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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Allianz Dres.2 | LSE:ADR | London | Ordinary Share | GB0004948419 | ORD 5P 2006 |
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 |
RNS Number:5482T Allianz Dresdr 2 Endw Policy TstPLC 02 November 2005 For Immediate Release 2nd November 2005 ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS For the year ended 30th September 2005 Investment Review - 2006 Pool A summary of the results for the 2006 Pool for the year ended 30th September 2005 is set out on page 4. The net asset value has increased from 157.3p per 2006 Share at 30th September 2004 to 163.5p per 2006 Share at 30th September 2005, an increase of 3.9%. The 2006 Pool currently has investments in policies from a total of 50 with-profits funds. During the year the 2006 Pool realised proceeds of policy maturities amounting to #7.4 million. The average annualised return on these policies was 5.78% since purchase. This calculation does not include windfalls arising from demutualisations or the distribution of orphan assets. Investment Review - 2009 Pool A summary of the results for the 2009 Pool for the year ended 30th September 2005 is set out on page 5. The net asset value has risen from 120.5p per 2009 Share at 30th September 2004 to 129.4p per 2009 Share at 30th September 2005, an increase of 7.4%. The 2009 Pool currently has investments in policies from a total of 56 with-profits funds. During the period the 2009 Pool realised proceeds of policy maturities amounting to #1.3 million. The average annualised return on these policies was 4.24% since purchase. This calculation does not include windfalls arising from demutualisations or the distribution of orphan assets. Valuation Method The historic valuation methodology using underlying values as determined by actual transaction discount rates witnessed at auction was discontinued during the year due to a dearth of auction data. The Board, after consultation with the Actuarial Committee, approved a change in the Company's basis of valuation to an estimate of fair value which took effect from the 31st December 2004 valuation point. The valuation of policies now uses data derived from LPVC Ltd's own pricing information with a floor of 100% of surrender value. Outlook The cuts in bonus rates that we have seen in recent years have in many cases probably now run their course. Bonus rate cuts were caused in part by the need to correct for the overpayment of bonuses during the years of strong investment returns in the 1990s, and in part by the poor returns from equities in the early years of this century. Life office solvency, as measured by Free Asset Ratios, has seen a significant improvement since the equity market's recent low in March 2003, albeit that equity exposure in with-profits life funds is now much lower than historically. In order to provide an illustration of likely returns in a scenario where bonus rates increase we have added projected final Net Asset Values at 120% of current bonus rates. For 2006 Shareholders, the financial year to 30th September 2006 will see the realisation of the assets of the Company attributable to the 2006 Pool. Investors in this class should note that almost all the remaining policies will mature over the next twelve months. The maturity proceeds are being used, in the first instance, to repay the remaining bank debt, with the excess being invested principally in UK gilts, to ensure sufficient eligible investment income to maintain investment trust status for tax purposes. The Board and its advisers are considering a number of possible options in connection with the distribution of the assets of the 2006 Pool to 2006 Shareholders, and will send out the appropriate documentation before the end of the financial year. The Board of Standard Life has now confirmed that it intends to recommend to members that Standard Life should demutualise and float on the stock market, subject to satisfactory completion of legal, regulatory and other requirements. Accrued guaranteed