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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Allianz Dres.2K | LSE:ADRK | London | Ordinary Share | GB0004939905 | KSEPT 2009 SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 145.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6790R Allianz Dresdr 2 Endw Policy TstPLC 22 February 2007 For Immediate Release 22nd February 2007 ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS For the fifteen months ended 31st December 2006 Investment Review - 2009 Pool A summary of the results for the 2009 Pool for the fifteen months ended 31st December 2006 is set out on page 5. The Net Asset Value has risen from 129.4p per 2009 Share at 30th September 2005 to 149.6p per 2009 Share at 31st December 2006, an increase of 15.6%. The period end Net Asset Value fully reflects the demutualisation benefits of just under 3.9p per 2009 Share received from Standard Life. 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 #2.0 million. The average annualised return on these policies was 5.58% since purchase. This calculation does not include windfalls such as those arising from demutualisations. Repayment of 2006 Shares For 2006 Shareholders, the period under review saw the realisation of the assets of the Company attributable to the 2006 Pool as at 30th September 2006. On 21st August 2006 a Circular was sent to shareholders outlining recommended proposals for the reconstruction of the Company and repayment of the 2006 Shares. The Terminal Asset Value per 2006 Share was 174.7708p as at the Calculation Date, 6th October 2006. Accounting Reference Date On 25th July 2006 the Company changed its Accounting Reference Date from 30th September to 31st December. Outlook Equity markets have recovered well from the mid year sell off. In the main, the strength has been due to improving profits, helped by higher margins, together with high levels of liquidity which have fuelled record levels of merger and acquisition activity. With global interest rates remaining at relatively low levels and ample liquidity available, private equity funds and companies have been able to raise money relatively easily. This strength was despite two further UK interest rate rises in August and November which took rates up to 5% - the highest level in five years - and a further rise to 5.25% since the year end. This improving confidence has bolstered interest in traded endowments from investors, including those from overseas, who are attracted by the prospect of capital growth underpinned by minimum guarantees. Stronger markets have improved the outlook for the with-profits funds of the life offices. Recent moves by Aviva and Prudential to address their "inherited" estates have refocused attention on the with-profits sector. 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 114.0p per 2009 Share as at 31st December 2006. Share buybacks and borrowings No shares were bought back during the period 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 2009 share capital of the Company at the forthcoming Annual General Meeting. Borrowings net of cash and fixed interest securities held represented 13.2% of total net assets for the 2009 Pool at the period 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. Final net asset values projected as at 31st December 2006 are given in the table below. 200% Current 150% Current 120% Current 100% Current 80% Current No Further Bonus Rates Bonus Rates Bonus Rates Bonus Rates Bonus Rates Bonuses Projected final net asset value at 31st December 2009 (2009 Pool) 197.1p 175.1p 162.1p 153.5p 145.4p 114.0p 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 of the Company is consistent with this objective. Consequently, no dividend will be payable on the 2009 Shares. Status The Company operates as an approved investment trust within the meaning of Section 842 of the Income and Corporation Taxes Act 1988. Approval has been granted for the year ended 30th September 2005. Under the Proposals outlined in the Circular to shareholders dated 21st August 2006 the Company lost investment trust status upon the Bonus Issue and reclassification of 2006 Shares into Reclassified Shares becoming effective. The Company thus lost investment trust status for the period from 30th September 2006 until 31st December 2006, when the new accounting period ended. The Directors conducted the affairs of the Company to minimise any chargeable gains arising in this period. In addition, losses are available to set against any chargeable gains arising in this period. Approval is expected to be granted for the year ended 30th September 2006 and the year commencing 1st January 2007. The Company is not a close company. Annual General Meeting The Annual General Meeting will be held on Thursday 26th April 2007 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 INCOME STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 2006 Pool Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 