RNS Number:6255J
Dresdner RCM Endowment Policy 2003 PLC
26 April 2000
DRESDNER RCM ENDOWMENT POLICY TRUST 2003 plc
PRELIMINARY ANNOUNCEMENT OF RESULTS
For the year ended 31st March 2000
Net Asset Value
The net asset value has risen from 195.7p per ordinary share at 31st March
1999 to 211.2p per ordinary share at 31st March 2000. This represents an
increase of 7.9% over the last twelve months and a total rise of 119.3% from
the 96.3p on 28th July 1992, immediately following the Company's launch.
Included within the recognised capital gains during the year of #5.8 million
is an amount of #0.95 million relating to the estimated amount receivable on
the demutualisation of Scottish Widows. Calculations of net asset value are
based on data extracted from recent open market transactions at auction. The
projected final net asset value at 31st October 2003 is 272.3p per share
calculated using the principal bases and assumptions set out below which,
inter alia, assume no further changes in life office bonus rates. If, however,
reversionary and terminal bonus rates were to be cut immediately by 20% from
current levels then the projected final net asset value at 31st October 2003
would be 241.4p per share. The Company has maintained a fully invested
position in endowment policies throughout the period. It currently has
investments in policies valued at #63.8 million from a total of 57
with-profits life funds. During the twelve months to 31st March 2000 the
Company received proceeds of policy maturities amounting to #2.7 million. The
average annualised return on these policies was 12.9% since purchase.
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 is consistent with this objective. Consequently, no dividend will be
payable.
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 has
been sought for the year ended 31st March 1999 and is expected to be granted
for the current accounting year. The Company is not a close company.
Annual General Meeting
The Annual General Meeting will be held on Tuesday 25th July 2000 at 12:45pm.
10 Fenchurch Street By Order of the Board
London EC3M 3LB P W I Ingram
Company Secretary
PRINCIPAL BASES AND ASSUMPTIONS USED IN PROJECTING THE FINAL NET ASSET VALUE
1) The final net asset value has been calculated at 31st October 2003, on the
basis that all policies are held to maturity and no death claims arise.
2) The latest reversionary and terminal bonus rates declared at 31st March 2000
continue to apply until maturity.
3) Further policies maturing in 2003 are purchased, up to the end of 2001, at
the rate of #50,000 per month.
4) The estimated mid-market gross redemption yields as at 31st March 2000, for
policies of differing remaining terms, are assumed to remain unchanged, and
purchases are made at the same margin over those yields as is currently
considered to be attainable.
5) Annual expenses are assumed to be in line with the estimates originally
published in the listing particulars for DEPT 2003 and future annual
inflation is assumed to be 3%. Interest rates over the Company's life
are assumed to be consistent with the shape of the swap yield curve at 31st
March 2000.
DRESDNER RCM ENDOWMENT POLICY TRUST 2003 plc
SUMMARY OF UNAUDITED RESULTS
For the year ended 31st March 2000
STATEMENT OF TOTAL RETURN *
For the year ended 31st March 2000 Revenue Capital Total
# # #
Net gains on investments - 5,767,965 5,767,965
Income from fixed asset investments 58,467 - 58,467
Other income 9,350 - 9,350
Management and advisory fees (935,936) - (935,936)
Expenses of administration (118,592) - (118,592)
--------- --------- ----------
Return on ordinary activities (986,711) 5,767,965 4,781,254
before finance costs and taxation
Finance costs of borrowings (121,646) - (121,646)
---------- --------- -----------
Return on ordinary activities
before taxation (1,108,357) 5,767,965 4,659,608
Taxation - - -
----------- ---------- ----------
Transfer (from)/to reserves (1,108,357) 5,767,965 4,659,608
----------- ---------- ----------
Return per Ordinary Share (3.69p) 19.22p 15.53p
*The revenue column of this statement
is the profit and loss account of the Company.
NET ASSET STATEMENT
as at 31st March 2000
#
Valuation of Investments 64,837,893
Net current assets 46,692
----------
64,884,585
**Medium Term Loan (1,500,000)
-----------
Net assets attributable to Shareholders 63,384,585
-----------
Net asset value per Ordinary Share 211.2p
The net asset value is based on 30,009,248 Ordinary Shares in issue
**A #2 million medium term loan facility has been arranged at 30 basis points
over LIBOR, of which #500,000 was repaid during the year.
