TIDMADRK
RNS Number : 9290X
Allianz Dresdr 2 Endw Policy TstPLC
24 August 2009
For immediate release 24th August 2009
ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc
HALF-YEARLY FINANCIAL REPORT
For the six months ended 30th June 2009
Interim Management Report
Investment Review - 2009 Pool
The net asset value ("NAV") has risen from 146.0p per 2009 Share at 31st
December 2008 to 146.4p per 2009 Share at 30th June 2009, an increase of 0.3%.
This compares with a decline in the FTSE All-Share Index over the same period of
1.7%.
The 2009 Pool currently has investments in policies valued at GBP10.9 million
from a total of 40 with- profits funds. During the six month period the 2009
Pool realised proceeds of policy maturities amounting to GBP12.0 million. The
average annualised return on these policies was 4.24% since purchase, excluding
separate proceeds from demutualisation.
The Company now has 64.2% of its assets invested in cash deposits and secure
fixed income instruments and expects to invest the cash it generates over the
six month period to 31st December 2009 predominantly in short-dated gilt-edged
securities.
The Board continues to explore with its Manager and other advisers the viability
of offering a tax efficient continuation vehicle for shareholders. If the Board
determines that such a continuation is not in the interests of shareholders the
Company will be wound up voluntarily in December 2009 with capital repaid to
shareholders shortly thereafter. A further announcement regarding the planned
winding up or continuation of the Company will be made in due course.
The Company's portfolio of endowment policies and the Company's NAV have
remained reasonably stable over the six month period to 30th June 2009. The
portfolio is now part of the way through a process of being fully realised, and
the Company has as a consequence a substantial proportion of its assets in cash
and other liquid assets. This means that the Company has been less exposed to
the highly volatile conditions experienced by many participants in financial
markets over the last six months, either on the way down or in the subsequent
partial recovery.
Given the turbulence experienced in world equity and credit markets over the
past six months, and in light of continued declines in commercial property
markets, it is possible that bonus rates could be adjusted downwards. Some
comfort can be drawn from the fact that the Company's NAV remains substantially
underpinned by accrued guaranteed benefits and its holdings of liquid assets.
Principal Risks and Uncertainties
The principal risks facing the Company were outlined in the Directors' Report on
page 14 of the Annual Financial Report of the Company for the year ended 31st
December 2008. These risks fall broadly under the following categories: Level of
Bonus Rate Declarations, Undue Concentration of Investment, Gearing, Board
Membership and Outsourcing of Management of the Company. In the opinion of the
Board these principal risks have not changed, other than, as anticipated, all
borrowings have been repaid, although the impact of these principal risks has
diminished as the Company's liquid assets have increased. However, a number of
key financial markets, in particular those related to the supply of money and
credit, remain under stress. A further contraction in bank lending to the
corporate and household sectors could exacerbate the economic recession in the
UK and other markets. It is possible that there will be further cuts in bonus
rates by life offices of policies held in the Company's portfolio over the
forthcoming six months.
Material Events and Transactions
In the six month period ended 30th June 2009 the following material events and
transactions have taken place.
At the Annual General Meeting of the Company held on 28th April 2009, all the
resolutions put to shareholders were passed.
There were no related party transactions in the period.
Investment Trust 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
granted for the year ended 31st December 2007. Such approval is expected to be
granted for the year ended 31st December 2008. The Company is not a close
company.
Accrued guaranteed benefits
A significant proportion of shareholders' assets is now made up of guaranteed
benefits - the total of sums assured and reversionary bonuses declared to date.
Projected final net asset value based on the value of guaranteed benefit accrued
to date, after estimated costs and based on current interest rates, is 140.2p
for the 2009 Shares. This figure assumes no further bonuses, reversionary or
terminal, from 30th June 2009 and takes into account future premium commitments,
expenses and interest.
Projected final net asset values
The Company publishes projected final net asset values on a quarterly basis. The
projections set out in the table below are based on possible future bonus rate
levels, which will reflect, inter alia, the investment returns earned by the
underlying with-profits funds. Projected final net asset values as at 30th June
2009 are given in the table below.
