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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dres.Rcm 2003 | LSE:DEP | London | Ordinary Share | GB0004947999 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.00 | - |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number:0968D
Dresdner RCM Endwmnt Policy2003 PLC
29 October 2002
For immediate release 29th October 2002
DRESDNER RCM ENDOWMENT POLICY TRUST 2003 plc
INTERIM RESULTS as at 30th September 2002
Investment Review
A summary of the results for the six months ended 30th September 2002 is set out
below. The net asset value has fallen from 221.3p per share at 31st March 2002
to 216.7p per share at 30th September 2002. This represents a decrease of 2.1%
over the last six months and a decrease of 5.0% since 30th September 2001. This
contrasts with a fall in the FTSE All-Share Index over the last six months of
29.6%.
A projected final net asset value at 31st October 2003, calculated using the
principal bases and assumptions set out below which, inter alia, assume no
further changes in life office bonus rates applying at 30th September 2002, is
232.2p per share. If, however, reversionary and terminal bonus rates were to be
cut immediately by 20% from these levels then the projected final net asset
value at 31st October 2003 would be 220.3p per share. The net asset value and
projected final net asset values reflect the Standard Life terminal bonus
reductions announced on 30th September 2002.
DEPT 2003 currently has investments in policies from a total of 46 with-profits
life funds. During the period DEPT 2003 realised proceeds of #8.2 million on the
maturity of policies. The average annualised return on these policies was 10.1%
since purchase. This calculation does not include any windfalls that have arisen
from the demutualisation of life offices or the distribution of orphan assets
during the ownership of the policies.
The Trust has twelve months remaining before its planned winding up on 31st
October 2003. Accordingly, policy maturities are steadily increasing and
proceeds have, in the main, been invested in fixed interest securities, which
represented 28.1% of total investments at 30th September 2002.
Earnings and Dividend
DEPT 2003 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.
Share Buy Back
During the period under review the Company bought back 599,000 Ordinary Shares
of 10p each for cancellation at an average discount of 9.4%.
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 is
expected to be granted for the year ended 31st March 2002 and for the current
accounting year. The Company is not a close company.
10 Fenchurch Street By Order of the Board
London EC3M 3LB P W I Ingram
29th October 2002 Company Secretary
For further information, please contact:
Dresdner RCM Global Investors (UK) Ltd
Simon White, Head of Investment Trusts
Tel: 020 7475 2700
RESULTS
STATEMENT OF TOTAL RETURN
Six months ended 30th September 2002
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net losses on investments - (1,483) (1,483)
Income from investments 547 - 547
Other income 12 - 12
Management and advisory fees (489) - (489)
Expenses of administration (77) - (77)
Net return before finance costs and taxation (7) (1,483) (1,490)
Finance costs of borrowings - - -
Return on ordinary activities before taxation (7) (1,483) (1,490)
Taxation - - -
Transfer from reserves (7) (1,483) (1,490)
Return per Ordinary Share (Note 1) (0.02)p (4.98)p (5.00)p
NET ASSET STATEMENT #'000s
As at 30th September 2002
Valuation of investments 62,314
Net current assets 1,411
Total Net Assets 63,725
Called up Share Capital 2,941
Share Premium Account 27,015
Capital Redemption Reserve 60
Capital Reserves:
Realised 20,603
Unrealised 20,592
Revenue Reserve (7,486)
Shareholders' Funds 63,725
Net asset value per Ordinary Share 216.7p
The net asset value is based on 29,410,248 Ordinary Shares.
RESULTS
STATEMENT OF TOTAL RETURN
Six months ended 30th September 2001
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 2,126 2,126
Income from investments 115 - 115
Other income 8 - 8
Management and advisory fees (508) - (508)
Expenses of administration (56) - (56)
Net return before finance costs and taxation (441) 2,126 1,685
Finance costs of borrowings (1) - (1)
Return on ordinary activities before taxation (442) 2,126 1,684
Taxation - - -
Transfer (from) to reserves (442) 2,126 1,684
Return per Ordinary Share (Note 1) (1.47)p 7.08p 5.61p
NET ASSET STATEMENT #'000s
As at 30th September 2001
Valuation of investments 68,298
Net current assets 155
Total Net Assets 68,453
Called up Share Capital 3,001
Share Premium Account 27,015
Capital Reserves:
Realised 13,563
Unrealised 32,020
Revenue Reserve (7,146)
Shareholders' Funds 68,453
Net asset value per Ordinary Share 228.1p
The net asset value is based on 30,009,248 Ordinary Shares.
