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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 |
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 IR QKLFLLBBZFBF
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