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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 |
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RNS Number:6136O
Allianz Dresdr 2 Endw Policy TstPLC
22 February 2008
For Immediate Release 22nd February 2008
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS
For the year ended 31st December 2007
Investment Review - 2009 Pool
A summary of the results for the 2009 Pool for the year ended 31st December 2007
is set out on page 5. The Net Asset Value has risen from 149.6p per 2009 Share
at 31st December 2006 to 157.0p per 2009 Share at 31st December 2007, an
increase of 4.9%.
The 2009 Pool currently has investments in policies from a total of 53
with-profits funds. During the period the 2009 Pool realised proceeds of policy
maturities amounting to £4.5 million. The average annualised return on these
policies was 5.83% since purchase. This calculation does not include windfalls
such as those arising from demutualisations.
The financial year saw modest returns produced in equities, with the FTSE
All-Share Index providing a 2.3% capital return. However, the onset of the
credit crunch, which originated from financial products set up to fuel the
growth of the US mortgage market, has caused disruptions in recent months in
global financial markets reflecting the unravelling of these products.
In the UK, the highest profile casualty has been Northern Rock, which will now
be nationalised. Given the contraction in credit banks are now understandably
more cautious in their lending policies than last year.
Outlook
In general, investment returns have been more modest than in previous years.
Conditions in global credit markets, however, have recently led to much greater
concern about the outlook for global growth. In particular, there has been a
marked deterioration in commercial property values, and more recently equity
markets, which form a major component of many with-profits funds. In this
environment, life companies are likely to take a cautious approach to setting
bonuses this Spring.
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 2007
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) 205.2p 183.0p 170.0p 161.3p 152.9p 120.3p
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 any
particular degree of change in bonus rate levels.
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 120.3p per 2009 Share as at 31st December 2007.
Share buybacks and borrowings
No shares were bought back during the year for the 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
2.9% of total net assets for the 2009 Pool at the year end.
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 became
ineligible for investment trust status after the Bonus Issue and
reclassification of 2006 Shares into Reclassified Shares becoming effective.
The Company thus was without 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 24th April 2008 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 year ended 31st December 2007
2006 Pool
Revenue Capital Total Return
£'000s £'000s £'000s
(Note 2)
Net gains on investments at fair value - - -
Income (3) 3 -
Management and advisory fees - - -
Administration expenses 13 (13) -
Net return before finance costs and taxation 10 (10) -
Finance costs : interest payable and similar charges - - -
Net return on ordinary activities before taxation
10 (10) -
Taxation - - -
Net return attributable to 2006 Shareholders 10 (10) -
Return per 2006 Share - - -
BALANCE SHEET 2006 Pool
As at 31st December 2007 (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 12,875
: Unrealised -
Special Reserve -
Hedging Reserve -
Revenue Reserve (12,875)
Equity Shareholders' Funds -
RESULTS
INCOME STATEMENT (Unaudited)
For the year ended 31st December 2007
2009 Pool
Revenue Capital Total Return
£'000s £'000s £'000s
(Note 2)
Net gains on investments at fair value - 2,257 2,257
Income 87 - 87
Management and advisory fees (507) - (507)
Administration expenses (171) - (171)
Net return before finance costs and taxation (591) 2,257 1,666
Finance costs : interest payable and similar charges (179) - (179)
Net return on ordinary activities before taxation
(770) 2,257 1,487
Taxation - - -
Net return attributable to 2009 Shareholders (770) 2,257 1,487
Return per 2009 Share (Note 1) (3.90)p 11.43p 7.53p
BALANCE SHEET 2009 Pool
As at 31st December 2007 (Unaudited) £'000s
Investments held at fair value through profit or loss 32,847
Fair value of interest rate swaps 78
Net Current Assets 707
Total Assets less Current Liabilities 33,632
Creditors: Amounts falling due after more than one year (2,625)
Total Net Assets 31,007
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 7,941
: Unrealised 11,729
Hedging Reserve 39
Revenue Reserve (7,827)
Equity Shareholders' Funds 31,007
Net Asset Value per 2009 Share 157.0p
The net asset value is based on 19,745,000 2009 Shares in issue at the year end.