+-------------------+---------+----------+----------+----------+------------+------------+
| | 150% | 120% | 100% | 80% | 50% |No Further |
| |Current | Current | Current | Current | Current | Bonuses |
| | Bonus | Bonus | Bonus | Bonus | Bonus | |
| | Rates | Rates | Rates | Rates | Rates | |
| | | | | | | |
+-------------------+---------+----------+----------+----------+------------+------------+
| Projected final | 152.9p | 150.3p | 148.6p | 146.9p | 144.3p | 140.2p |
| net asset value | | | | | | |
| at 31st December | | | | | | |
| 2009 (2009 Pool) | | | | | | |
+-------------------+---------+----------+----------+----------+------------+------------+
Projected final net asset values are calculated using the principal bases and
assumptions set out on the last page of this announcement. They provide an
indication of the sensitivity of the projected final net asset values to bonus
rate changes. They should not be taken as forecasts of any particular degree of
change in bonus rate levels.
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.
Share buy backs
During the period under review no 2009 Shares were bought back for cancellation.
Responsibility Statement
The Directors confirm to the best of their knowledge that:
· the condensed set of financial statements contained within the half-yearly
financial report has been prepared in accordance with the Accounting Standards
Board's Statement 'Half-Yearly Financial Reports; and
· the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R, of important events that
have occurred during the first six months of the financial year, and their
impact on the condensed set of financial statements, and a description of the
principal risks and uncertainties for the remaining six months of the financial
year; and
· the interim management report includes a fair review of the information
concerning related parties transactions as required by Disclosure and
Transparency Rule 4.2.8R.
The half-yearly financial report was approved by the Board on 20th August 2009
and the above responsibility statement was signed on its behalf by the Chairman.
By Order of the Board
J Clement
Chairman
155 Bishopsgate
London EC2M 3AD
+-----------------------------------------------------------------------+
| 2009 POOL |
| ALLIANZ DRESDNER SECOND ENDOWMENT POLICY TRUST plc |
| TWENTY LARGEST HOLDINGS BY LIFE OFFICE |
| As at 30th June 2009 |
+-----------------------------------------------------------------------+
+----------------------------------+-+--------------+----+------------+-----------------------+--+
| | Value of Policies | |
| | | |
+----------------------------------+----------------------------------------------------------+--+
| Life Office | | GBP'000s | | % of Total | |
| | | | |Investments(excluding | |
| | | | | Cash) | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| | | | | | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Standard Life | | 4,056 | | 23.8 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Legal & General | | 993 | | 5.8 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Prudential (Scottish Amicable) | | 921 | | 5.4 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Prudential | | 790 | | 4.6 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Scottish Widows | | 710 | | 4.2 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Scottish Provident | | 565 | | 3.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Scottish Life | | 545 | | 3.2 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| AVIVA (Norwich Union) | | 537 | | 3.1 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Clerical Medical | | 493 | | 2.9 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Colonial | | 127 | | 0.7 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Friends Provident | | 112 | | 0.7 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| AVIVA (Provident Mutual) | | 97 | | 0.6 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Royal & Sun Alliance (Royal | | 93 | | 0.5 | |
| Life) | | | | | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| NFU Mutual | | 81 | | 0.5 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Scottish Equitable | | 64 | | 0.4 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Sun Life of Canada | | 61 | | 0.4 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Britannic Assurance | | 59 | | 0.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Pearl Assurance | | 56 | | 0.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| National Provident | | 53 | | 0.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Scottish Mutual | | 47 | | 0.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Total of twenty largest holdings | | 10,460 | | 61.3 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Others | | 456 | | 2.7 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Total holdings of endowment | | 10,916 | | 64.0 | |
| policies | | | | | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| | | | | | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Fixed Interest Holdings | | | | | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| Abbey 5.375% 30/12/09 | | 516 | | 3.0 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| UK Govt 5.75% 07/12/09 | | 5,619 | | 33.0 | |
+----------------------------------+-+--------------+-----------------+-----------------------+--+
| | | 6,135 | | 36.0 | |
+----------------------------------+-+--------------+----+------------------------------------+--+
| | | | | | |
