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GARTMORE ASIA PACIFIC TRUST PLC: Final Results


                          GARTMORE ASIA PACIFIC TRUST PLC                        
                              ANNOUNCEMENT OF RESULTS                            


                       FOR THE YEAR TO 31 MARCH 2004                          
The Directors announce the Company's unaudited results for the year to 31 March
2004 as follows:- 
HIGHLIGHTS 
- Net Asset Value per Ordinary share increased by 63.3%, to 178.38p, over the
year to 31 March 2004, by comparison with an increase of 41.7% in the MSCI AC
Asia Pacific (cum Japan) Index (in sterling terms) 
- Mid-market price per Ordinary share increased by 73.7% over the year 
- Discount to Net Asset Value has narrowed to 7.5% 
- The Company appointed Gartmore Investment Limited as Managers with effect
from 17 November 2003 
- The Company repurchased 18,921,310 Ordinary shares under the Tender Offer and
Matching Facility in December 2003 
CHAIRMAN'S STATEMENT 
Background 
Pacific equities performed buoyantly during the year under review. Economic
growth accelerated strongly as the effects of the SARS epidemic in the second
quarter of 2003 wore off. The region's economy as a whole benefited from
China's booming economy as well as from a recovery in other regions, notably in
the US. As a result, most Pacific countries saw robust growth in exports, which
in turn supported their domestic economies. Japan's economic pick-up was led by
export demand from China and the US, while its consumer sector remained weak
until recently. However, from early 2004 onwards, there were increasing signs
of a recovery in Japan's domestic demand. This resulted in a strong rally in
the country's equity markets towards the end of the year under review. 
Change of Manager 
Following the announcement by Allied Irish Banks, p.l.c. of the intended sale
of certain of the management contracts of Govett Investment Management Limited
to Gartmore Investment Management plc ("Gartmore") your Board gave
consideration to a number of alternative managers for your Company. After
careful evaluation of the alternatives it was decided to appoint Gartmore
Investment Limited as Managers to the Company. 
Gartmore took over management of the Company's investment portfolio from Govett
in November 2003 and Philip Ehrmann, Head of Gartmore's Pacific and Emerging
Markets team, is the Company's designated manager. Philip is a highly
successful fund manager with a proven track record and a well-earned reputation
among specialists in his field. I am confident that, with his management skills
and Gartmore's excellent research teams, the Company will deliver a strong
performance in coming years. 
Change of Investment Objective, Policy and Name, Tender Offer and Matching
Facility 
On 28 November 2003, the Company announced proposals for a change to the
investment objective and policy, a change of name, to Gartmore Asia Pacific
Trust PLC, consistent with the change of investment manager and objective, and
a tender offer and matching facility. These proposals were approved by
shareholders at an Extraordinary General Meeting of the Company held on 22
December 2003. In line with the new investment policy, the Company's
investments were realigned into a more concentrated portfolio of companies
which show potential for outstanding growth and holders of 53.2% of the
Company's Ordinary shares who elected to realise their investment in the
Company had their shares bought back at a small discount to their net asset
value. 
Performance 
The Company's net asset value per Ordinary share rose by 63.3% during the year
under review, compared with a rise of 41.7% in its benchmark, the MSCI AC Asia
Pacific (cum Japan) Index (in sterling terms). The discount to net asset value
narrowed from 13% to 7.5% over the same period. Since the appointment of the
new Managers on 17 November 2003 the net asset value has increased by 18.0%, by
comparison with an increase of 11.3% in the benchmark. 
Board Changes 
Following the transfer of management to Gartmore, Noel McEvoy resigned as a
Director of the Company. I would like to thank him for his contribution to the
Company and to extend my thanks to Christian Dangerfield and Govett's
investment team. I am delighted to welcome Neil Gaskell as a Director of the
Company and am sure that his considerable business experience and knowledge of
the Asia Pacific region will prove invaluable. 
Outlook 
On balance, we believe Pacific equities will continue their upward trend this
year, underpinned by solid economic and earnings growth within the region.
However, there are some reasons for caution. First, many Pacific countries are
holding elections this year and this has caused some sharp volatility in
several markets, including India, Taiwan and South Korea. Nonetheless, most
markets have quickly recovered the ground lost as a result of political
uncertainties and have resumed their recovery path. Second, the impact of the
recent rise in crude oil prices and the prospects of further interest rate
rises may adversely affect equity markets. More recently, China's continuing
rapid growth triggered concerns that the authorities might be obliged to take
harsh measures to prevent the economy from overheating. Even so, your Board
believes that the region's economy and corporate earnings will continue to
improve, albeit at a steadier pace, and will provide opportunities for
profitable investment in the year ahead. 
STATEMENT OF TOTAL RETURN 
Year to 31 March 2004 


