RNS Number:4893L
Allianz Dresdr 2 Endw Policy TstPLC
25 April 2005
For immediate release 25th April 2005
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
Six months to 31st March 2005
Investment Review - 2006 Pool
The net asset value per 2006 Share at 31st March 2005 was 157.4p, little changed
from the net asset value per 2006 Share as at 30th September 2004 of 157.3p.
The 2006 Pool currently has investments in policies valued at #35.1 million from
a total of 50 with-profits funds. During the six month period the 2006 Pool
received proceeds of policy maturities amounting to #2.3 million. The average
annualised return on these policies was 5.7%, excluding benefits arising from
demutualisation. It is anticipated that by the end of this calendar year bank
debt for the 2006 Pool will have been repaid from maturities.
Investment Review - 2009 Pool
The net asset value has risen from 120.5p per 2009 Share at 30th September 2004
to 127.6p per 2009 Share at 31st March 2005, an increase of 5.9%.
The 2009 Pool currently has investments in policies valued at #29.8 million from
a total of 64 with-profits funds. During the six month period the 2009 Pool
received proceeds of policy maturities amounting to #0.5 million. The average
annualised return on these policies was 3.9%, excluding benefits arising from
demutualisation.
Accrued guaranteed benefits
A significant proportion of shareholders' assets is now made up of guaranteed
benefits - the total of sums assured and reversionary bonuses declared to date.
Projected final net asset values based on the value of guaranteed benefit
accrued to date, after estimated costs and based on current interest rates, are
135.8p and 104.9p for the 2006 and 2009 shares respectively. These figures
assume no further bonuses, reversionary or terminal, from 31st March 2005 and
take into account future premium commitments, expenses and interest costs.
Valuation Method
The valuation of policies has to date been in part derived from transactions at
auctions run by Messrs H E Foster & Cranfield, and in part by reference to
estimated surrender values. For the 31st March 2005 valuation point there was
insufficient auction data from which to derive a valuation of the Company's
holdings of endowment policies.
Therefore, the Board, after consultation with the Actuarial Committee, has
approved a change in the Company's basis of valuation to an estimate of
mid-market price based on the Company's Investment Advisers' own pricing
information, with a floor of 100% of estimated surrender value. This has
resulted in an aggregate valuation of the endowment policy portfolios at 102.0%
(2006 Pool) and 106.7% (2009 Pool) of estimated surrender values. These values
also show little change despite the reduction in the direct use of surrender
values caused by the change in the valuation basis.
Projected final net asset values
The Company publishes projected final net asset values on a regular basis.
These projections are based on possible future bonus rate levels, which will
reflect, inter alia, the investment returns earned by the underlying
with-profits funds. Projected final net asset values as at 31st March 2005 are
given in the table below.
100% Current Bonus 80% Current Bonus 50% Current Bonus No Further Bonuses
Rates Rates Rates
Projected final net asset
value at 30th September
2006 (2006 Pool) 169.9p 163.3p 153.6p 135.8p
Projected final net asset
value at 31st December
2009 (2009 Pool) 148.4p 139.7p 127.0p 104.9p
Projected final net asset values are calculated using the principal bases and
assumptions set out on the last page of this announcement. They provide an
indication of the sensitivity of the projected final net asset value to bonus
rate changes. They should not be taken as forecasts of any particular degree of
change in bonus rate levels.
Earnings and dividend
The Company is managed with the objective of providing returns to investors
entirely in the form of capital growth. The continuing deficit on the Revenue
Account is consistent with this objective. Consequently, no dividend will be
payable on either class of share.
Status
The Company operates as an approved investment trust within the meaning of
Section 842 of the Income and Corporation Taxes Act 1988. Such approval has
been granted for the year ended 30th September 2003 and is expected to be
granted for the year ended 30th September 2004 and the current accounting year.
The Company is not a close company.
