We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Customisable watchlists with full streaming quotes from leading exchanges, such as LSE, NASDAQ, NYSE, AMEX, Bovespa, BIT and more.
| Name | Symbol | Market | Type |
|---|---|---|---|
| Schroder SP.Zdp | LSE:SSZ | London | Preference Share |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
Hot Features
Premium
RNS Number:0625O
Schroder Split Investment Fund PLC
15 December 2006
15 December 2006
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2006
The Directors of Schroder Split Investment Fund plc ("the Company") and its
subsidiary Schroder Split ZDP plc (together "the Group") announce the unaudited
preliminary results of the Group for the year ended 31 October 2006.
Highlights Year ended Year ended % Change
31 October 2006 31 October 2005
Per Ordinary Share
Net asset value 131.20p 102.99p* +27.39
Share price 114.50p 87.00p +31.61
Revenue return 8.10p 7.04p* +15.06
Total return 35.17p 25.22p +39.45
Total dividends 8.10p 6.70p +20.90
Zero Dividend Preference Share
Net asset value 142.59p 132.34p +7.75
Share price 146.00p 137.75p +5.99
Total return 10.26p 9.52p -
* Restated in line with IFRS - for details please refer to notes.
Chairman's Statement
Performance
During the year ended 31 October 2006, Group assets* produced a total return of
22.0% compared with a total return of 21.7% for the FTSE All-Share Index and
19.0% for the FTSE 350 Higher Yield Index.
Since launch, Group asset performance has remained significantly ahead of that
of the FTSE All-Share Index, producing a total return of 60.2% against a total
return of 47.4% for the Index over the same period.
During the year under review, the equity portion of the investment portfolio
increased from 79% to 82%, with the fixed income portion falling to 18%. The
Company's fixed rate bank loan of #12.1 million represented 11.5% of total
assets less current liabilities at the end of the year, a reduction from 13.3%
at the beginning of the year.
At the year end, the hurdle rate on the Ordinary Shares to achieve an asset
value equivalent to the 31 October 2006 market price (114.5p), stood at -3.1%.
Meanwhile, the asset cover on the Zero Dividend Preference Shares improved from
a multiple of 1.86 to a multiple of 2.20 during the year to 31 October 2006.
Dividends
I am pleased to report that the Directors were able to declare increased total
dividends for the year ended 31 October 2006 amounting to 8.10p per share,
following the declaration of a fourth interim dividend of 3.30p per share,
payable on 29 December 2006. Total dividends for the year to 31 October 2006
have increased by 20.9% compared with the previous year, and by 35.0% since the
Company's first full reporting year to 31 October 2003, when total dividends for
the year amounted to 6.00p per share.
Share Price Performance
During the year, the discount to net asset value of the Ordinary Share price
narrowed from 15.5% to 12.7%, reflecting strong performance and improved market
sentiment. As the Zero Dividend Preference Shares moved closer to maturity,
their price premium to net asset value fell during the year from 4.1% to 2.4%.
Change in Custodian
The Company changed custodian from Schroders to JPMorgan Chase Bank in August
2006.
International Financial Reporting Standards ("IFRS")
As stated in the Interim Report, the Group is now required to prepare its
financial statements in accordance with IFRS, as adopted for use in the European
Union. These are the first full year Group accounts which have been prepared on
this basis and the impact of these new accounting standards is set out in the
notes to these accounts. In addition, the Directors' Report contained within the
Annual Report contains a Business Review for the first time this year, as
required under the European Union's Accounts Modernisation Directive for all UK
listed companies for financial years beginning on or after 1 April 2005.
Annual General Meeting
The Annual General Meeting will be held on 9 March 2006 at 3.00 p.m. and all
shareholders are invited to attend. The meeting will follow its usual format,
which includes a presentation from our Investment Manager on our investment
strategy and the prospects for the economy generally.
Outlook
I remain confident that the Group will continue the very satisfactory
performance achieved to date.
