76IS Hsbc Bk 25

RNS No 8370p
DEUTSCHLAND INVESTMENT CORP INC.
17th December 1997


                  Preliminary results for the financial year
                        1 August 1996 to 31 July 1997

The audited Report and Financial Statements were approved on behalf of the Board
of Directors on 11 December 1997.

Chairman's Report

This has been a year of transition, culminating in the change of investment
management to the Electra Fleming Group shortly after the end of the financial
year.  The Company's net asset value per share increased from DM16.14 at 31 July
1996 and DM16.26 at 31 January 1997 to DM17.69 at 31 July 1997, an increase of
9.66% over the year.  This was due largely to the revaluation of one of our
investments which is performing well.  Net income before tax declined from the
1995/96 level principally due to the higher management fee approved by the
shareholders at the recent Extraordinary General Meeting and to lower bond and
bank deposit interest rates.

Interest in the private equity market in Germany has increased significantly and
valuations are edging higher.  There are considerably more transactions coming
to the market as larger concerns begin to focus on their main business and
dispose of non-core activities.  In addition, there appears to be a greater
willingness on the part of family-owned businesses to seek external capital for
expansion and to assist the transition in ownership from one generation to
another.

Given these developments, I believe that DIC, under the investment management of
the Electra Fleming Group, should be well positioned to participate in the
increasing flow of private equity transactions in Germany.  With a German team,
which is being expanded in Hamburg and the creation of a dedicated Continental
team in London, there is considerable scope to cover available opportunities.

Preliminary Results for the year ended 31 July 1997

                                                  1997                1996
                                                  DM                  DM

Bond interest                                1,819,646           4,740,786
Deposit interest                             1,245,127             800,025
Loan interest                                1,066,095             513,073
Dividends                                      254,217                   -

Total Income                                 4,385,085           6,053,884

Expenses                                    (3,276,638)         (2,040,597)
Profit on part disposal of indirect
 subsidiary                                          -              72,396

Net income before tax                        1,108,447           4,085,683
Taxation                                        (6,901)             (4,773)

Net income after tax                         1,101,546           4,080,910
Minority interest                              229,549              94,852

Net income for the year                      1,331,095           4,175,762

Dividend paid                                        -         (10,020,003)

Earnings per share                             DM0.222             DM0.696

As at 31 July                                     1997                1996
                                                    DM                  DM

Net Assets                                 106,130,924          96,820,240

Net Assets per share                           DM17.69             DM16.14

Note
The preliminary figures for the year ended 31 July 1997 have been extracted from
the latest audited report and financial statements of the Company which will be
sent to shareholders and the Registrar of Companies in due course.

The report and audit financial statements will be made available to shareholders
at the Company's registered office, PO Box 309, Grand Cayman, Cayman Islands,
British West Indies, and at the offices of Robert Fleming Management (Jersey)
Limited, Queen's House, Don Road, St. Helier, Jersey, JE2 4QD, Channel
Islands, and at Electra Fleming Holdings Limited, 65 Kingsway, London, WC2B 6OT.

Contact:  Michael O'Leary, Robert Fleming Management (Jersey) Limited
          Telephone: (01534) 823 219

END


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