+----------------------------------+-+--------------+----+------------------------------------+--+
| | | | | | |
+----------------------------------+-+--------------+----+------------------------------------+--+
| TOTAL INVESTMENTS (excluding | | 17,051 | | 100.0 | |
| Cash) | | | | | |
+----------------------------------+-+--------------+----+------------------------------------+--+
| | | | | | |
+----------------------------------+-+--------------+----+------------------------------------+--+
| | | | | | |
+----------------------------------+-+--------------+----+------------+-----------------------+--+
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
+---------------------------------+--------+------------+--------+-+-------+--------+--+
| INCOME STATEMENT |
+---------------------------------+
| | | | | |
+------------------------------------------+------------+----------+-------+-----------+
| Six months ended 30th June 2009 | | | | |
+------------------------------------------+------------+----------+-------+-----------+
| | Revenue | Capital | Total Return |
+------------------------------------------+------------+----------+-------------------+
| | GBP'000s | GBP'000s | GBP'000s |
+------------------------------------------+------------+----------+-------------------+
| | | | (Note 2) |
+------------------------------------------+------------+----------+-------------------+
| Net gains on investments at fair value | - | 155 | 155 |
+------------------------------------------+------------+----------+-------------------+
| Income | 220 | - | 220 |
+------------------------------------------+------------+----------+-------------------+
| Management and advisory fees | (207) | - | (207) |
+------------------------------------------+------------+----------+-------------------+
| Management fee VAT refund | - | - | - |
+------------------------------------------+------------+----------+-------------------+
| Administration expenses | (81) | - | (81) |
+------------------------------------------+------------+----------+-------------------+
| Net return before finance costs and | | | |
+------------------------------------------+------------+----------+-------------------+
| taxation | (68) | 155 | 87 |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Finance costs: interest payable and | - | - | - |
| similar charges | | | |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Net return on ordinary activities before | (68) | 155 | 87 |
| taxation | | | |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Taxation | - | - | - |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Net return attributable to 2009 | (68) | 155 | 87 |
| Shareholders | | | |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Return per 2009 Share (Note 1) | (0.34)p | 0.78p | 0.44p |
+------------------------------------------+------------+----------+-------------------+
| (basic and diluted) | | | |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| BALANCE SHEET | | | GBP'000s |
+------------------------------------------+------------+----------+-------------------+
| As at 30th June 2009 | | | |
+------------------------------------------+------------+----------+-------------------+
| Investments at fair value through profit | | | 17,051 |
| or loss | | | |
+------------------------------------------+------------+----------+-------------------+
| Fair value of interest rate swaps | | | 323 |
+------------------------------------------+------------+----------+-------------------+
| Net current assets | | | 11,537 |
+------------------------------------------+------------+----------+-------------------+
| Total Net Assets | | | 28,911 |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Called up Share Capital | | | 197 |
+------------------------------------------+------------+----------+-------------------+
| Share Premium Account | | | 2,866 |
+------------------------------------------+------------+----------+-------------------+
| Capital Redemption Reserve | | | 8 |
+------------------------------------------+------------+----------+-------------------+
| Capital Reserves: Realised | | | 42,657 |
+------------------------------------------+------------+----------+-------------------+
| Unrealised | | | 2,927 |
+------------------------------------------+------------+----------+-------------------+
| Special Reserve | | | 1,108 |
+------------------------------------------+------------+----------+-------------------+
| Hedging Reserve | | | 10 |
+------------------------------------------+------------+----------+-------------------+
| Revenue Reserve | | | (20,862) |
+------------------------------------------+------------+----------+-------------------+
| Equity Shareholders' Funds | | | 28,911 |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| Net Asset Value per 2009 Share | | | 146.4p |
+------------------------------------------+------------+----------+-------------------+
| | | | |
+------------------------------------------+------------+----------+-------------------+
| The Net Asset Value is based on 19,745,000 2009 Shares in | | | |
| issue. | | | |
+----------------------------------------------------------------+-+----------------+--+
| |
+--------------------------------------------------------------------------------------+
| Calculations of net asset value are based on estimated surrender values. |
+---------------------------------+--------+------------+--------+-+-------+--------+--+
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
