Final Results

RNS Number:0631O
Schroder Split ZDP PLC
15 December 2006



                                                                15 December 2006


        UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2006

The Directors of Schroder Split ZDP plc announce the unaudited preliminary
results for the year ended 31 October 2006.

Highlights                                      Year ended               Year ended             % Change
                                             31 October 2006           31 October 2005

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                   -


Income Statement


                               For the year ended 31 October 2006               For the year ended 31 October 2005
                                      Revenue    Capital         Total      Revenue       Capital       Total
                                       Return     Return       Return*       Return        Return     Return*
                                        #'000      #'000         #'000        #'000         #'000       #'000
Accrued redemption premium             -           2,817         2,817         -           2,614        2,614
receivable from parent company

Gross revenue and capital gains        -           2,817         2,817         -           2,614        2,614

Net return before finance costs        -           2,817         2,817         -           2,614        2,614
and taxation

Appropriations in respect of           -          (2,817)       (2,817)        -          (2,614)      (2,614)
Zero Dividend Preference Shares

Net return on ordinary activities      -             -             -           -             -            -
before taxation

Taxation on ordinary activities        -             -             -           -             -            -

Net return on ordinary activities      -             -             -           -             -            -
after taxation

Return per Zero Dividend               -          10.26p        10.26p         -           9.52p        9.52p
Preference Share



*The total column of this statement is the Income Statement of the Company under
IFRS.

All revenue and capital items in the above statement derive from continuing
operations.

The classification of called-up share capital and reserves as liabilities (as
detailed in Note 1) means that appropriations in respect of Zero Dividend
Preference shareholders are treated as a finance charge.

Balance Sheet

                                                                            2006                         2005
At 31 October 2006                                                         #'000                        #'000
Current assets
Debtors                                                                   39,216                       36,399
Net current assets and net assets attributable to
Shareholders                                                              39,216                       36,399
                                                                          

Liabilities in respect of net assets attributable to
Shareholders represented by:

Called up share capital
- Ordinary Shares                                                             50                           50
- Zero Dividend Preference Shares                                         27,467                       27,467
Reserve for redemption premium on Zero Dividend
Preference Shares                                                         11,699                        8,882
                                                                          39,216                       36,399

Funds attributable to:
- Ordinary Shareholders                                                       50                           50
- Zero Dividend Preference Shareholders                                   39,166                       36,349
                                                                          39,216                       36,399

Net asset value per:
- Ordinary Share                                                         100.00p                      100.00p
- Zero Dividend Preference Share                                         142.59p                      132.34p



The classification of called up share capital and reserves as liabilities (as
detailed in note 1) means there are no shareholders' funds and accordingly
neither a Reconciliation of Movements in Shareholders' Funds nor a Statement of
Changes in Equity have been presented.


Notes to the Preliminary Announcement

1. The financial statements have been prepared on the historical cost basis of 
   accounting.

The financial statements have been prepared in accordance with International
Financial Reporting Standards as adopted for use in the EU and, where consistent
with these Standards, with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued in January 2003 and revised in
December 2005. The Company's previous financial statements were prepared under
applicable United Kingdom accounting standards. Other than the reclassification
of net assets attributable to Ordinary and Zero Dividend Preference
shareholders, from Shareholders' Funds to liabilities, the adoption of IFRS has
not lead to other adjustments to the Company's equity and net income. The
reclassification of Shareholders' Funds as liabilities has led to a significant
change in the presentation of the balance sheet. It should be noted, however,
that these changes are purely presentational, and have been made to comply with
the requirements of IAS 32, a new international accounting standard, and the
rights and obligations of both share classes remain unchanged.


All the Company's operations are of a continuing nature.


The Company is a wholly owned subsidiary of Schroder Split Investment Fund plc,
a company incorporated in Great Britain and operating in the United Kingdom.


2. The Company does not maintain any cash holdings and as such has not disclosed
   a Cash Flow Statement.


3. 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 Company's statutory accounts for that financial year. Those accounts
have been reported on by the Company'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
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