As shareholders will know, the Group was launched in January 2002 with a planned
initial life to 30 November 2007. The Board will be giving consideration over
the coming months to alternative opportunities which may be appropriate for the
future of the Group.
John Padovan
Chairman
15 December 2006
* "Group assets" are defined as the Group's total assets less long-term bank
loans less current liabilities.
Schroder Split Investment Fund plc and Schroder Split ZDP plc
Investment Manager's Review
Equity Portfolio (approximately 82% of Gross Assets)
The UK stockmarket continued to show strong returns during 2005 despite
increasing concerns over global growth, inflation and interest rates. Market
momentum was only once disrupted, during May and June 2006, ground that was
subsequently recovered. For the year to 31 October 2006 the FTSE All Share index
returned 21.7% and the FTSE 350 High Yield index returned 19.0%. In comparison
the performance for the equity portfolio for the full year was 24.8%.
The main contributors for the market were the mining sector and a general
pick-up in private equity and corporate M&A activity that focused in particular
on UK utilities.
The fund's outperformance was mainly a result of the distinct focus on stocks
that not only offered a high dividend yield but also had a sound and promising
business model. The fund benefited in particular from investments in companies
that were not just potential takeover candidates but also delivered promising
restructuring plans on their own, e.g. Reuters, Kingfisher, EMAP and Compass.
Elsewhere names like Amlin and Legal & General were re-rated on the basis of
better business and earnings prospects.
More broadly, we take comfort from last year's outperformance - continuing the
outperformance since launch - as justification for the portfolio's approach:
using an experienced group of in-house analysts and a clear investment process
to meet the fund's income and capital objectives.
Fixed Interest Portfolio (approximately 18% of Gross Assets)
Over the last year, the portfolio returned 5.8%, which comfortably exceeds cash
returns. Government and investment grade corporate bonds performed broadly
in-line with each other over a period that has been challenging for fixed income
markets, due to concerns over rising global interest rates.
The portfolio's higher-than-normal exposure to high yield bonds has been
beneficial for performance. These assets have outperformed both government and
investment grade sectors as a result of strength in the global economy and low
default rates.
Outlook
There is some evidence that investors worldwide are becoming slightly more
cautious. The consensus is for global economic activity to slow and for interest
rates to move in different directions: we believe that UK and US interest rates
are close to peaking while European rates will continue to rise. Inflation will
remain the most important area of concern. At the same time stockmarkets will
get further support from increased M&A activity from corporate and private
equity buyers. This might lead to increased volatility for the UK market as
potentially negative news flow on the economy and potentially positive M&A
activity will influence the market simultaneously.
Overall, we think this environment should bode well for equities and bonds.
However, as the cycle matures, and companies face increasing pressure on
margins, we expect the market to focus more on the quality of individual
franchises and balance sheets. These characteristics have been overlooked
recently in equity markets looking mainly at bid candidates and short term
earnings growth. The shares of some of the larger-sized companies that have been
left behind in this market now look attractive. The portfolio is full of high
yielding stocks with a sound and stable earnings profile that should outperform
the market and offer some protection against potentially rising volatility. In
fixed income markets, we favour selective exposure to the corporate bond market.