                                               Revenue      Capital        Total
                                                                              
                                                                        Return
                                                                              
                                               £'000        £'000        £'000


                                                                          
Income and Capital Profits                                                     
                                                                          
Dividends and other income                       696            -          696 
                                                                          
Net profit on investments                          -       19,161       19,161 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return before Expenses, Finance Costs            696       19,161       19,857 
                                                                          
and Taxation                                                                   
                                                                          
Expenses                                                                       
                                                                          
Management fee                                 (347)         (75)        (422) 
                                                                          
Other fees and expenses                        (230)           35        (195) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return before Finance Costs and                  119       19,121       19,240
Taxation                                                                       
                                                                          
Finance Costs                                                                  
                                                                          
Interest payable                               (230)            -        (230) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return on Ordinary Activities before           (111)       19,121       19,010
Taxation                                                                       
                                                                          
Taxation                                        (47)          251          204 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return to Equity Shareholders after            (158)       19,372       19,214
Taxation                                                                       


                                                                              
                                            --------  -----------  -----------


                                                                          
Transferred (from) / to Reserves               (158)       19,372       19,214 


                                                                              
                                            --------  -----------  -----------


                                                                          
Total Return per Ordinary share              (0.52)p       63.62p       63.10p 
STATEMENT OF TOTAL RETURN (COMPARATIVE) 
Year to 31 March 2003 


                                               Revenue      Capital        Total
                                                                              
                                                                        Return
                                                                              
                                               £'000        £'000        £'000


                                                                          
Income and Capital Profits / (Losses)                                          
                                                                          
Dividends and other income                       837            -          837 
                                                                          
Net loss on investments                            -     (19,787)     (19,787) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return before Expenses, Finance Costs            837     (19,787)     (18,950) 
                                                                          
and Taxation                                                                   
                                                                          
Expenses                                                                       
                                                                          
Management fees                                (372)            -        (372) 
                                                                          
Other fees and expenses                        (253)          133        (120) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return before Finance Costs and                  212     (19,654)     (19,442)
Taxation                                                                       
                                                                          
Finance Costs                                                                  
                                                                          
Interest payable                               (146)            -        (146) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return on Ordinary Activities before              66     (19,654)     (19,588)
Taxation                                                                       
                                                                          
Taxation                                        (68)            -         (68) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Return to Equity Shareholders after              (2)     (19,654)     (19,656)
Taxation                                                                       


                                                                              
                                            --------  -----------  -----------


                                                                          
Transferred from Reserves                        (2)     (19,654)     (19,656) 


                                                                              
                                            --------  -----------  -----------


                                                                          
Total Return per Ordinary share              (0.01)p     (54.46)p     (54.47)p 
                                                                           
NOTES 
The revenue column above for each year represents the Revenue Account of the
Company. 
All revenue and capital items derive from continuing activities. 
No operations were acquired or discontinued during the year. 
Management fees and loan finance costs have been charged 100% to the Revenue
account. In accordance with the Statement of Recommended Practice for the
Financial Statements of Investment Trust Companies, the performance fee is
allocated to capital reserve. 
Total Return per Ordinary share has been calculated on the positive return for
the year of £19,214,000 (2003: negative return of £19,656,000) and a weighted
average of Ordinary shares in issue during the year of 30,450,069 (2003:
36,088,237). 
Revenue Return per Ordinary share has been calculated on the negative return to
Ordinary shareholders of £158,000 (2003: negative £2,000) and a weighted
average of Ordinary shares in issue during the year of 30,450,069 (2003:
36,088,237). 
Capital Return per Ordinary share has been calculated on the positive return to
Ordinary shareholders of £19,372,000 (2003: negative £19,654,000) and a
weighted average of Ordinary shares in issue during the year of 30,450,069
(2003: 36,088,237). 
BALANCE SHEET 


                                                                  At           At
                                                                               
                                                          31 March     31 March
                                                                               
                                                              2004         2003
                                                                               
                                                             £'000        £'000


                                                                           
Fixed Assets                                                                    
                                                                           
Listed investments at valuation                             32,568       42,068 


                                                                               
                                                          --------     --------
                                                                               
                                                            32,568       42,068


                                                                           
Current Assets                                                                  
                                                                           
Debtors - amounts receivable within one                        179        1,855
year                                                                            
                                                                           
Cash at bank                                                   375          674 


                                                                               
                                                          --------     --------
                                                                               
                                                               554        2,529


                                                                           
Creditors - amounts payable within one                     (3,356)      (5,541)
year                                                                            