STATEMENT OF TOTAL RETURN
For the year ended 31st March 1999 Revenue Capital Total
# # #
Net gains on investments - 7,783,807 7,783,807
Income from fixed asset investments 58,067 58,067
Other income 3,439 - 3,439
Management and advisory fees (860,217) - (860,217)
Expenses of administration (120,163) - (120,163)
--------- --------- ----------
Return on ordinary activities (918,874) 7,783,807 6,864,933
before finance costs and taxation
Finance costs of borrowings (191,992) - (191,992)
--------- --------- ----------
Return on ordinary activities
before taxation (1,110,866) 7,783,807 6,672,941
Taxation (115) - (115)
----------- --------- -----------
Transfer (from)/to reserves (1,110,981) 7,783,807 6,672,826
----------- --------- -----------
Return per Ordinary Share (3.70p) 25.94p 22.24p
*The revenue column of this statement
is the profit and loss account of the Company.
NET ASSET STATEMENT
as at 31st March 1999 #
Valuation of Investments 60,565,052
Net current assets 159,925
----------
60,724,977
Medium Term Loan (2,000,000)
----------
Net assets attributable to Shareholders 58,724,977
----------
Net asset value per Ordinary Share 195.7p
The net asset value is based on 30,009,248 Ordinary Shares in issue.
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the years ended 31st March 2000 or 31st March
1999. The financial information for the year ended 31st March 1999 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 year ended 31st March
2000 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.
CASH FLOW STATEMENT
For the years ended 31st March 2000 and 1999
2000 2000 1999
# # #
Net cash outflow from operating activities (948,432) (970,957)
Servicing of Finance
Interest paid (122,370) (190,667)
--------- ---------
Net cash outflow on servicing of finance (122,370)
(190,667)
Taxation
Income tax repaid - - 1,048
Investing activities
Acquisition of fixed asset investments (1,683,343) (2,878,532)
Disposal of investments 3,233,945 4,755,074
---------- -----------
Net cash inflow from financial investment 1,550,602 1,876,542
--------- -----------
Net cash inflow before financing 479,800 715,966
Financing
Part repayment of bank loan (500,000) -
---------- -----------
(500,000) -
Net cash outflow from financing
--------- -----------
(Decrease) increase in cash (20,200) 715,966
--------- -----------
The Company is complying with Financial Reporting Standard (FRS) 16 "Current
Taxation" and is accounting for income from UK equity investments net of the
associated tax credit. The comparative figures have been restated.
TWENTY LARGEST HOLDINGS
BY LIFE OFFICE
AS AT 31st MARCH 2000
Value of Policies % of
#000s Total Investments
Standard Life 16,117 24.8
Legal & General 6,349 9.8
Norwich Union 6,060 9.3
Scottish Widows 4,756 7.3
Scottish Amicable 3,604 5.6
Royal Life 3,514 5.4
Prudential 2,701 4.2
Clerical Medical 1,923 3.0
Equity and Law 1,805 2.8
Friends Provident 1,548 2.4
Guardian Assurance 1,393 2.1
Commercial Union 1,387 2.1
Scottish Life 1,184 1.8
General Accident 1,165 1.8
Scottish Provident 1,011 1.6
Scottish Mutual 814 1.3
Sun Alliance 706 1.1
Colonial 628 1.0
Sun Life 627 1.0
National Mutual 618 0.9
------ ----
57,910 89.3
Holdings in other offices 5,919 9.1
------ ----
Total holding of endowment policies 63,829 98.4
------ ----
LISTED EQUITY HOLDINGS
AS AT 31st MARCH 2000
#'000s % of
Total Investments
Norwich Union 313 0.5
Colonial Ltd 91 0.1
Sun Life Financial of Canada 59 0.1
AMP Ltd 33 0.1
------ ----
496 0.8
------ ----
FIXED INTEREST HOLDINGS
AS AT 31st MARCH 2000
#'000s % of
Total Investments
Abbey National Treasury 8% # BD 2/4/03 513 0.8
------ -----
Total of Invested Funds 64,838 100.0
------ -----
END
FR EALLKADPEEFE
Dres.Rcm 2003 (LSE:DEP)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Dres.Rcm 2003 (LSE:DEP)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024