2,153 2,153 Income 1,112 - 1,112 Management and advisory fees (506) - (506) Expenses of administration (445) - (445) Net return before finance costs and taxation 161 2,153 2,314 Finance costs : interest payable and similar charges (3) - (3) Return on ordinary activities before taxation 158 2,153 2,311 Taxation - - - Return attributable to 2006 Shareholders 158 2,153 2,311 Return per 2006 Share (Note 1) 0.79p 10.73p 11.52p BALANCE SHEET 2006 Pool As at 31st December 2006 (Unaudited) #'000s Investments held at fair value through profit or - loss Fair value of interest rate swaps - Net Current Assets - Total Assets less Current Liabilities - Creditors: amounts falling due after more than one year - Total Net Assets - Called up Share Capital - Share Premium Account - Capital Redemption Reserve - Capital Reserves: Realised 12,885 : Unrealised - Special Reserve - Hedging Reserve - Revenue Reserve (12,885) Equity Shareholders' Funds - RESULTS INCOME STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 2009 Pool Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 4,984 4,984 Income 109 - 109 Management and advisory fees (619) - (619) Expenses of administration (156) - (156) Net return before finance costs and taxation (666) 4,984 4,318 Finance costs : interest payable and similar charges (386) - (386) Return on ordinary activities before taxation (1,052) 4,984 3,932 Taxation 57 (57) - Return attributable to 2009 Shareholders (995) 4,927 3,932 Return per 2009 Share (Note 1) (5.04)p 24.95p 19.91p BALANCE SHEET 2009 Pool As at 31st December 2006 (Unaudited) #'000s Investments held at fair value through profit or loss 34,422 Fair value of interest rate swaps 37 Net Current Assets 371 Total Assets less Current Liabilities 34,830 Creditors: amounts falling due after more than one year (5,300) Total Net Assets 29,530 Called up Share Capital 197 Share Premium Account 18,925 Capital Redemption Reserve 3 Capital Reserves: Realised 6,325 : Unrealised 11,088 Special Reserve - Hedging Reserve 49 Revenue Reserve (7,057) Equity Shareholders' Funds 29,530 Net Asset Value per 2009 Share 149.6p The net asset value is based on 19,745,000 2009 Shares in issue at the year end. RESULTS INCOME STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 Company Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 7,137 7,137 Income 1,221 - 1,221 Management and advisory fees (1,125) - (1,125) Expenses of administration (601) - (601) Net return before finance costs and taxation (505) 7,137 6,632 Finance costs : interest payable and similar charges (389) - (389) Return on ordinary activities before taxation (894) 7,137 6,243 Taxation 57 (57) - Return on ordinary activities after taxation (837) 7,080 6,243 BALANCE SHEET Company As at 31st December 2006 (Unaudited) #'000s Investments held at fair value through profit or loss 34,422 Fair value of interest rate swaps 37 Net Current Assets 371 Total Assets less Current Liabilities 34,830 Creditors: amounts falling due after more than one year (5,300) Total Net Assets 29,530 Called up Share Capital 197 Share Premium Account 18,925 Capital Redemption Reserve 3 Capital Reserves: Realised 19,210 : Unrealised 11,088 Special Reserve - Hedging Reserve 49 Revenue Reserve (19,942) Equity Shareholders' Funds 29,530 RESULTS INCOME STATEMENT For the year ended 30th September 2005 2006 Pool Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 2,127 2,127 Income 110 - 110 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 : interest payable and similar charges (320) - (320) Return on ordinary activities before taxation (884) 2,127 1,243 Taxation - - - Return attributable to 2006 Shareholders (884) 2,127 1,243 Return per 2006 Share (Note 1) (4.41)p 10.59p 6.18p BALANCE SHEET 2006 Pool As at 30th September 2005 #'000s Investments held at fair value through profit or 33,503 loss Fair value of interest rate swaps - Net Current Liabilities (689) Total Assets less Current Liabilities 32,814 Creditors: amounts falling due after more than one year - Total Net Assets 32,814 Called up Share Capital 1,004 Share Premium Account - Capital Redemption Reserve 4 Capital Reserves: Realised 14,241 : Unrealised 11,480 Special Reserve 19,128 Hedging Reserve - Revenue Reserve (13,043) Equity Shareholders' Funds 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. RESULTS INCOME STATEMENT For the year ended 30th September 2005 2009 Pool Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 2,520 2,520 Income 91 - 91 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 : interest payable and similar charges (301) - (301) Return on ordinary activities before taxation (760) 2,520 1,760 Taxation - - - Return attributable to 2009 Shareholders (760) 2,520 1,760 Return per 2009 Share (Note 1) (3.85)p 12.76p 8.91p BALANCE SHEET 2009 Pool As at 30th September 2005 #'000s Investments held at fair value through profit or 31,199 loss Fair value of interest rate swaps - Net Current Assets 1 Total Assets less Current Liabilities 31,200 Creditors: