Dresdnr RCM 2003 PLC - Interim Results
26 Ottobre 1999 - 1:51PM
UK Regulatory
RNS No 6229j
DRESDNER RCM ENDOWMENT POLICY TRUST 2003 PLC
26 October 1999
Investment Review
A summary of the results for the six months ended 30th September 1999 is set
out overleaf. The net asset value has risen from 195.7p per share at 31st
March 1999 to 202.9p per share at 30th September 1999. This represents an
increase of 3.7% over the last six months and a rise of 12.0% since 30th
September 1998. A projected final net asset value at 31st October 2003,
calculated using the principal bases and assumptions set out overleaf which,
inter alia, assume no further changes in life office bonus rates, is 271.3p
per share.
DEPT 2003 has maintained a fully invested position in endowment policies
throughout the period. It currently has investments in policies from a total
of 48 with-profits life funds. During the period DEPT 2003 received proceeds
of policy maturities amounting to #1.3m. The average annualised return on
these policies was 13.2%.
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.
Year 2000
The Managers (Dresdner RCM) have instigated a programme to establish the risks
posed to the Trust by the consequences of the Year 2000 date change and to
address those risks. Dresdner RCM's objective is to ensure business
continuity through the Year 2000 date change and for all internal systems to
be Year 2000 compliant. Dresdner RCM will also require both its suppliers and
the suppliers to the Trust to ensure that their systems achieve the same or
equivalent standard. Costs relating to the Year 2000 programme are to be
borne by Dresdner RCM.
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.
10 Fenchurch Street By Order of the Board
London EC3M 3LB P W I Ingram
26th October 1999 Company Secretary
RESULTS
STATEMENT OF TOTAL RETURN*
Six months ended 30th September 1999
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 2,731 2,731
Income from fixed asset investments 31 - 31
Other income 6 - 6
Management and advisory fees (462) - (462)
Expenses of administration (64) - (64)
----- ------ ------
Return on ordinary activities (489) 2,731 2,242
before finance costs and tax
Finance costs of borrowings (65) - (65)
----- ------ ------
Return before taxation (554) 2,731 2,177
UK Taxation (1) - (1)
------ ------ ------
Transfer (from)to reserves (555) 2,731 2,176
------ ------ ------
Return per Ordinary Share (1.85p) 9.10p 7.25p
------- ------- ------
*The revenue column of this statement is the profit and loss account of the
Company.
NET ASSET STATEMENT
As at 30th September 1999 #'000s
Valuation of Investments 62,623
Net current assets 278
------
62,901
Medium term loan (2,000)
------
Net assets attributable to Shareholders 60,901
------
Net asset value per Ordinary Share 202.9p
The net asset value is based on 30,009,248 Ordinary Shares.
SUMMARY OF UNAUDITED RESULTS
STATEMENT OF TOTAL RETURN*
Year ended 31st March 1999
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 7,784 7,784
Income from fixed asset investments 60 - 60
Other income 3 - 3
Management and advisory fees (860) - (860)
Expenses of administration (120) - (120)
------- ------- ------
Return on ordinary activities (917) 7,784 6,867
before finance costs and tax
Finance costs of borrowings (192) - (192)
------- ------ -------
Return before taxation (1,109) 7,784 6,675
UK Taxation (2) - (2)
------- ------ -------
Transfer (from)to reserves (1,111) 7,784 6,673
------- ------ -------
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 #'000s
Valuation of Investments 60,565
Net current assets 160
-------
60,725
Medium term loan (2,000)
--------
Net assets attributable to Shareholders 58,725
--------
Net asset value per Ordinary Share 195.7p
The net asset value is based on 30,009,248 Ordinary Shares.
RESULTS
STATEMENT OF TOTAL RETURN*
Six months ended 30th September 1998
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 2,840 2,840
Income from fixed asset investments 33 - 33
Other income 2 - 2
Management and advisory fees (426) - (426)
Expenses of administration (59) - (59)
------- ------ ------
Return on ordinary activities (450) 2,840 2,390
before finance costs and tax
Finance costs of borrowings (101) - (101)
------- ------- -------
Return before taxation (551) 2,840 2,289
UK Taxation (1) - (1)
------- ------- -------
Transfer (from)to reserves (552) 2,840 2,288
------- ------- -------
Return per Ordinary Share (1.84p) 9.46p 7.62p
------- ------- -------
*The revenue column of this statement is the profit and loss account of the
Company.
NET ASSET STATEMENT
As at 30th September 1998 #'000s
Valuation of Investments 56,956
Net current liabilities (616)
--------
56,340
Medium term loan (2,000)
---------
Net assets attributable to Shareholders 54,340
---------
Net asset value per Ordinary Share 181.1p
The net asset value is based on 30,009,248 Ordinary Shares.
The full accounts for the year ended 31st March 1999, which have been
summarised above for comparative purposes, received an unqualified auditors'
report and have been delivered to the Registrar of Companies.
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
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 definitive reversionary and terminal bonus rates declared
at 30th September 1999 continue to apply until maturity.
3) #50,000 of further policies maturing in 2003 are purchased each month
from October 1999 to December 2000 inclusive.
4) The estimated mid-market gross redemption yields as at 30th September
1999, 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
remaining life are assumed to be consistent with the shape of the swap rate
yield curve at 30th September 1999.
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
AS AT 30th SEPTEMBER 1999
Life Office Value of Investments % of Total
Investments
#'000s %
Standard Life 14,974 23.9
Legal & General 6,506 10.4
Norwich Union 6,184 9.9
Scottish Widows 3,648 5.8
Scottish Amicable 3,637 5.8
Royal Life 3,535 5.6
Prudential 2,724 4.3
Clerical Medical 1,878 3.0
Equity and Law 1,808 2.9
Guardian Assurance 1,525 2.4
Friends Provident 1,522 2.4
Commercial Union 1,202 1.9
Scottish Life 1,160 1.9
General Accident 1,093 1.7
Scottish Provident 1,066 1.7
Scottish Mutual 849 1.4
Sun Alliance 706 1.1
Colonial 647 1.1
Sun Life 622 1.0
National Mutual 604 1.0
------ ----
55,890 89.2
Holdings in other offices 5,791 9.3
------ ----
Total holding of endowment policies 61,681 98.5
------ ----
LISTED EQUITY HOLDINGS
AS AT 30th SEPTEMBER 1999
#'000s %
Norwich Union 327 0.5
Colonial 70 0.1
AMP 31 0.1
------ ----
428 0.7
------ ----
FIXED INTEREST HOLDINGS
AS AT 30th SEPTEMBER 1999
#'000s %
Abbey National Treasury 8% #BD 2.4.03 514 0.8
------ ----
------ ----
Total of Invested Funds 62,623 100.0
------ -----
END
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