Schroder Investment Management Limited
15 December 2006
Group Income Statement (Restated)
For the year ended For the year ended
31 October 2006 31 October 2005
Revenue Capital Total Return Revenue Capital Total Return
Return Return * Return Return *
#'000 #'000 #'000 #'000 #'000 #'000
Net gains on investments# - 14,534 14,534 - 10,719 10,719
Income 4,203 - 4,203 3,797 - 3,797
Investment management fee (251) (374) (625) (201) (303) (504)
Administrative expenses (246) - (246) (239) - (239)
Net return before finance costs 3,706 14,160 17,866 3,357 10,416 13,773
and taxation
Interest payable+ (224) (335) (559) (307) (462) (769)
Provision for the redemption of
the Zero Dividend Preference
Shares in the subsidiary - (2,817) (2,817) - (2,614) (2,614)
Dividends on Ordinary Shares
Fourth interim dividend of 2.20p (906) - (906) (824) - (824)
per share (2004:2.00p)**
First interim dividend of 1.60p (658) - (658) (618) - (618)
per share (2005:1.50p)
Second interim dividend of 1.60p (658) - (658) (618) - (618)
per share (2005:1.50p)
Third interim dividend of 1.60p (658) - (658) (618) - (618)
per share (2005:1.50p)
Net return on ordinary 602 11,008 11,610 372 7,340 7,712
activities before taxation
Taxation on ordinary activities (143) 143 - (149) 149 -
Increase in net assets
attributable to ordinary
shareholders 459 11,151 11,610 223 7,489 7,712
Net return per Ordinary Share 8.10p 27.07p 35.17p 7.04p 18.18p 25.22p
Net return per Zero Dividend - 10.26p 10.26p - 9.52p 9.52p
Preference Share in the
subsidiary
*The Total Return column of this statement is the Income Statement of the Group
under IFRS. The Revenue Return and Capital Return columns are supplementary to
this and are prepared under guidance published by the Association of Investment
Companies.
# Net gains on investments represent realised and unrealised profits or losses
arising on the disposal or revaluation of investments held at a fair value
through profit or loss and the special dividends classified as capital.
+ Interest payable includes the fair value adjustment on the interest rate swap
(as detailed in note 1).
** The fourth interim dividend of 2.20p per ordinary share was declared in
respect of the year ended 31 October 2005 and 2.00p per ordinary share was
declared in respect of the year ended 31 October 2004.
All revenue and capital items derive from continuing operations.
Comparative figures have been extracted from the statutory accounts for the year
ended 31 October 2005 and have been restated in accordance with IAS 10 in
respect of dividends, and IAS 32 and 39 in respect of Financial Instruments as
disclosed in note 1.
The classification of called-up share capital and reserves as liabilities (as
detailed in note 1) means that the provision for redemption of the Zero Dividend
Preference Shares and the dividends on Ordinary Shares are treated as finance
charges.
The notes form an integral part of this unaudited preliminary announcement.
Movement in liabilities in respect of net assets attributable to Ordinary
Shareholders
Share Share Capital Revenue* Total
purchase Reserve
Capital reserve Reserve
#'000 #'000 #'000 #'000 #'000
Balance at 31 October 2005 412 37,565 3,234 540 41,751
Valuation adjustment from mid to bid - - (43) - (43)
Add back accrued dividend - - - 906 906
Revaluation of swap contract - - (109) (72) (181)
Balance at 31 October 2005 (restated) 412 37,565 3,082 1,374 42,433
Dividends paid in respect of 31 October 2005 - - - (906) (906)
First interim dividend of 1.60p per share paid 31 March - - - (658) (658)
2006
Second interim dividend of 1.60p per share paid 30 June - - - (658) (658)
2006
Third interim dividend of 1.60p per share paid 29 September - - - (658) (658)
2006
Net gains on investments - - 14,534 - 14,534
Other transfers to reserves - 9 (3,383) 3,339 (35)
Balance at 31 October 2006 412 37,574 14,233 1,833 54,052
Balance at 31 October 2004 412 37,565 (4,278) 387 34,086
Valuation adjustment from mid to bid - - (38) - (38)
Add back accrued dividend - - - 824 824
Revaluation of swap contract - - (91) (60) (151)
Balance at 31 October 2004 (restated) 412 37,565 (4,407) 1,151 34,721
Dividends paid in respect of 31 October 2004 - - - (824) (824)
First interim dividend of 1.50p per share paid 31 March - - - (618) (618)
2005
Second interim dividend of 1.50p per share paid 30 June - - - (618) (618)
2005
Third interim dividend of 1.50p per share paid 30 September - - - (618) (618)
2005
Net gains on investments - - 10,719 - 10,719
Other transfers to reserves - - (3,230) 2,901 (329)
Balance at 31 October 2005 (restated) 412 37,565 3,082 1,374 42,433
* The Revenue reserve is the distributable reserve.