+---------+---------+---------+------------+---------+---------+-+---------+--+---------+
| |
+-------------------+
| INCOME STATEMENT |
+-------------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Six months ended 30th June | | | |
| 2008 | | | |
+-----------------------------+------------+---------------------+------------+
| | Revenue | Capital | Total |
| | | | Return |
+-----------------------------+------------+---------------------+------------+
| | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------+------------+---------------------+------------+
| | | | (Note 2) |
+-----------------------------+------------+---------------------+------------+
| Net gains on investments at | - | 869 | 869 |
| fair value | | | |
+-----------------------------+------------+---------------------+------------+
| Income | 50 | - | 50 |
+-----------------------------+------------+---------------------+------------+
| Management and advisory | (234) | - | (234) |
| fees | | | |
+-----------------------------+------------+---------------------+------------+
| Management fee VAT refund | - | - | - |
+-----------------------------+------------+---------------------+------------+
| Administration expenses | (91) | - | (91) |
+-----------------------------+------------+---------------------+------------+
| Net return before finance | | | |
| costs and | | | |
+-----------------------------+------------+---------------------+------------+
| taxation | (275) | 869 | 594 |
+-----------------------------+------------+---------------------+------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Finance costs: interest | (159) | - | (159) |
| payable and similar charges | | | |
+-----------------------------+------------+---------------------+------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Net return on ordinary | (434) | 869 | 435 |
| activities before taxation | | | |
+-----------------------------+------------+---------------------+------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Taxation | - | - | - |
+-----------------------------+------------+---------------------+------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Net return attributable to | (434) | 869 | 435 |
| 2009 Shareholders | | | |
+-----------------------------+------------+---------------------+------------+
| | | | |
+-----------------------------+------------+---------------------+------------+
| Return per 2009 Share (Note | (2.20)p | 4.40p | 2.20p |
| 1) | | | |
+-----------------------------+------------+---------------------+------------+
| (basic and diluted) | | | |
+-----------------------------+------------+---------------------+------------+
| |
+-----------------------------------------------------------------------------+
| | | | |
+-----------------------------+----------------------+-----------+------------+
| BALANCE SHEET | | | GBP'000s |
+-----------------------------+----------------------+-----------+------------+
| As at 30th June 2008 | | | |
+-----------------------------+----------------------+-----------+------------+
| Investments at fair value | | | 30,132 |
| through profit or loss | | | |
+-----------------------------+----------------------+-----------+------------+
| Fair value of interest rate | | | (61) |
| swaps | | | |
+-----------------------------+----------------------+-----------+------------+
| Net current assets | | | 1,361 |
+-----------------------------+----------------------+-----------+------------+
| Total Net Assets | | | 31,432 |
+-----------------------------+----------------------+-----------+------------+
| | | | |
+-----------------------------+----------------------+-----------+------------+
| Called up Share | | | 197 |
| Capital | | | |
+-------------------+----------------------+-------------------+-----------+
| Share Premium | | | 2,866 |
| Account | | | |
+-------------------+----------------------+-------------------+-----------+
| Capital | | | 8 |
| Redemption | | | |
| Reserve | | | |
+-------------------+----------------------+-------------------+-----------+
| Capital Reserves: | | | 37,529 |
| Realised | | | |
+-------------------+----------------------+-------------------+-----------+
| Unrealised | | | 10,830 |
+-------------------+----------------------+-------------------+-----------+
| Special Reserve | | | 1,108 |
+-------------------+----------------------+-------------------+-----------+
| Hedging Reserve | | | 29 |
+-------------------+----------------------+-------------------+-----------+
| Revenue Reserve | | | (21,135) |
+-------------------+----------------------+-------------------+-----------+
| Equity | | | 31,432 |
| Shareholders' | | | |
| Funds | | | |
+-------------------+----------------------+-------------------+-----------+
| | | | |
+-----------------------------+----------------------+-----------+------------+
| Net Asset Value per 2009 | | | 159.2p |
| Share | | | |
+-----------------------------+----------------------+-----------+------------+
| | | | |
+-----------------------------+----------------------+-----------+------------+
| The Net Asset Value is based on 19,745,000 2009 Shares in | | | |
| issue. | | | |
+--------------------------------------------------------------+-+---------+--+
| |
+---------------------------------------------------------------------------------------+
| Calculations of net asset value are based on estimated surrender values. |
+---------+---------+---------+------------+---------+---------+-+---------+--+---------+
