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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
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: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 IR QELFLEZBBBBF
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