The classification of called up share capital and reserves as liabilities (as
detailed in note 1) means that there are no shareholders funds and accordingly
neither a Reconciliation of Movements in Shareholders' Funds nor a Statement of
Changes in Equity are presented. This statement has been provided to explain the
movement in balances that represent liabilities in respect of assets
attributable to Ordinary Shareholders.
The notes form an integral part of this unaudited preliminary announcement.
Balance Sheets 2006 (Restated**) 2005
At 31 October 2006 Group Company Group Company
#'000 #'000 #'000 #'000
Non-current assets:
Investments held at fair value through profit or
loss:
- equity investments 84,792 84,792 72,033 72,033
- fixed interest investments 18,442 18,442 18,480 18,480
Held to maturity: subsidiary undertaking - 50 - 50
103,234 103,284 90,513 90,563
Current assets
Debtors 407 407 193 193
Short term deposits 2,082 2,082 571 571
Cash at bank 17 17 12 12
2,506 2,506 776 776
Current Liabilities
Other payables (414) (464) (226) (276)
Net current assets 2,092 2,042 550 500
Total assets less current liabilities 105,326 105,326 91,063 91,063
Non-current liabilities:
Loan facility (12,100) (12,100) (12,100) (12,100)
Interest rate swap (8) (8) (181) (181)
Amount owed to group undertaking - (39,166) - (36,349)
Zero Dividend Preference Shares in the subsidiary (39,166) - (36,349) -
Net assets attributable to ordinary shareholders 54,052 54,052 42,433
42,433
Liabilities in respect of net assets attributable to
Ordinary Shareholders are
Represented by:
Called up share capital 412 412 412 412
Share purchase reserve 37,574 37,574 37,565 37,565
Capital reserve 14,233 14,233 3,082 3,082
Revenue reserve 1,833 1,833 1,374 1,374
54,052 54,052 42,433 42,433
Funds attributable to :
Ordinary Shares 54,052 42,433
Zero Dividend Preference Shares in the subsidiary 39,166 36,349
93,218 78,782
Net asset value per:
Ordinary Share 131.20p 102.99p
Zero Dividend Preference Share in the subsidiary 142.59p 132.34p
** Comparative figures have been extracted from the statutory accounts for year
ended 31 October 2005 and have been restated in accordance with IAS 10 in
respect of dividends and IAS 32 and 39 in respect of Financial Instruments as
disclosed in note 1.
The notes form an integral part of this unaudited preliminary announcement.
Group Cash Flow Statement
(Restated)
Year ended 31 Year ended 31
October 2006 October 2005
#'000 #'000
Cash flow from operating activities
Total return before taxation
11,610 7,712
Adjustment for:
- gains on investments held at fair value through profit or loss (14,534) (10,719)
- interest payable
559 769
- dividends on ordinary shares 2,880 2,678
- decrease/(increase) in investments 1,829 (1,138)
2,817 2,614
- provision for redemption of Zero Dividend Preference Shares in
the subsidiary
Operating cash inflow before movements in working capital 5,161
1,916
(Increase) in receivables (230) (13)
Increase/(decrease) in payables 13 (9)
Net cash inflow from operating activities
before financing 4,944 1,894
Financing activities
Ordinary dividends paid (2,880) (2,678)
Interest paid on bank loans (548) (739)
Net cash used in financing activities (3,428) (3,417)
Net increase/(decrease) in cash and cash equivalents 1,516 (1,523)
Cash and cash equivalents at start of the year 583 2,106
Cash and cash equivalents at the end of the year 2,099 583
Notes to the Preliminary Announcement
1 Basis of accounting and accounting policies
(a) Basis of accounting
The Group financial statements consolidate the accounts of the Company and its
wholly-owned subsidiary, Schroder Split ZDP plc and have been prepared on the
going concern basis as, in the opinion of the Directors, the Company has
adequate resources to continue for the foreseeable future. The Company has an
initial planned life to 30 November 2007. The Company's Articles of Association
require that, inter-alia, unless released from the obligation by shareholders,
the Directors shall convene an extraordinary general meeting on 30 November 2007
at which an ordinary resolution will be proposed to wind up the Company.