amounts falling due after more than one year (5,650) Total Net Assets 25,550 Called up Share Capital 197 Share Premium Account 18,925 Capital Redemption Reserve 3 Capital Reserves: Realised 4,937 : Unrealised 7,549 Special Reserve - Hedging Reserve - Revenue Reserve (6,061) Equity Shareholders' Funds 25,550 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 INCOME STATEMENT For the year ended 30th September 2005 Company Revenue Capital Total Return #'000s #'000s #'000s (Note 2) Net gains on investments at fair value - 4,647 4,647 Income 201 - 201 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 : interest payable and similar charges (621) - (621) Return on ordinary activities before taxation (1,644) 4,647 3,003 Taxation - - - Return attributable to ordinary shareholders (1,644) 4,647 3,003 BALANCE SHEET Company As at 30th September 2005 #'000s Investments held at fair value through profit or loss 64,702 Fair value of interest rate swaps - Net Current Liabilities (688) Total Assets less Current Liabilities 64,014 Creditors: amounts falling due after more than one year (5,650) Total Net Assets 58,364 Called up Share Capital 1,201 Share Premium Account 18,925 Capital Redemption Reserve 7 Capital Reserves: Realised 19,178 : Unrealised 19,029 Special Reserve 19,128 Hedging Reserve - Revenue Reserve (19,104) Equity Shareholders' Funds 58,364 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2006 Pool Called up Share Capital Capital Capital Special Hedging Revenue Total Share Premium Redemption Reserve Reserve Reserve Reserve Reserve #'000s Capital Account Realised Unrealised #'000s #'000s #'000s #'000s Reserve #'000s #'000s #'000s #'000s Net Assets at 30th 1,004 - 4 11,184 12,410 19,128 - (12,159) 31,571 September 2004 Revenue Return - - - - - - - (884) (884) Capital Return - - - 3,057 (930) - - - 2,127 Net Assets at 30th 1,004 - 4 14,241 11,480 19,128 - (13,043) 32,814 September 2005 Net Assets at 30th 1,004 - 4 14,241 11,480 19,128 - (13,043) 32,814 September 2005 Adjustment to - - - - - - - - - record investments at bid prices Revenue Return - - - - - - - 158 158 Capital Return - - - 13,633 (11,480) - - - 2,153 Amounts cancelled (1,004) - (4) (14,989) - (19,128) - - (35,125) upon reconstruction Net Assets at 31st - - 12,885 - - - (12,885) - December 2006 - RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2009 Pool Called up Share Capital Capital Capital Special Hedging Revenue Total Share Premium Redemption Reserve Reserve Reserve Reserve Reserve #'000s Capital Account Realised Unrealised #'000s #'000s #'000s #'000s Reserve #'000s #'000s #'000s #'000s Net Assets at 30th 197 18,925 3 4,621 5,345 - - (5,301) 23,790 September 2004 Revenue Return - - - - - - - (760) (760) Capital Return - - - 316 2,204 - - - 2,520 Net Assets at 30th 197 18,925 3 4,937 7,549 - - (6,061) 25,550 September 2005 Net Assets at 30th 197 18,925 3 4,937 7,549 - - (6,061) 25,550 September 2005 Adjustment to - - - - (1) - - - (1) record investments at bid prices Recognition of - - - - - 49 - 49 interest rate - swaps at fair value Revenue Return - - - - - - - (995) (995) Capital Return - - - 1,387 3,540 - - - 4,927 Net Assets at 31st 197 18,925 3 6,324 11,088 - 49 (7,056) 29,530 December 2006 RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - The Company Called up Share Capital Capital Capital Special Hedging Revenue Total Share Premium Redemption Reserve Reserve Reserve Reserve Reserve #'000s Capital Account Realised Unrealised #'000s #'000s #'000s #'000s Reserve #'000s #'000s #'000s #'000s Net Assets at 30th 1,201 18,925 7 15,805 17,755 19,128 - (17,460) 55,361 September 2004 Revenue Return - - - - - - - (1,644) (1,644) Capital Return - - - 3,373 1,274 - - - 4,647 Net Assets at 30th 1,201 18,925 7 19,178 19,029 19,128 - (19,104) 58,364 September 2005 Net Assets at 30th 1,201 18,925 7 19,178 19,029 19,128 - (19,104) 58,364 September 2005 Adjustment to - - - - (1) - - - (1) record investments at bid prices Recognition of - - - - - - 49 - 49 interest rate swaps at fair value Revenue Return - - - - - - - (837) (837) Capital Return - - - 15,020 (7,940) - - - 7,080 Amounts cancelled (1,004) - (4) (14,989) - (19,128) - - (35,125) upon reconstruction Net Assets at 31st 197 18,925 3 19,209 11,088 - 49 (19,941) 29,530 December 2006 CASH FLOW STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 2006 Pool Fifteen months ended Year ended 31st December 2006 30th September 2005 #'000s #'000s Net cash inflow (outflow) from operating activities 7 (526) Servicing of finance Interest paid (12) (318) Taxation UK income tax repaid 2 - Investing activities Purchases of fixed asset investments (31,567) (973) Receipts from demutualisations 907 - Sales of fixed asset investments 66,651 8,059 Net cash inflow from investing activities 35,991 7,086 Net cash inflow before financing 35,988 6,242 Financing Decrease in bank loan (1,300) (5,900) Amounts cancelled upon reconstruction (35,082) - Net cash outflow from financing (36,382) (5,900) (Decrease) increase