RNS Number:1111Y
Allianz Dresdr 2 Endw Policy TstPLC
28 April 2004
For immediate release 28th April 2004
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
Six months to 31st March 2004
Investment Review - 2006 Pool
The net asset value has risen from 157.1p per 2006 Share at 30th September 2003
to 159.0p per 2006 Share at 31st March 2004, an increase of 1.2 %.
The 2006 Pool currently has investments in policies valued at #38.2 million from
a total of 52 with-profits funds. During the six month period the 2006 Pool
received proceeds of policy maturities amounting to #1.4 million. The average
annualised return on these policies was 7.26%, excluding benefits arising from
demutualisation.
Investment Review - 2009 Pool
The net asset value has risen from 119.1p per 2009 Share at 30th September 2003
to 122.9p per 2009 Share at 31st March 2004, an increase of 3.2%.
The 2009 Pool currently has investments in policies valued at #28.5 million from
a total of 58 with-profits funds. During the six month period the 2009 Pool
received proceeds of policy maturities amounting to #0.6 million. The average
annualised return on these policies was 4.75%, 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
130.0p and 104.4p for the 2006 and 2009 shares respectively. These figures
assume no further bonuses, reversionary or terminal, from 31st March 2004 and
take into account future premium commitments, expenses and interest costs.
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 2004 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) 181.8p 171.9p 157.1p 130.0p
Projected final net asset
value at 31st December
2009 (2009 Pool) 162.9p 151.2p 134.0p 104.4p
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 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 2002 and is expected to be
granted for the year ended 30th September 2003 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 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
Six months ended 31st March 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (6,405) (6,405)
Income from fixed asset investments 50 - 50
Other income 15 - 15
Management and advisory fees (308) - (308)
Expenses of administration (52) - (52)
Return on ordinary activities (295) (6,405) (6,700)
before finance costs and taxation
Finance costs of borrowings (323) - (323)
Return on ordinary activities before taxation (618) (6,405) (7,023)
Taxation - - -
Transfer from reserves (618) (6,405) (7,023)
Return per 2006 Share (3.07)p (31.87)p (34.94)p
NET ASSET STATEMENT #'000s
As at 31st March 2003
Valuation of investments 40,329
Net Current Liabilities (4,100)
36,229
Medium Term Loan (3,950)
Total Net Assets 32,279
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 4
Capital Reserves: Realised 9,382
Unrealised 13,269
Special Reserve 19,128
Revenue Reserve (10,508)
Shareholders' Funds 32,279
Net asset value per 2006 Share 160.8p
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 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (4,764) (4,764)
Income from fixed asset investments 43 - 43
Other income 12 - 12
Management and advisory fees (225) - (225)
Expenses of administration (37) - (37)
Return on ordinary activities (207) (4,764) (4,971)
before finance costs and taxation
Finance costs of borrowings (141) - (141)
Return on ordinary activities before taxation (348) (4,764) (5,112)
Taxation - - -
Transfer from reserves (348) (4,764) (5,112)
Return per 2009 Share (1.76)p (24.08)p (25.84)p
NET ASSET STATEMENT #'000s
As at 31st March 2003
Valuation of investments 28,602
Net Current Assets 182
28,784
Medium Term Loan (5,650)
Total Net Assets 23,134
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 3,879
Unrealised 4,384
Revenue Reserve (4,254)
Shareholders' Funds 23,134
Net asset value per 2009 Share 117.2p
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 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (11,169) (11,169)
Income from fixed asset investments 93 - 93
Other income 27 - 27
Management and advisory fees (533) - (533)
Expenses of administration (89) - (89)
Return on ordinary activities
before finance costs and taxation (502) (11,169) (11,671)