These are the first annual financial statements of the Group prepared in
accordance with International Financial Reporting Standards ("IFRS"), which
comprise standards and interpretations approved by the International Accounting
Standards Board ("IASB"), and International Accounting Standards Committee ("
IASC") as adopted by the European Union. Based on these standards, the Directors
have applied the accounting policies, as set out below.
The disclosures required by IFRS 1 (First-time adoption of the International
Financial Reporting Standards - IFRS 1") concerning the transition from UK GAAP
to IFRS are given in note 4.
Where presentational guidance set out in the Statement of Recommended Practice
("the SORP") for investment trusts issued by the Association of Investment
Companies ("the AIC") in January 2003 and revised in December 2005 is consistent
with the requirement of IFRS, the Directors have sought to prepare the interim
financial statements on a basis compliant with the SORP. The principal impacts
on the financial statements arising from the adoption of IFRS are:
i. IAS 32 Financial Instruments: Disclosure and
Presentation, requires that the Company's Ordinary Shares, in addition to the
Zero Dividend Preference Shares issued in the subsidiary, are now classed as
liabilities, to reflect the rights and obligations attaching to those shares,
specifically in connection with the planned initial life of the Company to 30
November 2007. It should be noted that these changes are purely presentational,
and the rights and obligations of both share classes remain unchanged;
ii. IAS 39: Financial Instruments: Recognition and
Measurement, together with the new SORP, require that investments previously
valued at mid-market prices, are now valued at bid price;
iii. IAS 39 also requires that derivative contracts are
carried in the balance sheet at their fair value, and any movements in that
value are included in profit or loss. The Company uses an interest rate swap to
fix it's otherwise LIBOR-linked quarterly interest payments, at an equivalent of
6.05% per annum. The swap contract, which previously had been accounted for
off-balance sheet, as permitted under UK GAAP, is now accounted for on the
balance sheet at its fair value, represented by a creditor (if the swap is "in
favour of the lender") or a debtor (if the swap is "in favour of the Company").
Changes in fair value are treated as finance charges or credits, and accordingly
are charged 60% to capital and 40% to revenue, in conformity with the Company's
stated accounting policy for swap charges; and
iv. IAS 10: Events after the Balance Sheet Date, requires
that dividends declared or proposed by the Company are accounted for in the
period in which the Company is liable to pay them. Previously, the Company
accrued dividends in the period in which the net revenue, to which those
dividends related, was accounted for.
(b) Presentation of Income Statement
In order to better reflect the activities of an investment trust company, and in
accordance with guidance issued by the AIC, supplementary information which
analyses the Income Statement between items of a revenue and capital nature has
been presented alongside the Income Statement. In accordance with the Company's
status as a UK investment company under s266 of the Companies Act 1985, net
capital returns may not be distributed by way of a dividend. Additionally, the
net revenue is the measure the Directors believe appropriate in assessing the
Company's compliance with certain requirements set out in s842 of the Income and
Corporation Taxes Act 1988.
(c) Investments
Investments are recognised and unrecognised on a trade date when a purchase or
sale of an investment is under a contract whose terms require delivery of the
investment within the timeframe established by the market concerned.
All of the Group's Investments are defined as investments designated as fair
value through profit or loss.
For the purpose of the Company's Balance Sheet the investment in the subsidiary
is held at cost.
Quoted investments are valued at bid prices, according to the recognised
conventions of the relevant market at the balance sheet date.