SUMMARY OF UNAUDITED RESULTS - 2009 POOL
+-----------------------------------+-------------+-------------+----------+----------+
| INCOME STATEMENT |
+-------------------------------------------------+
| |
+-------------------------------------------------+
| Year ended 31st December 2008 | | | |
+-----------------------------------+---------------------------+----------+----------+
| | Revenue | Capital | Total |
| | | | Return |
+-----------------------------------+---------------------------+----------+----------+
| | GBP'000s | GBP'000s | GBP'000s |
+-----------------------------------+---------------------------+----------+----------+
| | | | (Note |
| | | | 2) |
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Net losses on investments at fair | - | (2,062) | (2,062) |
| value | | | |
+-----------------------------------+---------------------------+----------+----------+
| Income | 151 | - | 151 |
+-----------------------------------+---------------------------+----------+----------+
| Management and advisory fees | (453) | - | (453) |
+-----------------------------------+---------------------------+----------+----------+
| Management fee VAT refund | 78 | | 78 |
+-----------------------------------+---------------------------+----------+----------+
| Administration expenses | (176) | - | (176) |
+-----------------------------------+---------------------------+----------+----------+
| Net return before finance costs | | | |
| and | | | |
+-----------------------------------+---------------------------+----------+----------+
| taxation | (400) | (2,062) | (2,462) |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Finance costs: interest payable | 307 | - | 307 |
| and similar charges | | | |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Net return on ordinary activities | (93) | (2,062) | (2,155) |
| before taxation | | | |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Taxation | - | - | - |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Net return attributable to 2009 | (93) | (2,062) | (2,155) |
| Shareholders | | | |
+-----------------------------------+---------------------------+----------+----------+
| Return per 2009 Share (Note 1) | (0.47)p | (10.44)p | (10.91)p |
+-----------------------------------+---------------------------+----------+----------+
| (basic and diluted) | | | |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| BALANCE SHEET | | | GBP'000s |
+-----------------------------------+---------------------------+----------+----------+
| As at 31st December 2008 | | | |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Investments at fair value through | | | 26,160 |
| profit or loss | | | |
+-----------------------------------+---------------------------+----------+----------+
| Fair value of interest rate swaps | | | 395 |
+-----------------------------------+---------------------------+----------+----------+
| Net current assets | | | 2,278 |
+-----------------------------------+---------------------------+----------+----------+
| Total Net Assets | | | 28,833 |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Called up Share Capital | | | 197 |
+-----------------------------------+---------------------------+----------+----------+
| Share Premium Account | | | 2,866 |
+-----------------------------------+---------------------------+----------+----------+
| Capital Redemption Reserve | | | 8 |
+-----------------------------------+---------------------------+----------+----------+
| Capital Reserves: Realised | | | 38,912 |
+-----------------------------------+---------------------------+----------+----------+
| Unrealised | | | 6,517 |
+-----------------------------------+---------------------------+----------+----------+
| Special Reserve | | | 1,108 |
+-----------------------------------+---------------------------+----------+----------+
| Hedging Reserve | | | 19 |
+-----------------------------------+---------------------------+----------+----------+
| Revenue Reserve | | | (20,794) |
+-----------------------------------+---------------------------+----------+----------+
| Equity Shareholders' Funds | | | 28,833 |
+-----------------------------------+---------------------------+----------+----------+
| | | | |
+-----------------------------------+---------------------------+----------+----------+
| Net Asset Value per 2009 Share | | | 146.0p |
+-----------------------------------+-------------+-------------+----------+----------+
+------------------------------------------------------------+--+--+-+
| The Net Asset Value is based on 19,745,000 2009 Shares in | | | |
| issue. | | | |
+------------------------------------------------------------+--+--+-+
| | | | |
+------------------------------------------------------------+--+--+-+
| Calculations of net asset value are based on estimated | | | |
| surrender values. | | | |
+------------------------------------------------------------+--+--+-+
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS - 2009 POOL
For the six months ended 30th June 2009 and comparative periods
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | Called | Share | Capital | Capital | Capital | Special | Hedging | Revenue | Total |
| | up | Premium | Redemption | Reserve | Reserve | Reserve | Reserve | Reserve | |
| | Share | Account | Reserve | Realised | Unrealised(GBP000s) | (GBP000s) | (GBP000s) | (GBP000s) | (GBP000s) |
| | Capital | (GBP000s) | (GBP000s) | (GBP000s) | | | | | |
| | (GBP000s) | | | | | | | | |