                                                                               
                                                       -----------  -----------


                                                                           
Net Current Liabilities                                    (2,802)      (3,012) 


                                                                               
                                                       -----------  -----------


                                                                           
Provisions for liabilities and charges                           -        (110) 


                                                                               
                                                       -----------  -----------


                                                                           
Net Assets                                                  29,766       38,946 


                                                                               
                                                       -----------  -----------


                                                                           
Capital and Reserves                                                            
                                                                           
Called-up share capital                                      1,669        3,566 
                                                                           
Capital redemption reserve                                   2,063          166 
                                                                           
Special capital reserve                                      2,961       31,355 
                                                                           
Other reserves:                                                                 
                                                                           
Capital reserve - realised                                  16,782        5,644 
                                                                           
Capital reserve - unrealised                                 6,718      (1,516) 


                                                                               
                                                       -----------  -----------
                                                                               
                                                            30,193       39,215


                                                                           
Revenue reserve                                              (427)        (269) 


                                                                               
                                                       -----------  -----------


                                                                           
Equity Shareholders' Funds                                  29,766       38,946 


                                                                               
                                                       -----------  -----------


                                                                           
Net Asset Value per Ordinary share                         178.38p      109.22p 


                                                                               
                                                       -----------  -----------


                                                                            
NOTES 
The Net Asset Value per Ordinary share is calculated on net assets of £
29,766,000 (2003: £38,946,000) and 16,686,767 (2003: 35,658,077) Ordinary
shares in issue at the year end. 
CASH FLOW STATEMENT 


                                                             Year to      Year to
                                                                               
                                                          31 March     31 March
                                                                               
                                                              2004         2003
                                                                               
                                                             £'000        £'000


                                                                           
Revenue Activities                                                              
                                                                           
Dividends and interest received from                           729          626
investments                                                                     
                                                                           
Interest received on deposits                                   37           62 
                                                                           
Expenses paid                                                (626)        (669) 


                                                                               
                                                          --------     --------
                                                                               
                                                               140           19
                                                                               
                                                          --------     --------


                                                                           
Servicing of Finance                                                            
                                                                           
Interest paid                                                (267)        (109) 


                                                                               
                                                         ---------    ---------


                                                                           
Taxation                                                                        
                                                                           
Taxation received                                              245           41 


                                                                               
                                                          --------     --------


                                                                           
Investment Activities                                                           
                                                                           
Acquisitions of investments                               (78,125)    (126,141) 
                                                                           
Disposals of investments                                   108,984      132,421 
                                                                           
Loss on closure of hedging transaction                           -         (42) 
                                                                           
Indian balances excluded                                     (372)            - 
                                                                           
Capital income                                                  65           94 


                                                                               
                                                      ------------ ------------
                                                                               
                                                            30,552        6,332
                                                                               
                                                      ------------ ------------


                                                                           
Financing                                                                       
                                                                           
Shares repurchased (including expenses)                   (28,388)        (436) 
                                                                           
Loans repaid                                               (2,198)      (5,195) 


                                                                               
                                                        ----------   ----------
                                                                               
                                                          (30,586)      (5,631)
                                                                               
                                                        ----------   ----------


                                                                           
Net Cash Inflow                                                 84          652 
                                                                            
                                                     ---------    --------- 
Annual General Meeting 
The Company's Annual General Meeting for 2004 will be held at Gartmore House, 8
Fenchurch Place, London EC3M 4PB on Wednesday, 28 July 2004, at 12 noon. 
The Directors and the Managers will be available to answer questions and
discuss the Company's performance after the Meeting. 
Annual Report and Accounts 
The Report and Accounts for the year ended 31 March 2004 will be posted to
shareholders shortly. Copies will be available from the offices of Gartmore
Investment Limited, Gartmore House, 8 Fenchurch Place, London EC3M 4PB. 
NOTE 
This preliminary statement is not the Company's statutory accounts. The
statutory accounts for the year ended 31 March 2003 have been delivered to the
Registrar of Companies and received an audit report which was unqualified and
did not contain statements under s237(2) and (3) of the Companies Act 1985. The
statutory accounts for the year ended 31 March 2004 have been approved by the
Board and included an audit report which is unqualified and does not contain
statements under s237(2) and (3) of the Companies Act 1985. The Accounts will
be filed with the Registrar of Companies in due course. 
GARTMORE INVESTMENT LIMITED 
SECRETARIES 
25 May 2004 
 
END 
-0- May/25/2004 15:53 GMT
 
 
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