155 Bishopsgate By Order of the Board
London EC2M 3AD P W I Ingram
Company Secretary
RESULTS - 2006 POOL
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 514 514
Income from fixed asset investments 50 - 50
Other income 7 - 7
Management and advisory fees (280) - (280)
Expenses of administration (60) - (60)
Return on ordinary activities
before finance costs and taxation (283) 514 231
Finance costs of borrowings (200) - (200)
Return on ordinary activities before taxation (483) 514 31
Taxation - - -
Transfer (from) to reserves (483) 514 31
Return per 2006 Share (2.40)p 2.56p 0.16p
NET ASSET STATEMENT #'000s
As at 31st March 2005
Valuation of investments 36,499
Net Current Assets 153
36,652
Medium Term Loan (5,050)
Total Net Assets 31,602
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 12,371
Unrealised 11,736
Special Reserve 19,128
Revenue Reserve (12,642)
Shareholders' Funds 31,602
Net asset value per 2006 Share 157.4p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - 2009 POOL
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
' (Note 2)
Net gains on investments - 1,785 1,785
Income from fixed asset investments 45 - 45
Other income 3 - 3
Management and advisory fees (224) - (224)
Expenses of administration (47) - (47)
Return on ordinary activities
before finance costs and taxation (223) 1,785 1,562
Finance costs of borrowings (151) - (151)
Return on ordinary activities before taxation (374) 1,785 1,411
Taxation - - -
Transfer (from) to reserves (374) 1,785 1,411
Return per 2009 Share (1.89)p 9.02p 7.13p
NET ASSET STATEMENT #'000s
As at 31st March 2005
Valuation of investments 30,832
Net Current Assets 20
30,852
Medium Term Loan (5,650)
Total Net Assets 25,202
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,732
Unrealised 7,019
Revenue Reserve (5,674)
Shareholders' Funds 25,202
Net asset value per 2009 Share 127.6p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - CONSOLIDATED
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2005
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 2,299 2,299
Income from fixed asset investments 96 - 96
Other income 10 - 10
Management and advisory fees (504) - (504)
Expenses of administration (107) - (107)
Return on ordinary activities (505) 2,299 1,794
before finance costs and taxation
Finance costs of borrowings (351) - (351)
Return on ordinary activities before (856) 2,299 1,443
taxation
Taxation - - -
Transfer (from) to reserves (856) 2,299 1,443
NET ASSET STATEMENT #'000s
As at 31st March 2005
Valuation of investments 67,331
Net Current Assets 173
67,504
Medium Term Loan (10,700)
Total Net Assets 56,804
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 7
Capital Reserves: Realised 17,103
Unrealised 18,756
Special Reserve 19,128
Revenue Reserve (18,316)
Shareholders' Funds 56,804
RESULTS - 2006 POOL
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 918 918
Income from fixed asset investments 48 - 48
Other income 4 - 4
Management and advisory fees (289) - (289)
Expenses of administration (58) - (58)
Return on ordinary activities
before finance costs and taxation (295) 918 623
Finance costs of borrowings (245) - (245)
Return on ordinary activities before taxation (540) 918 378
Taxation - - -
Transfer (from) to reserves (540) 918 378
Return per 2006 Share (2.69)p 4.57p 1.88p
NET ASSET STATEMENT #'000s
As at 31st March 2004
Valuation of investments 39,667
Net Current Assets 139
39,806
Medium Term Loan (7,900)
Total Net Assets 31,906
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 10,459
Unrealised 12,958
Special Reserve 19,128
Revenue Reserve (11,648)
Shareholders' Funds 31,906
Net asset value per 2006 Share 159.0p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - 2009 POOL
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 1,115 1,115
Income from fixed asset investments 38 - 38
Other income 4 - 4
Management and advisory fees (222) - (222)
Expenses of administration (45) - (45)
Return on ordinary activities
before finance costs and taxation (225) 1,115 890
Finance costs of borrowings (133) - (133)
Return on ordinary activities before taxation (358) 1,115 757
Taxation - - -
Transfer (from) to reserves (358) 1,115 757
Return per 2009 Share (1.81)p 5.64p 3.83p
NET ASSET STATEMENT #'000s
As at 31st March 2004
Valuation of investments 29,569
Net Current Assets 349
29,918
Medium Term Loan (5,650)
Total Net Assets 24,268
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,431
Unrealised 5,651
Revenue Reserve (4,939)
Shareholders' Funds 24,268
Net asset value per 2009 Share 122.9p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - CONSOLIDATED
STATEMENT OF TOTAL RETURN
Six months ended 31st March 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 2,033 2,033
Income from fixed asset investments 86 - 86
Other income 8 - 8
Management and advisory fees (511) - (511)
Expenses of administration (103) - (103)
Return on ordinary activities (520) 2,033 1,513
before finance costs and taxation
Finance costs of borrowings (378) - (378)