RESULTS
INCOME STATEMENT (Unaudited)
For the year ended 31st December 2007
Company
Revenue Capital Total Return
£'000s £'000s £'000s
(Note 2)
Net gains on investments at fair value - 2,257 2,257
Income 84 3 87
Management and advisory fees (507) - (507)
Administration expenses (158) (13) (171)
Net return before finance costs and taxation (581) 2,247 1,666
Finance costs : interest payable and similar charges (179) - (179)
Net return on ordinary activities before taxation
(760) 2,247 1,487
Taxation - - -
Net return on ordinary activities after taxation (760) 2,247 1,487
BALANCE SHEET Company
As at 31st December 2007 (Unaudited) £'000s
Investments held at fair value through profit or loss 32,847
Fair value of interest rate swaps 78
Net Current Assets 707
Total Assets less Current Liabilities 33,632
Creditors: Amounts falling due after more than one year (2,625)
Total Net Assets 31,007
Called up Share Capital 197
Share Premium Account 18,925
Capital Redemption Reserve 3
Capital Reserves: Realised 20,816
: Unrealised 11,729
Hedging Reserve 39
Revenue Reserve (20,702)
Equity Shareholders' Funds 31,007
RESULTS
INCOME STATEMENT
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 (505) - (505)
Administration expenses (445) - (445)
Net return before finance costs and taxation 162 2,153 2,315
Finance costs : interest payable and similar charges (4) - (4)
Net return on ordinary activities before taxation
158 2,153 2,311
Taxation - - -
Net 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 £'000s
Investments held at fair value through profit or -
loss
Fair value of interest rate swaps -
Net Current Liabilities -
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
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 - 4,985 4,985
Income 109 - 109
Management and advisory fees (619) - (619)
Administration expenses (157) - (157)
Net return before finance costs and taxation (667) 4,985 4,318
Finance costs : interest payable and similar charges (386) - (386)
Net return on ordinary activities before taxation
(1,053) 4,985 3,932
Taxation 57 (57) -
Net return attributable to 2009 Shareholders (996) 4,928 3,932
Return per 2009 Share (Note 1) (5.04)p 24.95p 19.91p
BALANCE SHEET 2009 Pool
As at 31st December 2006 £'000s
Investments held at fair value through profit or 34,422
loss
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
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
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 - 7,138 7,138
Income 1,221 - 1,221
Management and advisory fees (1,124) - (1,124)
Administration expenses (602) - (602)
Net return before finance costs and taxation (505) 7,138 6,633
Finance costs : interest payable and similar charges (390) - (390)
Net return on ordinary activities before taxation
(895) 7,138 6,243
Taxation 57 (57) -
Net return on ordinary activities after taxation (838) 7,081 6,243
BALANCE SHEET Company
As at 31st December 2006 £'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
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 - 5 14,240 11,480 19,128 - (13,043) 32,814
September 2005
Revenue Return - - - - - - - 158 158
Capital Return - - - 13,633 (11,480) - - - 2,153
Amounts cancelled (1,004) - (5) (14,988) - (19,128) - - (35,125)
upon
reconstruction
Net Assets at 31st - - - 12,885 - - - (12,885) -
December 2006
Net Assets at 31st - - - 12,885 - - - (12,885) -
December 2006
Revenue Return - - - - - - - 10
10
Capital Return - - - (10) - - - - (10)
Net Assets at 31st - - 12,875 - - - (12,875) -
December 2007 -
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2009 Pool
Called up Share Capital Capital Capital Hedging Revenue Total
Share Premium Redemption Reserve Reserve Reserve Reserve £'000s
Capital Account Realised Unrealised £'000s £'000s
£'000s Reserve £'000s £'000s
£'000s £'000s
Net Assets at 30th 197 18,925 3 4,937 7,548 - (6,061) 25,549
September 2005
Recognition of - - - - 49 - 49
interest rate swaps -
at fair value
Revenue Return - - - - - - (996) (996)
Capital Return - - - 1,388 3,540 - - 4,928
Net Assets at 31st 197 18,925 3 6,325 11,088 49 (7,057) 29,530
December 2006
Net Assets at 31st 197 18,925 3 6,325 11,088 49 (7,057) 29,530
December 2006
Amortisation of - - - - - (10) - (10)
Hedging Reserve
Revenue Return - - - - - - (770) (770)
Capital Return - - - 1,616 641 - - 2,257
Net Assets at 31st 197 18,925 3 7,941 11,729 39 (7,827) 31,007
December 2007
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 8 19,177 19,028 19,128 - (19,104) 58,363
September 2005
Recognition of - - - - - - 49 - 49
interest rate
swaps at fair
value
Revenue Return - - - - - - - (838) (838)
Capital Return - - - 15,021 (7,940) - - - 7,081
Amounts cancelled (1,004) - (5) (14,988) - (19,128) - - (35,125)
upon
reconstruction
Net Assets at 31st 197 18,925 3 19,210 11,088 - 49 (19,942) 29,530
December 2006
Net Assets at 31st 197 18,925 3 19,210 11,088 - 49 (19,942) 29,530
December 2006
Amortisation of - - - - - - (10) - (10)
Hedging Reserve
Revenue Return - - - - - - - (760) (760)
Capital Return - - - 1,606 641 - - - 2,247