benefits Guaranteed benefits are attached to the policy portfolio (comprising sums assured and reversionary bonuses declared to date) and these have continued to grow as reversionary bonuses have been declared over the year. Stated as a projected final net asset value after projected expenses - including the cost of borrowings - they represented 141.2p and 106.6p per 2006 and 2009 Share respectively as at 30th September 2005. Share buybacks and borrowings No shares were bought back during the year for either the 2006 or 2009 share class. The Board intends to seek renewed authority from shareholders to buy back up to 15% of the issued share capital of the Company at the forthcoming Annual General Meeting. In view of the increasing number of policies in the 2006 Pool maturing during the year debt has been reduced, where appropriate. During the year #5.9m of borrowings relating to the 2006 Pool were repaid and a further #1.3m since the year end. After taking cash and fixed interest securities into account, the 2006 Pool is now ungeared. Borrowings net of cash and fixed interest securities held represented 17.9% of total net assets for the 2009 Pool at the year end. Projected final net asset values The Company publishes projected final net asset values on a regular basis. These projections are based on a range of 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 30th September 2005 are given in the table below. 120% Current 100% Current 80% Current 50% Current No Further Bonus Rates Bonus Rates Bonus Rates Bonus Rates Bonuses Projected final net asset value at 30th September 2006 (2006 Pool) 173.2p 168.0p 162.9p 155.2p 141.2p Projected final net asset value at 31st December 2009 (2009 Pool) 152.5p 144.3p 136.7p 125.7p 106.6p Projected final net asset values are calculated using the principal bases and assumptions set out at the end of this document. These illustrations are given to 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 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 is expected to be granted for the year ended 30th September 2004 and for the accounting year under review. The Company is not a close company. Annual General Meeting The Annual General Meeting will be held on Wednesday 14th December 2005 at 12: 30pm. 155 Bishopsgate By Order of the Board London EC2M 3AD P W I Ingram Company Secretary For further information, please contact: Simon White, Head of Investment Trusts RCM (UK) Limited Tel: 020 7065 1539 RESULTS STATEMENT OF TOTAL RETURN (Unaudited) For the year ended 30th September 2005 2006 Pool Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 2,127 2,127 Income from investments 91 - 91 Other income 19 - 19 Investment management and advisory fees (553) - (553) Expenses of administration (121) - (121) Net return before finance costs and taxation (564) 2,127 1,563 Finance costs of borrowings (320) - (320) Return on ordinary activities before taxation (884) 2,127 1,243 Taxation - - - Transfer (from) to reserves (884) 2,127 1,243 Return per 2006 Share (4.41)p 10.59p 6.18p * The revenue column of this statement is the profit and loss account of the 2006 Pool. The return per share is calculated on a weighted average number of 2006 Shares in issue during the year of 20,073,064. BALANCE SHEET 2006 Pool As at 30th September 2005 (Unaudited) #'000s Fixed Asset Investments 33,503 Net Current Liabilities ** (689) Total Assets less Current Liabilities 32,814 Creditors: amounts falling due after more than one year - Total Net Assets attributable to 2006 Shareholders 32,814 Called up Share Capital 1,004 Share Premium Account - Capital Redemption Reserve 4 Special Reserve 19,128 Capital Reserve : realised 14,241 : unrealised 11,480 Revenue Reserve (13,043) Shareholders' Funds (all equity) 32,814 Net Asset Value per 2006 Share 163.5p The net asset value is based on 20,073,064 2006 Shares in issue at the year end. ** Includes medium term loan of #1,300,000 maturing in less than one year RESULTS STATEMENT OF TOTAL RETURN (Unaudited) For the year ended 30th September 2005 2009 Pool Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 