Return on ordinary activities before (898) 2,033 1,135
taxation
Taxation - - -
Transfer (from) to reserves (898) 2,033 1,135
NET ASSET STATEMENT #'000s
As at 31st March 2004
Valuation of investments 69,236
Net Current Assets 488
69,724
Medium Term Loan (13,550)
Total Net Assets 56,174
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 7
Capital Reserves: Realised 14,891
Unrealised 18,609
Special Reserve 19,128
Revenue Reserve (16,587)
Shareholders' Funds 56,174
RESULTS - 2006 POOL
STATEMENT OF TOTAL RETURN
Year ended 30th September 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 1,094 1,094
Income from fixed asset investments 100 - 100
Other income 10 - 10
Management and advisory fees (567) - (567)
Expenses of administration (118) - (118)
Return on ordinary activities
before finance costs and taxation (575) 1,094 519
Finance costs of borrowings (476) - (476)
Return on ordinary activities before (1,051) 1,094 43
taxation
Taxation - - -
Transfer (from) to reserves (1,051) 1,094 43
Return per 2006 Share (5.24)p 5.45p 0.21p
NET ASSET STATEMENT #'000s
as at 30th September 2004
Valuation of investments 38,644
Net Current Assets 127
38,771
Medium Term Loan (7,200)
Total Net Assets 31,571
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 11,183
Unrealised 12,410
Special Reserve 19,128
Revenue Reserve (12,159)
Shareholders' Funds 31,571
Net asset value per 2006 Share 157.3p
The net asset value is based on 20,073,064 2006 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - 2009 POOL
STATEMENT OF TOTAL RETURN
Year ended 30th September 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 999 999
Income from fixed asset investments 76 - 76
Other income 12 - 12
Management and advisory fees (437) - (437)
Expenses of administration (91) - (91)
Return on ordinary activities
before finance costs and taxation (440) 999 559
Finance costs of borrowings (280) - (280)
Return on ordinary activities before taxation (720) 999 279
Taxation - - -
Transfer (from) to reserves (720) 999 279
Return per 2009 Share (3.65)p 5.06p 1.41p
NET ASSET STATEMENT #'000s
As at 30th September 2004
Valuation of investments 29,224
Net Current Assets 215
29,439
Medium Term Loan (5,650)
Total Net Assets 23,789
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,620
Unrealised 5,345
Revenue Reserve (5,301)
Shareholders' Funds 23,789
Net asset value per 2009 Share 120.5p
The net asset value is based on 19,745,000 2009 Shares in issue.
Calculations of net asset value are based on recent open market transactions at
auction, or surrender values in certain cases.
RESULTS - CONSOLIDATED
STATEMENT OF TOTAL RETURN
Year ended 30th September 2004
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 2,093 2,093
Income from fixed asset investments 176 - 176
Other income 22 - 22
Management and advisory fees (1,004) - (1,004)
Expenses of administration (209) - (209)
Return on ordinary activities
before finance costs and taxation (1,015) 2,093 1,078
Finance costs of borrowings (756) - (756)
Return on ordinary activities before
taxation (1,771) 2,093 322
Taxation - - -
Transfer (from) to reserves (1,771) 2,093 322
NET ASSET STATEMENT #'000s
As at 30th September 2004
Valuation of investments 67,868
Net Current Assets 342
68,210
Medium Term Loan (12,850)
Total Net Assets 55,360
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 8
Capital Reserves: Realised 15,803
Unrealised 17,755
Special Reserve 19,128
Revenue Reserve (17,460)
Shareholders' Funds 55,360
CASH FLOW STATEMENT - 2006 POOL
Six Months to Six Months to Year to
March March September
2005 2004 2004
#'000s #'000s #'000s
Net cash outflow from operating activities (244) (206) (541)
Servicing of Finance
Interest paid (201) (290) (446)
Taxation
Income tax repaid - - 1
Investing activities
Acquisition of investments (509) (547) (1,073)
Disposal of investments 3,113 1,455 3,181
Net cash inflow from financial investment 2,604 908 2,108
Net cash inflow before financing 2,159 412 1,122
Financing
Repayment of Loan Notes with Dresdner RCM
Endowment Policy Trust 2003 plc - (4,653) (4,653)
(Decrease) increase in medium term loans (2,150) 3,950 3,250
Net cash outflow from financing (2,150) (703) (1,403)
Increase (decrease) in cash 9 (291) (281)
CASH FLOW STATEMENT - 2009 POOL
Six Months to Six Months to Year to
March March September
2005 2004 2004
#'000s #'000s #'000s
Net cash outflow from operating activities (241) (238) (443)
Servicing of Finance
Interest paid (149) (138) (288)
Taxation
Income tax repaid - - 1
Investing activities
Acquisition of investments (452) (471) (934)
Disposal of investments 629 778 1,470
Net cash inflow from financial investment 177 307 536
Net cash outflow before financing (213) (69) (194)
Financing
Decrease in medium term loans - - -
Net cash outflow from financing - - -
Decrease in cash (213) (69) (194)
CASH FLOW STATEMENT - CONSOLIDATED
Six Months to Six Months to Year to
March March September
2005 2004 2004
#'000s #'000s #'000s
Net cash outflow from operating activities (485) (444) (984)
Servicing of Finance
