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DEP Dres.Rcm 2003

0.00
0.00 (0.00%)
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

Interim Results

29/10/2002 4:45pm

UK Regulatory


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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