(d) Financial Instruments
Interest rate swap
The Group uses an interest rate swap to manage its exposure to interest rate
movements on its sterling bank borrowings.
A contract with a nominal value of #12.1 million has fixed interest payments at
a rate of 5.385% and floating interest receipts at 3 months LIBOR for periods up
until November 2007.
The fair value of the swap entered into at 31 October 2006 is estimated as
#8,000 in favour of the lender (31 October 2005: #181,000 in favour of the
lender). Changes in the fair value of the swap are treated as a finance charge,
and charged 60% to capital and 40% to revenue.
Zero Dividend Preference Shares
The Zero Dividend Preference shares in the subsidiary, due to redeem on 30
November 2007 at 154.59p, have been classified as liabilities, as they represent
a contractual agreement on behalf of the Group to deliver to their holders a
fixed and determinable amount at the redemption date. They are accordingly
accounted for at amortised cost using the effective interest rate method.
(e) Dividends Payable
Dividends paid to ordinary shareholders are now classified as finance costs, due
to the fact that the Ordinary Shares are now classed as liabilities in
accordance with IAS 32. The cost to the Company of these dividends will continue
to be allocated 100% to the revenue account. This represents the distributable
reserve.
(f) Expenses
All expenses are accounted for on an accruals basis. The Board's expectation as
expressed in the Prospectus dated 21 December 2001 is that, over the long term,
60% of Group investment returns will be in the form of capital gains.
Accordingly the Group charges 60% of interest payable, swap charges and
investment management fees (to the extent that the management fees relate to the
maintenance or enhancement of the valuation of investments) to the capital
account. All other expenses are charged 100% to revenue.
2 Return per ordinary share
The basic revenue return per ordinary share is based on the net revenue return
on ordinary activities after interest payable and taxation of #3,339,000 (2005:
#2,901,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the
weighted average number of shares in issue in the year.
The basic capital return per ordinary share is based on the net capital return
on ordinary activities after interest payable and taxation of #11,151,000 (2005:
#7,489,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the
weighted average number of shares in issue in the year.
The basic total return per ordinary share is based on the net total return on
ordinary activities after interest payable and taxation of #14,490,000 (2005:
#10,390,000) and on 41,199,661 (2005: 41,199,661) ordinary shares, being the
weighted average number of shares in issue in the year.
3 Net asset values
Net asset value per ordinary share is based on the net assets attributable to
ordinary shares of #54,052,000 (2005: #42,433,000 (restated)) and on 41,199,661
(2005: 41,199,661) ordinary shares in issue.
Net asset value per ZDP Share is based on the net assets attributable to the ZDP
Shares of #39,166,000 (2005: #36,349,000) and on 27,467,332 (2005: 27,467,332)
shares in issue.
4. (a) Restatement of balances as at 31 October 2005 on the transition to IFRS
On 1 November 2005 the Group adopted IFRS. In accordance with IFRS1 (First Time Adoption of
International Financial Reporting Standards), the following is a reconciliation of the financial
position and results previously reported under applicable UK Accounting Standards and the SORP for
investment trusts issued in 2003, as at 31 October 2005, to the restated IFRS financial position.
Group Balance Sheet Previously Restated
reported Adjustment 31 October
31 October 2005 2005
#'000 #'000 #'000
Non-current assets
Investments held at fair value 90,556 (43) 90,513
through profit and loss (a)
Current assets
Debtors 193 - 193
Cash at bank and short term deposits 583 - 583
776 - 776
Creditors: amounts falling due within one year
Other payables (c) (1,132) 906 (226)
Net current (liabilities)/ (356) 906 550
assets
Total assets less current liabilities 90,200 863 91,063
Non current liabilities
Loan facility (12,100) - (12,100)
Interest rate swap (b) - (181) (181)
Zero Dividend Preference Shares in the subsidiary (36,349) - (36,349)
Net assets attributable to 41,751 682 42,433
Ordinary Shareholders
Liabilities in respect of net
assets attributable to
Ordinary Shareholders are
represented by:
Called up share capital 412 - 412
Share purchase reserve 37,565 - 37,565
Capital reserves (a) & (b) 3,234 (152) 3,082
Revenue reserve (b) & (c) 540 834 1,374
41,751 682 42,433
Net asset value per
Ordinary Share 101.33p 1.66p 102.99p
Zero Dividend Preference Shares in the subsidiary 132.34p - 132.34p
Notes to the restatement of opening balances
a) Effect of revaluation of non-current investments from mid to bid value..