Net Assets at 31st 197 18,925 3 20,816 11,729 - 39 (20,702) 31,007
December 2007
CASH FLOW STATEMENT (Unaudited)
For the year ended 31st December 2007
2006 Pool
Year ended Fifteen months ended
31st December 2007 31st December 2006
£'000s £'000s
Net cash (outflow) inflow from operating activities (42) 7
Returns on investment and servicing of finance
Interest paid - (11)
Taxation
UK income tax repaid - 2
Capital expenditure and financial investment
Purchases of fixed asset investments - (31,568)
Sales of fixed asset investments - 66,651
Receipts from demutualisations - 907
Net cash inflow from capital expenditure and financial
investment
- 35,990
Net cash (outflow) inflow before financing (42) 35,988
Financing
Decrease in bank loan - (1,300)
Amounts cancelled upon reconstruction - (35,082)
Second distribution re 2006 Shares (53) -
Net cash outflow from financing (53) (36,382)
Decrease in cash (95) (394)
CASH FLOW STATEMENT (Unaudited)
For the year ended 31st December 2007
2009 Pool
Year ended Fifteen months ended
31st December 2007 31st December 2006
£'000s £'000s
Net cash outflow from operating activities (556) (712)
Returns on investment and servicing of finance
Interest paid (245) (342)
Taxation
UK income tax repaid - -
Capital expenditure and financial investment
Purchases of fixed asset investments (770) (1,068)
Sales of fixed asset investments 4,601 2,078
Receipts from demutualisations - 764
Net cash inflow from capital expenditure and financial
investment
3,831 1,774
Net cash inflow before financing 3,030 720
Financing
Decrease in bank loan (2,675) (350)
Increase in cash 355 370
CASH FLOW STATEMENT (Unaudited)
For the year ended 31st December 2007
Company
Year ended Fifteen months ended
31st December 2007 31st December 2006
£'000s £'000s
Net cash outflow from operating activities (598) (705)
Returns on investment and servicing of finance
Interest paid (245) (353)
Taxation
UK income tax repaid - 2
Capital expenditure and financial investment
Purchases of fixed asset investments (770) (32,636)
Sales of fixed asset investments 4,601 68,729
Receipts from demutualisations - 1,671
Net cash inflow from capital expenditure and financial
investment
3,831 37,764
Net cash inflow before financing 2,988 36,708
Financing
Decrease in bank loan (2,675) (1,650)
Amounts cancelled upon reconstruction - (35,082)
Second distribution re 2006 Shares (53) -
Net cash outflow from financing (2,728) (36,732)
Increase (Decrease) in cash 260 (24)
TWENTY LARGEST HOLDINGS BY LIFE OFFICE (Unaudited)
AS AT 31st DECEMBER 2007- 2009 POOL
Value of % of
Life Office Policies Total
£'000s Investments
Standard Life 9,377 28.5
Legal & General 4,918 15.0
Prudential (Scottish Amicable) 3,042 9.3
Scottish Widows 2,239 6.8
AVIVA (Norwich Union) 1,789 5.4
Prudential 1,684 5.1
Scottish Life 1,459 4.4
Clerical Medical 1,329 4.0
Scottish Provident 1,098 3.3
Friends Provident 634 1.9
Colonial Mutual 370 1.1
National Mutual Life 295 0.9
Royal & Sun Alliance (Royal Life) 283 0.9
Gresham Life 277 0.9
Sun Life of Canada 225 0.7
AVIVA (Provident Mutual) 199 0.6
Britannic Assurance 175 0.6
AVIVA (Commercial Union) 146 0.4
Pearl Assurance 131 0.4
Scottish Equitable 128 0.4
Total of twenty largest holdings 29,798 90.6
Holdings in other life offices 2,062 6.3
Total holdings of endowment policies 31,860 96.9
FIXED INTEREST HOLDINGS
Finland (REP) 10.125% £ Bds 22.06.08 478 1.5
Abbey National 5.375% Notes 30.12.09 30.12.09 508 1.6
Total Fixed Interest Holdings 986 3.1
Total of Invested Funds 32,846 100.0
There were no policies or fixed interest securities held by the 2006 Pool at
31st December 2007.
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
Principal bases and assumptions used in projecting the final net asset values on
page 1.
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 further 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 2007 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
2007, 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 2007; 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 year of 19,745,000.
Note 2
The total return 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 year.
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:
Recognition and Measurement". Listed investments are valued at bid market
price.
Note 4
The financial information set out in the announcement does not constitute the
Company's statutory financial statements for the year ended 31st December 2007.
The financial information for the fifteen months ended 31st December 2006 is
derived from the statutory financial statements for that period which have been
delivered to the Registrar of Companies. The auditors reported on those
financial statements; their report was unqualified and did not contain a
statement under section 237 (2) or (3) of the Companies Act 1985. The statutory
financial statements for the year ended 31st December 2007 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 financial
statements for the period ended 31st December 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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