2,520 2,520 Income from investments 76 - 76 Other income 15 - 15 Investment management and advisory fees (458) - (458) Expenses of administration (92) - (92) Net return before finance costs and taxation (459) 2,520 2,061 Finance costs of borrowings (301) - (301) Return on ordinary activities before taxation (760) 2,520 1,760 Taxation - - - Transfer (from) to reserves (760) 2,520 1,760 Return per 2009 Share (3.85)p 12.76p 8.91p * The revenue column of this statement is the profit and loss account of the 2009 Pool. The return per share is calculated on a weighted average number of 2009 Shares in issue during the year of 19,745,000. BALANCE SHEET 2009 Pool As at 30th September 2005 (Unaudited) #'000s Fixed Asset Investments 31,199 Net Current Assets - Total Assets less Current Liabilities 31,199 Creditors: amounts falling due after more than one year (5,650) Total Net Assets attributable to 2009 Shareholders 25,549 Called up Share Capital 197 Share Premium Account 18,925 Capital Redemption Reserve 3 Special Reserve - Capital Reserves : realised 4,937 : 7,549 unrealised Revenue Reserve (6,062) Shareholders' Funds (all equity) 25,549 Net Asset Value per 2009 Share 129.4p The net asset value is based on 19,745,000 2009 Shares in issue at the year end. RESULTS STATEMENT OF TOTAL RETURN (Unaudited) For the year ended 30th September 2005 Company Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 4,647 4,647 Income from investments 167 - 167 Other income 34 - 34 Investment management and advisory fees (1,011) - (1,011) Expenses of administration (213) - (213) Net return before finance costs and taxation (1,023) 4,647 3,624 Finance costs of borrowings (621) - (621) Return on ordinary activities before taxation (1,644) 4,647 3,003 Taxation - - - Transfer (from) to reserves (1,644) 4,647 3,003 * The revenue column of this statement is the profit and loss account of the Company. BALANCE SHEET Company As at 30th September 2005 (Unaudited) #'000s Fixed Asset Investments 64,702 Net Current Liabilities (689) Total Assets less Current Liabilities 64,013 Creditors: amounts falling due after more than one year (5,650) Total Net Assets attributable to ordinary shareholders 58,363 Called up Share Capital 1,201 Share Premium Account 18,925 Capital Redemption Reserve 7 Special Reserve 19,128 Capital Reserves : realised 19,178 : unrealised 19,029 Revenue Reserve (19,105) Shareholders' Funds (all equity) 58,363 RESULTS STATEMENT OF TOTAL RETURN For the year ended 30th September 2004 2006 Pool Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 1,094 1,094 Income from investments 100 - 100 Other income 10 - 10 Investment management and advisory fees (567) - (567) Expenses of administration (118) - (118) Net return before finance costs and taxation (575) 1,094 519 Finance costs of borrowings (476) - (476) Return on ordinary activities before taxation (1,051) 1,094 43 Taxation - - - Transfer (from) to reserves (1,051) 1,094 43 Return per 2006 Share (5.24) p 5.45 p 0.21 p * The revenue column of this statement is the profit and loss account of the 2006 Pool. The return per share is calculated on a weighted average number of 2006 Shares in issue during the year of 20,073,064. BALANCE SHEET 2006 Pool As at 30th September 2004 #'000s Fixed Asset Investments 38,644 Net Current Assets 127 Total Assets less Current Liabilities 38,771 Creditors: amounts falling due after more than one year (7,200) Net assets attributable to 2006 Shareholders 31,571 Called up Share Capital 1,004 Share Premium Account - Capital Redemption Reserve 4 Special Reserve 19,128 Capital Reserve : realised 11,184 : unrealised 12,410 Revenue Reserve (12,159) Shareholders' Funds (all equity) 31,571 Net Asset Value per 2006 Share 157.3p The net asset value is based on 20,073,064 2006 Shares in issue at the year end. RESULTS STATEMENT OF TOTAL RETURN For the year ended 30th September 2004 2009 Pool Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 998 998 Income from investments 76 - 76 Other income 12 - 12 Investment management and advisory fees (437) - (437) Expenses