Finance costs of borrowings (464) - (464)
Return on ordinary activities before
taxation (966) (11,169) (12,135)
Taxation - - -
Transfer from reserves (966) (11,169) (12,135)
NET ASSET STATEMENT #'000s
As at 31st March 2003
Valuation of investments 68,931
Net Current Liabilities (3,918)
65,013
Medium Term Loan (9,600)
Total Net Assets 55,413
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 7
Capital Reserves: Realised 13,261
Unrealised 17,653
Special Reserve 19,128
Revenue Reserve (14,762)
Shareholders' Funds 55,413
RESULTS - 2006 POOL
STATEMENT OF TOTAL RETURN
Year ended 30th September 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (6,556) (6,556)
Income from fixed asset investments 100 - 100
Other income 20 - 20
Management and advisory fees (595) - (595)
Expenses of administration (102) - (102)
Return on ordinary activities
before finance costs and taxation (577) (6,556) (7,133)
Finance costs of borrowings (640) - (640)
Return on ordinary activities before (1,217) (6,556) (7,773)
taxation
Taxation - - -
Transfer from reserves (1,217) (6,556) (7,773)
Return per 2006 Share (6.05)p (32.62)p (38.67)p
NET ASSET STATEMENT #'000s
as at 30th September 2003
Valuation of investments 39,658
Net Current Liabilities (4,179)
35,479
Medium Term Loan (3,950)
Total Net Assets 31,529
Called up Share Capital 1,004
Share Premium Account -
Capital Redemption Reserve 5
Capital Reserves: Realised 9,828
Unrealised 12,672
Special Reserve 19,128
Revenue Reserve (11,108)
Shareholders' Funds 31,529
Net asset value per 2006 Share 157.1p
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 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (4,060) (4,060)
Income from fixed asset investments 88 - 88
Other income 15 - 15
Management and advisory fees (435) - (435)
Expenses of administration (75) - (75)
Return on ordinary activities
before finance costs and taxation (407) (4,060) (4,467)
Finance costs of borrowings (269) - (269)
Return on ordinary activities before taxation (676) (4,060) (4,736)
Taxation - - -
Transfer from reserves (676) (4,060) (4,736)
Return per 2009 Share (3.42)p (20.54)p (23.96)p
NET ASSET STATEMENT #'000s
As at 30th September 2003
Valuation of investments 28,761
Net Current Assets 400
29,161
Medium Term Loan (5,650)
Total Net Assets 23,511
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 4,231
Unrealised 4,736
Revenue Reserve (4,581)
Shareholders' Funds 23,511
Net asset value per 2009 Share 119.1p
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 2003
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (10,616) (10,616)
Income from fixed asset investments 189 - 189
Other income 34 - 34
Management and advisory fees (1,029) - (1,029)
Expenses of administration (178) - (178)
Return on ordinary activities
before finance costs and taxation (984) (10,616) (11,600)
Finance costs of borrowings (909) - (909)
Return on ordinary activities before
taxation (1,893) (10,616) (12,509)
Taxation - - -
Transfer from reserves (1,893) (10,616) (12,509)
NET ASSET STATEMENT #'000s
As at 30th September 2003
Valuation of investments 68,419
Net Current Liabilities (3,780)
64,639
Medium Term Loan (9,600)
Total Net Assets 55,039
Called up Share Capital 1,201
Share Premium Account 18,925
Capital Redemption Reserve 7
Capital Reserves: Realised 14,058
Unrealised 17,408
Special Reserve 19,128
Revenue Reserve (15,688)
Shareholders' Funds 55,039
CASH FLOW STATEMENT - 2006 POOL
Six Months to Six Months to Year to
March March September
2004 2003 2003
#'000s #'000s #'000s
Net cash outflow from operating activities (206) (247) (582)
Servicing of Finance
Interest paid (290) (135) (599)
Taxation
Income tax repaid - - 5
Investing activities
Acquisition of investments (547) (569) (1,124)
Disposal of investments 1,455 1,767 2,843
Net cash inflow from financial investment 908 1,198 1,719
Net cash inflow before financing 412 816 543
Financing
Repayment of Loan Notes with Dresdner RCM
Endowment Policy Trust 2003 plc (4,653) - -
Increase (decrease) in medium term loans 3,950 (1,050) (667)
Purchase of Ordinary Shares for cancellation - (67) (67)
Net cash outflow from financing (703) (1,117) (734)
