board of
Directors on 7 May 1999.

Results for the six months ended 31 January 1999.

The half year to 31 January 1999 saw a slight fall in the net asset value of DIC
from DM 21.48 per share as at 31 July 1998 to DM 20.73 per share as at 31
January 1999, a decline of 3.5%. The decline arrives primarily from provisions
for possible tax liabilities relating to sale of investments.  The value of DM
20.73 compares with DM 18.77 as at 31 January 1998, an increase over the year of
10.4%. Net Income before tax for the six months fell in comparison with the same
period last year, which benefited from dividend income from an investment which
has since been sold.  The effect of this was offset by an increase in bank
deposit interest arising in this half year from the proceeds of the sale of
investments. 

The past six months also saw a new investment in Deutsche Woolworth, which is
the largest single investment made by the Company and was also one of the
largest MBO's of the year in Germany.  Since 31 January, there has also been a
successful disposal of the Company's investment in Wap Reinigungssysteme. The
sale of this investment which had been held for just over one year had a
significant impact on the net asset value of the Company, resulting in an
increase (after providing for taxation and assuming that there are no claims
under the warranties arising on the sale) of DM 3.07 per share.  The Directors
estimate that the net asset value per share as at 30 April 1999 was DM 23.80.

Future of the Group

The Board announced on 1 March 1999 that it had been aware for some time that a
number of shareholders wished to realise their investment in the Company. In
addition recent developments had led the Board to conclude that the Group was no
longer the best investment vehicle for German private equity investment.  As a
result the Board decided to cease making further investments. 

Since then, the Board has conducted a detailed review of options open to the
Group and now considers that the remaining investments should be realised in an
orderly manner with a view to winding up the affairs of the Group.  A circular
to shareholders giving details of the Board's recommendations and convening an
Extraordinary General Meeting of the Company will be dispatched as soon as
possible. 

Board Composition

The review into the Group's future having been completed, I shall step down from
the Board on 1 June 1999.  I am pleased to announce that I shall be succeeded as
Chairman on that date by Mr Iain Saunders, who will lead the Group through what
is likely to be the final stage of its life. 

David Marlow
Chairman


                              NET ASSETS

As at 31 January                       1999                1998
                                        DM                  DM

Net Assets                          124,370,222         112,613,548

Net assets per share                DM 20.73            DM 18.77

The preliminary figures for the six months ended 31 January 1999 have been
extracted from the latest unaudited financial statements of the Group which will
be sent to shareholders in due course. 

The interim report will be made available to shareholders at the Company's
registered office, P.O. Box 309, Grand Cayman, Cayman Islands, British West
Indies, and at the office of Electra Fleming German Managers Limited, 28 New
Street, St Helier, Jersey, JE2 3TE, Channel Islands and at Electra Fleming
Holdings Limited, 65 Kingsway, London WC2B 6OT

For further information please contact:

Fred Vinton         Director            0171 831 6464
Damien Lane         Electra Fleming     0171 831 6464

END

COMAILSTETIILAA
Hsbc Bk 25 (LSE:76IS)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024