of administration (91) - (91) Net return before finance costs and taxation (440) 998 558 Finance costs of borrowings (280) - (280) Return on ordinary activities before taxation (720) 998 278 Taxation - - - Transfer (from) to reserves (720) 998 278 Return per 2009 Share (3.65) p 5.06 p 1.41 p * The revenue column of this statement is the profit and loss account of the 2009 Pool. The return per share is calculated on a weighted average number of 2009 Shares in issue during the year of 19,745,000. BALANCE SHEET 2009 Pool As at 30th September 2004 #'000s Fixed Asset Investments 29,224 Net Current Assets 215 Total Assets less Current Liabilities 29,439 Creditors: amounts falling due after more than one year (5,650) Net assets attributable to 2009 Shareholders 23,789 Called up Share Capital 197 Share Premium Account 18,925 Capital Redemption Reserve 3 Special Reserve - Capital Reserves : realised 4,620 : unrealised 5,345 Revenue reserve (5,301) Shareholders' Funds (all equity) 23,789 Net Asset Value per 2009 Share 120.5p The net asset value is based on 19,745,000 2009 Shares in issue at the year end. RESULTS STATEMENT OF TOTAL RETURN For the year ended 30th September 2004 Company Revenue* Capital Total #'000s #'000s #'000s Net gains on investments - 2,092 2,092 Income from investments 176 - 176 Other income 22 - 22 Investment management and advisory fees (1,004) - (1,004) Expenses of administration (209) - (209) Net return before finance costs and taxation (1,015) 2,092 1,077 Finance costs of borrowings (756) - (756) Return on ordinary activities before taxation (1,771) 2,092 321 Taxation - - - Transfer (from) to reserves (1,771) 2,092 321 * The revenue column of this statement is the profit and loss account of the Company. BALANCE SHEET Company As at 30th September 2004 #'000s Fixed Asset Investments 67,868 Net Current Assets 342 Total Assets less Current Liabilities 68,210 Creditors: amounts falling due after more than one year (12,850) Net Assets attributable to ordinary shareholders 55,360 Called up Share Capital 1,201 Share Premium Account 18,925 Capital Redemption Reserve 7 Special Reserve 19,128 Capital Reserves : realised 15,804 : unrealised 17,755 Revenue Reserve (17,460) Shareholders' Funds (all equity) 55,360 CASH FLOW STATEMENT (Unaudited) For the year ended 30th September 2005 and comparative period 2006 Pool Year ended Year ended 30th September 2005 30th September 2004 #'000s #'000s Net cash outflow from operating activities (373) (541) Servicing of finance Interest paid (318) (446) Taxation UK income tax repaid - 1 Investing activities Payments to acquire investments (973) (1,073) Receipts on disposal of investments 7,906 3,181 Net cash inflow from investing activities 6,933 2,108 Net cash inflow before financing 6,242 1,122 Financing (Decrease) increase in medium term loans (5,900) 3,250 Repayment of Loan Notes with Dresdner RCM Endowment Policy Trust 2003 plc - (4,653) Net cash outflow from financing (5,900) (1,403) Increase (decrease) in cash 342 (281) CASH FLOW STATEMENT (Unaudited) For the year ended 30th September 2005 and comparative period 2009 Pool Year ended Year ended 30th September 2005 30th September 2004 #'000s #'000s Net cash outflow from operating activities (390) (443) Servicing of finance Interest paid (297) (288) Taxation UK income tax repaid - 1 Investing activities Payments to acquire investments (895) (934) Receipts on disposal of investments 1,400 1,470 Net cash inflow from investing activities 505 536 Net cash outflow before financing (182) (194) Financing Decrease in medium term loans - - Net cash outflow from financing - - Decrease in cash (182) (194) CASH FLOW STATEMENT (Unaudited) For the year ended 30th September 2005 and comparative period Company Year ended Year ended 30th September 2005 30th September 2004 #'000s #'000s Net cash outflow from operating activities (763) (984) Servicing of finance Interest paid (616) (734) Taxation UK income tax repaid - 2 Investing activities Payments to acquire investments (1,868) (2,007) Receipts on disposal of investments 9,306 4,651 