b) Effect of marking-to-market the interest rate swap, and charging the movement
60% as to capital and 40% to revenue.
c) Effect of now accounting for dividends in the period when the Company becomes
liable to pay them.
(b) Reconciliation of the Statement of Total Return to the Income Statement for
the year ended 31 October 2005.
Consolidated Income Statement
Previously reported Restated
31 October 2005 Adjustments 31 October 2005
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Return Return Return Return Return Return Return Return Return
#'000 #'000 #'000 #000 #000 #000 #'000 #000 #'000
Net gains on
investments (a) - 10,724 10,724 - (5) (5) - 10,719 10,719
Investment Income
3,797 - 3,797 - - - 3,797 - 3,797
Investment
management fee (201) (303) (504) - - - (201) (303) (504)
Administrative
expenses (239) - (239) - - - (239) - (239)
Net return before
finance costs and
taxation 3,357 10,421 13,778 - (5) (5) 3,357 10,416 13,773
Interest payable
(b) (295) (444) (739) (12) (18) (30) (307) (462) (769)
Provision for
redemption of the
Zero Dividend
Preference Share in
the subsidiary - (2,614) (2,614) - - - (2,614) (2,614)
-
Dividends paid (c) - - - (2,678) - (2,678) (2,678) - (2,678)
Net return on
ordinary activities
before taxation 3,062 7,363 10,425 (2,690) (23) (2,713) 372 7,340 7,712
Taxation on
ordinary activities (149) 149 - - - - (149) 149 -
Increase in net
assets attributable
to ordinary
shareholders
2,913 7,512 10,425 (2,690) (23) (2,713) 223 7,489 7,712
Dividends paid and
proposed (c) (2,760) - (2,760) 2,760 - 2,760 - - -
Transfer to
reserves 153 7,512 7,665 70 (23) 47 223 7,489 7,712
Net return per
Ordinary Share 7.07p 18.23p 25.30p (0.03)p (0.05)p (0.08)p 7.04p 18.18p 25.22p
Net return per Zero
Dividend Preference
Share in the
subsidiary
- 9.52p 9.52p - - - - 9.52p 9.52p
Notes to the restatement of opening balances:
a) Effect of revaluation of non-current investments from mid to bid value.
b) Effect of marking-to-market the interest rate swap, and charging the
movement 60% as to capital and 40% to revenue.
c) Effect of accounting for dividends in the period they are liable to be paid
and the reclassification as finance costs.
5. Comparative information
The results for the year to 31 October 2006, which are unaudited, constitute
non-statutory accounts within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the financial year ended 31 October 2005 are
not the Group's statutory accounts for that financial year. Those accounts have
been reported on by the Group's auditors and delivered to the registrar of
companies. The report of the auditors was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Standards (IFRS), this
announcement does not itself contain sufficient information to comply with IFRS.
The Company will be publishing full financial statements that comply with IFRS.
This statement was approved by the Board of Directors on 15 December 2006.
ANNUAL REPORT
The Annual Report and Accounts will be mailed to registered shareholders at
their registered addresses in January 2007. Copies of the Annual Report and
Accounts will be made available from the date of release at the Company's
registered office, 31 Gresham Street, London EC2V 7QA.
Enquiries:
Louise Richard
(020 7658 6501)
Schroder Investment Management Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FFMFWISMSEDE
1 Year Schroder SP.Zdp Chart |
1 Month Schroder SP.Zdp Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