Interest paid (350) (428) (734)
Taxation
Income tax repaid - - 2
Investing activities
Acquisition of investments (961) (1,018) (2,007)
Disposal of investments 3,742 2,233 4,651
Net cash inflow from financial investment 2,781 1,215 2,644
Net cash inflow before financing 1,946 343 928
Financing
Repayment of Loan Notes with Dresdner RCM
Endowment Policy Trust 2003 plc - (4,653) (4,653)
(Decrease) increase in medium term loans (2,150) 3,950 3,250
Net cash outflow from financing (2,150) (703) (1,403)
Decrease in cash (204) (360) (475)
2006 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2005
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 9,601 26.3
AVIVA (Norwich Union) 5,145 14.1
Legal & General 3,028 8.3
Prudential 2,765 7.6
Prudential (Scottish Amicable) 2,080 5.7
Scottish Provident 1,635 4.5
Scottish Widows 1,431 3.9
Clerical Medical 932 2.6
Friends Provident 694 1.9
Scottish Life 691 1.9
Royal & Sun Alliance (Royal Life) 595 1.6
Guardian 533 1.6
AXA Equity & Law 525 1.4
Alba Life (Crusader) 473 1.3
Colonial 443 1.2
Scottish Mutual 424 1.2
AVIVA (Commercial Union) 380 1.0
London Life 311 0.8
National Mutual 266 0.7
AVIVA (General Accident) 242 0.7
Total of twenty largest holdings 32,194 88.2
Others 2,933 8.0
Total holdings of endowment policies 35,127 96.2
Fixed Interest Holdings
EIB 6.125% 07/12/2005 907 2.5
EIB 7.625% 07/12/2006 465 1.3
1,372 3.8
TOTAL OF INVESTED FUNDS 36,499 100.0
2009 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2005
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 8,309 27.0
Legal & General 4,633 15.0
Prudential (Scottish Amicable) 2,914 9.5
Scottish Widows 1,988 6.4
AVIVA (Norwich Union) 1,846 6.0
Prudential 1,340 4.3
Scottish Life 1,225 4.0
Clerical Medical 992 3.2
Friends Provident 871 2.8
Scottish Provident 834 2.7
Colonial 414 1.3
Gresham Life 331 1.1
Royal & Sun Alliance (Royal Life) 323 1.0
National Mutual 320 1.0
Sun Life of Canada 184 0.6
AVIVA (Provident Mutual) 180 0.6
AVIVA (Commercial Union ) 173 0.6
Guardian 158 0.5
Australian Mutual Provident 151 0.5
Britannic Assurance 143 0.5
Total of twenty largest holdings 27,329 88.6
Others 2,447 7.9
Total holdings of endowment policies 29,776 96.5
Fixed Interest Holdings
Abbey 5.375% 30/12/09 515 1.7
Finland 10.125% 22/06/08 541 1.8
1,056 3.5
TOTAL OF INVESTED FUNDS 30,832 100.0
Note 1
The Returns per 2006 Share have been calculated using a weighted average number
of shares in issue during the period of 20,073,064 (30th September 2004
20,073,064; 31st March 2004 20,073,064). The Returns per 2009 Share have been
calculated using a weighted average number of shares in issue during the period
19,745,000 (30th September 2004 19,745,000); 31st March 2004 19,745,000).
Note 2
The revenue columns of this statement are the profit and loss accounts of the
2006 Pool, 2009 Pool or the Company. All revenue and capital items derive from
continuing operations. No operations were acquired or discontinued in the
period.
Note 3
This interim statement has been neither audited nor reviewed by the Company's
auditors.
The interim statement has been prepared using the same accounting policies as
those adopted in the annual accounts for the year ended 30th September 2004.
The non-statutory accounts for the year to 30th September 2004 are an extract
from the latest published accounts of the Company which have been delivered to
the Registrar of Companies. The auditors' opinion on those accounts was
unqualified and did not contain a statement under Section 237(2) or (3) of the
Companies Act 1985.
The Interim Report will be sent to shareholders and made available to the public
at the Registered Office of the Company, 155 Bishopsgate, London EC2M 3AD.
Principal bases and assumptions used in projecting the final net asset value.
The final net asset values for the 2006 Pool and the 2009 Pool have been
calculated as at 30th September 2006 and 31st December 2009 respectively, on the
basis that:
1) All policies are held to maturity and no death claims or demutualisation
benefits are received and no further purchases or disposals of policies are
made.
2) The latest reversionary and terminal bonus rates declared at 31st March 2005
continue to apply until maturity or are reduced immediately by 20%, 50% or 100%.
3) The estimated mid-market gross redemption yields, as at 31st March 2005, for
policies of differing remaining terms, are assumed to remain unchanged.
4) Annual expenses are assumed to be in line with recent experience, and future
annual inflation is assumed to be 3%. Interest rates payable and receivable by
the Company over the Company's remaining life are assumed to be consistent with
the shape of the yield curve at 31st March 2005.
5) No further shares are issued or repurchased, nor are any dividends paid.
For further information, please contact
Simon White, RCM (UK) Limited
Tel: 020 7065 1539
This information is provided by RNS
The company news service from the London Stock Exchange
END
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