SUMMARY OF AUDITED RESULTS
STATEMENT OF TOTAL RETURN
Year ended 31st March 2002
Revenue Capital Total
#'000s #'000s #'000s
(Note 2)
Net gains on investments - 431 431
Income from investments 366 - 366
Other income 22 - 22
Management and advisory fees (1,016) - (1,016)
Expenses of administration (140) - (140)
Net return before finance costs and taxation (768) 431 (337)
Finance costs of borrowings (7) - (7)
Return on ordinary activities before taxation (775) 431 (344)
Taxation - - -
Transfer (from) to reserves (775) 431 (344)
Return per Ordinary Share (Note 1) (2.59)p 1.44p (1.15)p
NET ASSET STATEMENT #'000s
As at 31st March 2002
Valuation of investments 65,986
Net current assets 439
Total Net Assets 66,425
Called up Share Capital 3,001
Share Premium Account 27,015
Capital Reserves:
Realised 17,091
Unrealised 26,797
Revenue Reserve (7,479)
Shareholders' Funds 66,425
Net asset value per Ordinary Share 221.3p
The net asset value is based on 30,009,248 Ordinary Shares.
CASH FLOW STATEMENT
For the six months ended 30th September 2002 and comparative periods
30th 30th Year to
September September 31st March
2002 2001 2002
#'000s #'000s #'000s
Net cash outflow from operating activities (763) (357) (844)
Servicing of finance
Interest paid - (1) (10)
Taxation
UK income tax repaid 3 1 1
Investing activities
Purchase of fixed asset investments (7,922) (4,941) (10,224)
Receipts from demutualisations & orphan assets - 27 336
Receipts on disposal of fixed asset investments 9,515 4,421 10,608
Net cash inflow (outflow) from investing activities 1,593 (493) 720
Net cash inflow (outflow) before financing 833 (850) (133)
Financing
Purchase of Ordinary Shares for cancellation (1,210) - -
Decrease in cash (377) (850) (133)
Note 1
The Returns per Ordinary Shares have been calculated using a weighted average
number of shares in issue during the period of 29,787,680 shares (30th September
2001 30,009,248; 31st March 2002 - 30,009,248 shares).
Note 2
The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items derive from continuing operations. No operations
were acquired or discontinued in the period.
Note 3
This Interim Report has been neither audited nor reviewed by the Company's
auditors. It has been prepared using the same accounting policies as those
adopted in the Annual Accounts for the year ended 31st March 2002, which have
been summarised above and 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, 10 Fenchurch Street, London EC3M 3LB.
Principal bases and assumptions used in projecting the final net asset value
The final net asset value has been calculated at 31st October 2003, on the basis
that:
1) All policies are held to maturity and no death claims arise and no
further material purchases of policies are made.
2) The reversionary and terminal bonus rates declared as at 30th
September 2002 continue to apply until maturity.
3) The estimated mid-market gross redemption yields as at 30th September
2002, 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 over the
Company's remaining life are assumed to be consistent with the shape of the
swap rate yield curve at 30th September 2002.
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
AS AT 30th SEPTEMBER 2002
Life Fund Value of Investments % of Total
Investments
#'000s %
Standard Life 13,441 21.6
Aviva (Norwich Union) 4,426 7.1
Legal & General 3,824 6.1
Scottish Widows 3,494 5.6
Prudential 1,984 3.2
Prudential (Scottish Amicable) 1,766 2.8
Royal & Sun Alliance (Royal Life) 1,721 2.8
Clerical Medical 1,340 2.2
Scottish Provident 1,001 1.6
Aviva (Commercial Union) 982 1.6
Aviva (General Accident) 919 1.5
Equity & Law 884 1.4
Friends Provident 849 1.4
Guardian 831 1.3
Scottish Life 591 0.9
Colonial Mutual 539 0.9
Scottish Mutual 514 0.8
Alba Life (Crusader) 492 0.8
Friends Provident (London & Manchester) 453 0.7
National Mutual 423 0.7
Total of twenty largest holdings 40,474 65.0
Holdings in other offices 4,101 6.6
Total holding of endowment policies 44,575 71.6
LISTED EQUITY HOLDINGS
AS AT 30th SEPTEMBER 2002
#'000s %
Aviva 64 0.1
Friends Provident 136 0.2
200 0.3
FIXED INTEREST HOLDINGS
AS AT 30th SEPTEMBER 2002
#'000s %
Abbey National Treasury 8% #Bds 2.4.03 1,173 1.9
KFW Int'l 6% Notes 27.10.03 7,792 12.5
Treasury 6.5% 7.12.03 4,574 7.3
Dresdner RCM Second Endowment Policy Trust plc- 4,000 6.4
zero coupon unsecured loan notes
17,539 28.1
Total of Invested Funds 62,314 100.0
This information is provided by RNS
The company news service from the London Stock Exchange
END
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