Net cash inflow from investing activities 7,438 2,644 Net cash inflow before financing 6,059 928 Financing (Decrease) increase in bank loans (5,900) 3,250 Repayment of Loan Notes with Dresdner RCM Endowment Policy Trust 2003 plc - (4,653) Net cash outflow from financing (5,900) (1,403) Increase (decrease) in cash 159 (475) The financial information set out in the announcement does not constitute the Company's statutory accounts for the year ended 30th September 2005. The financial information for the year ended 30th September 2004 is derived from the statutory accounts for that year which have been delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under section 237(2) or (3) of the Companies Act 1985. The statutory accounts for the year ended 30th September 2005 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. This announcement has been prepared using the same accounting policies as those adopted in the annual accounts for the year ended 30th September 2004. TWENTY LARGEST HOLDINGS BY LIFE OFFICE (Unaudited) AS AT 30th SEPTEMBER 2005 - 2006 POOL Value Value of % of Life Office Policies Total #'000s Investments Standard Life 8,936 26.7 AVIVA (Norwich Union) 4,580 13.7 Legal & General 2,598 7.8 Prudential 2,310 6.9 Prudential (Scottish Amicable) 2,164 6.5 Scottish Provident 1,660 5.0 Scottish Widows 1,328 4.0 Clerical Medical 893 2.6 Scottish Life 689 2.1 Friends Provident 616 1.8 AXA Equity and Law 553 1.7 Guardian Assurance 522 1.6 Alba Life (Crusader) 500 1.5 Royal & Sun Alliance (Royal 487 1.4 Life) Colonial Mutual 410 1.2 Scottish Mutual 392 1.2 AVIVA (Commercial Union) 347 1.0 London Life 270 0.8 Friends Provident (London & 212 0.6 Manchester) AVIVA (Provident Mutual) 194 0.6 Total of twenty largest 29,661 88.7 holdings Holdings in other offices 2,478 7.4 Total holdings of endowment 32,139 96.1 policies FIXED INTEREST HOLDINGS EIB 6.125% 07.12.2005 902 2.6 EIB 7.625% 07.12.2006 462 1.3 Total Fixed Interest Holdings 1,364 3.9 Total of Invested Funds 33,503 100.0 TWENTY LARGEST HOLDINGS BY LIFE OFFICE (Unaudited) AS AT 30th SEPTEMBER 2005 - 2009 POOL Value of % of Life Office Policies Total #'000s Investments Standard Life 7,957 25.5 Legal & General 4,806 15.4 Prudential (Scottish Amicable) 3,042 9.8 Scottish Widows 2,065 6.6 AVIVA (Norwich Union) 1,765 5.7 Prudential 1,488 4.7 Scottish Life 1,257 4.0 Clerical Medical 1,130 3.6 Scottish Provident 881 2.8 Friends Provident 846 2.7 Colonial Mutual 415 1.3 Gresham Life 360 1.2 National Mutual Life 339 1.1 Royal & Sun Alliance (Royal Life) 283 0.9 Sun Life of Canada 211 0.7 AVIVA (Commercial Union) 194 0.6 AVIVA (Provident Mutual) 184 0.6 Guardian Assurance 179 0.6 Australian Mutual Provident 147 0.5 Britannic Assurance 145 0.5 Total of twenty largest holdings 27,694 88.8 Holdings in other life offices 2,443 7.8 Total holdings of endowment policies 30,137 96.6 FIXED INTEREST HOLDINGS Finland (REP) 10.125% # Bds 22.06.08 537 1.7 Abbey National 5.375% Notes 30.12.09 30.12.09 525 1.7 Total Fixed Interest Holdings 1,062 3.4 Total of Invested Funds 31,199 100.0 ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc Principal bases and assumptions used in projecting the final net asset values on page 2. The final net asset values for the 2006 Pool and the 2009 Pool have been calculated at 30th September 2006 and 31st December 2009 respectively, on the basis that: 1) All policies are held to maturity, 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 30th September 2005 continue to apply until maturity or are reduced immediately by 20%, 50% and 100% or increased by 20%; 3) The estimated mid-market gross redemption yields as at 30th September 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 over the Company's remaining life are assumed to be consistent with the shape of the swap rate yield curve at 30th September 2005; and 5) No further shares are issued or repurchased, nor are any dividends paid. This information is provided by RNS The company news service from the London Stock Exchange END FR FSLFIESISEIF
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