in cash (394) 342 CASH FLOW STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 2009 Pool Fifteen months ended Year ended 31st December 2006 30th September 2005 #'000s #'000s Net cash outflow from operating activities (712) (390) Servicing of finance Interest paid (342) (297) Taxation UK income tax repaid - - Investing activities Purchases of fixed asset investments (1,068) (896) Receipts from demutualisations 764 - Sales of fixed asset investments 2,078 1,400 Net cash inflow from investing activities 1,774 504 Net cash inflow (outflow) before financing 720 (183) Financing Decrease in bank loan (350) - Net cash outflow from financing (350) - Increase (decrease) in cash 370 (183) CASH FLOW STATEMENT (Unaudited) For the fifteen months ended 31st December 2006 Company Fifteen months ended Year ended 31st December 2006 30th September 2005 #'000s #'000s Net cash outflow from operating activities (705) (916) Servicing of finance Interest paid (354) (615) Taxation UK income tax repaid 2 - Investing activities Purchases of fixed asset investments (32,635) (1,869) Receipts from demutualisations 1,671 - Sales of fixed asset investments 68,729 9,459 Net cash inflow from investing activities 37,765 7,590 Net cash inflow before financing 36,708 6,059 Financing Decrease in bank loan (1,650) (5,900) Repayment of 2006 Shares (35,082) - Net cash outflow from financing (36,732) (5,900) (Decrease) increase in cash (24) 159 TWENTY LARGEST HOLDINGS BY LIFE OFFICE (Unaudited) AS AT 31st DECEMBER 2006 - 2009 POOL Value of % of Life Office Policies Total #'000s Investments Standard Life 8,720 25.3 Legal & General 5,776 16.8 Prudential (Scottish Amicable) 3,199 9.3 Scottish Widows 2,394 7.0 AVIVA (Norwich Union) 1,794 5.2 Prudential 1,777 5.2 Scottish Life 1,488 4.3 Clerical Medical 1,325 3.8 Scottish Provident 1,064 3.1 Friends Provident 848 2.5 National Mutual Life 406 1.2 Colonial Mutual 372 1.1 Gresham Life 326 0.9 Royal & Sun Alliance (Royal Life) 316 0.9 Sun Life of Canada 225 0.7 AVIVA (Provident Mutual) 198 0.6 Guardian Assurance 190 0.6 Britannic Assurance 170 0.5 Alba Life 152 0.4 AVIVA (Commercial Union) 151 0.4 Total of twenty largest holdings 30,891 89.8 Holdings in other life offices 2,524 7.3 Total holdings of endowment policies 33,415 97.1 FIXED INTEREST HOLDINGS Finland (REP) 10.125% # Bds 22.06.08 500 1.4 Abbey National 5.375% Notes 30.12.09 30.12.09 507 1.5 Total Fixed Interest Holdings 1,007 2.9 Total of Invested Funds 34,422 100.0 There were no policies or fixed interest securities held by the 2006 Pool at 31st December 2006. 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 2009 Pool have been calculated at 31st December 2009 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 31st December 2006 continue to apply until maturity or are reduced immediately by 20% or 100% or increased by 20%, 50% or 100%; 3) The estimated mid-market gross redemption yields as at 31st December 2006, 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, in so far as not fixed by swaps, are assumed to be consistent with the shape of the swap rate yield curve at 31st December 2006; and 5) No further shares are issued or repurchased, nor are any dividends paid. 6) They do not account for any likely costs of liquidation. Notes Note 1 The return per 2006 Share is based on a weighted average number of 2006 Shares in issue prior to their repayment on 6th October 2006, of 20,073,064. The return per 2009 Share is based on a weighted average number of 2009 Shares in issue during the period of 19,745,000. Note 2 The total column on this statement is the profit and loss of the 2006 or 2009 Pools or of the Company. All revenue and capital items derived from continuing operations. No operations were acquired or discontinued in the period. A Statement of Total Recognised Gains and Losses is not required as all gains and losses of the 2006 or 2009 Pools or of the Company have been reflected in the relevant Income Statements. Note 3 Endowment policies, listed investments and interest rate swaps are held at fair value through profit or loss in accordance with FRS 26 "Financial Instruments: Measurement". Listed investments are valued at bid market price. This represents a change in accounting policy. However, in accordance with the exemption conferred by paragraph 108D of FRS 26, comparatives have not been restated. Note 4 The financial information set out in the announcement does not constitute the Company's statutory accounts for the fifteen months ended 31st December 2006. The financial information for the year ended 30th September 2005 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 fifteen months ended 31st December 2006 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 2005, except for the change from mid to bid prices as noted in Note 3 above. This information is provided by RNS The company news service from the London Stock Exchange END FR SEWSAESWSEIE
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