Decrease in cash (291) (301) (191)
CASH FLOW STATEMENT - 2009 POOL
Six Months to Six Months to Year to
March March September
2004 2003 2003
#'000s #'000s #'000s
Net cash outflow from operating activities (238) (245) (479)
Servicing of Finance
Interest paid (138) (136) (203)
Taxation
Income tax repaid - - 1
Investing activities
Acquisition of investments (471) (492) (971)
Disposal of investments 778 1,786 2,810
Net cash inflow from financial investment 307 1,294 1,839
Net cash (outflow) inflow before financing (69) 913 1,158
Financing
Decrease in medium term loans - (1,050) (1,050)
Purchase of Ordinary Shares for cancellation - (98) (98)
Net cash outflow from financing - (1,148) (1,148)
(Decrease) increase in cash (69) (235) 10
CASH FLOW STATEMENT - CONSOLIDATED
Six Months to Six Months to Year to
March March September
2004 2003 2003
#'000s #'000s #'000s
Net cash outflow from operating activities (444) (492) (1,061)
Servicing of Finance
Interest paid (428) (271) (802)
Taxation
Income tax repaid - - 6
Investing activities
Acquisition of investments (1,018) (1,061) (2,095)
Disposal of investments 2,233 3,553 5,653
Net cash inflow from financial investment 1,215 2,492 3,558
Net cash inflow before financing 343 1,729 1,701
Financing
Repayment of Loan Notes with Dresdner RCM
Endowment Policy Trust 2003 plc (4,653) - -
Increase (decrease) in medium term loans 3,950 (2,100) (1,717)
Purchase of Ordinary Shares for cancellation - (165) (165)
Net cash outflow from financing (703) (2,265) (1,882)
(Decrease) increase in cash (360) (536) (181)
2006 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2004
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 11,226 28.3
AVIVA (Norwich Union) 5,204 13.1
Legal & General 3,464 8.7
Prudential 2,841 7.2
Prudential (Scottish Amicable) 1,811 4.6
Scottish Provident 1,666 4.2
Scottish Widows 1,470 3.7
Clerical Medical 953 2.4
Friends Provident 801 2.0
Scottish Life 664 1.7
Royal & Sun Alliance (Royal Life) 655 1.7
Equity & Law 609 1.5
Guardian 495 1.2
Colonial Mutual 470 1.2
Scottish Mutual 466 1.2
Alba Life (Crusader) 466 1.2
AVIVA (Commercial Union) 402 1.0
London Life 327 0.8
Friends Provident (UKPI) 309 0.8
National Mutual 266 0.7
Total of twenty largest holdings 34,565 87.2
Others 3,705 9.3
Total holdings of endowment policies 38,270 96.5
Fixed Interest Holdings
EIB 6.125% 07/12/2005 921 2.3
EIB 7.625% 07/12/2006 476 1.2
1,397 3.5
TOTAL OF INVESTED FUNDS 39,667 100.0
2009 POOL
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st March 2004
Life Office Value of Policies
#'000s % of Total
Investments
Standard Life 8,108 27.4
Legal & General 4,384 14.8
Prudential (Scottish Amicable) 2,597 8.8
AVIVA (Norwich Union) 1,905 6.4
Scottish Widows 1,862 6.3
Prudential 1,214 4.1
Scottish Life 1,091 3.7
Clerical Medical 940 3.2
Friends Provident 922 3.1
Scottish Provident 723 2.5
Colonial Mutual 374 1.3
Royal & Sun Alliance (Royal Life) 319 1.1
National Mutual 310 1.0
Gresham Life 301 1.0
Sun Life of Canada 200 0.7
AVIVA (Commercial Union) 172 0.6
AVIVA (Provident Mutual) 169 0.6
Royal & Sun Alliance (Sun Alliance) 160 0.5
Eagle Star 149 0.5
Britannic Assurance 148 0.5
Total of twenty largest holdings 26,048 88.1
Others 2,447 8.3
Total holdings of endowment policies 28,495 96.4
Fixed Interest Holdings
Abbey 5.375% 30/12/09 513 1.7
Finland 10.125% 22/06/08 561 1.9
1,074 3.6
TOTAL OF INVESTED FUNDS 29,569 100.0
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 2003
20,094,968; 31st March 2003 20,094,163). 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 2003 19,764,014); 31st March 2003 19,783,132).
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 2003.
The non-statutory accounts for the year to 30th September 2003 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 2004
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 2004, 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 2004.
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
DRSEPT.Interim2004.1-17
This information is provided by RNS
The company news service from the London Stock Exchange
END
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