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Six months ended | | | | | | | | | |
| 30th June 2009 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 31st | 197 | 2,866 | 8 | 38,912 | 6,517 | 1,108 | 19 | (20,794) | 28,833 |
| December 2008 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Amortisation of | - | - | - | - | - | - | (9) | - | (9) |
| Hedging Reserve | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Revenue Return | - | - | - | - | - | - | - | (68) | (68) |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Capital Return | - | - | - | 3,745 | (3,590) | - | - | - | 155 |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 30th | 197 | 2,866 | 8 | 42,657 | 2,927 | 1,108 | 10 | (20,862) | 28,911 |
| June 2009 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Six months ended | | | | | | | | | |
| 30th June 2008 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 31st | 197 | 2,866 | 3 | 7,940 | 11,729 | - | 39 | (7,826) | 31,007 |
| December 2007 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Amortisation of | - | - | - | - | - | - | (10) | - | (10) |
| Hedging Reserve | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Revenue Return | - | - | - | - | - | - | - | (434) | (434) |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Capital Return | - | - | - | 1,768 | (899) | - | - | - | 869 |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Transfer from 2006 | - | - | 5 | 11,762 | - | 1,108 | - | (12,875) | - |
| Pool | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 30th | 197 | 2,866 | 8 | 37,529 | 10,830 | 1,108 | 29 | (21,135) | 31,432 |
| June 2008 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Year ended 31st | | | | | | | | | |
| December 2008 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 31st | 197 | 2,866 | 3 | 23,999 | 11,729 | - | 39 | (7,826) | 31,007 |
| December 2007 | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Amortisation of | - | - | - | - | - | - | (20) | - | (20) |
| Hedging Reserve | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Revenue Return | - | - | - | - | - | - | - | (93) | (93) |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Capital Return | - | - | - | 3,151 | (5,212) | - | - | - | (2,061) |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Transfer from 2006 | - | - | 5 | 11,762 | - | 1,108 | - | (12,875) | - |
| Pool | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| Net Assets at 31st | 197 | 2,866 | 8 | 38,912 | 6,517 | 1,108 | 19 | (20,794) | 28,833 |
| December 2008 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
| | | | | | | | | | |
+---------------------+-----------+-----------+------------+-----------+---------------------+-----------+-----------+-----------+-----------+
CASH FLOW STATEMENT - 2009 POOL
+-------------------------------------+---------------+--+---------------+--+-------------+
| | Six Months | | Six Months | | Year ended |
| | ended | | ended | | 31st |
| | 30th June | | 30th June | | December |
| | 2009 | | 2008 | | 2008 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | GBP'000s | | GBP'000s | | GBP'000s |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash outflow from operating | (163) | | (244) | | (450) |
| activities | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Return on investments and servicing | | | | | |
| of finance | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Interest received (paid) | 63 | | (46) | | (46) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Taxation | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| UK income tax repaid | - | | - | | - |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Capital expenditure and financial | | | | | |
| investment | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Purchases of fixed asset | (1,726) | | (1,354) | | (3,688) |
| investments | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Sales of fixed asset investments | 12,017 | | 4,765 | | 8,314 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash inflow from capital | 10,291 | | 3,411 | | 4,626 |
| expenditure and financial | | | | | |
| investment | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash inflow before financing | 10,191 | | 3,121 | | 4,130 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Financing | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Decrease in bank loan | - | | (2,625) | | (2,625) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash outflow from financing | - | | (2,625) | | (2,625) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Increase in cash | 10,191 | | 496 | | 1,505 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Reconciliation of Return on | | | | | |
| Ordinary | | | | | |
| Activities before Taxation to Net | | | | | |
| Cash Flow from Operating Activities | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Total Return before taxation | 87 | | 435 | | (2,155) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Add: Finance costs: interest | - | | 159 | | (307) |
| payable and similar charges | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Less: Net gains (losses) on | (155) | | (869) | | 2,062 |
| investments at fair value | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | (68) | | (275) | | (400) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| (Increase) Decrease in debtors | (129) | | 6 | | (73) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Increase in creditors | 34 | | 25 | | 23 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash outflow from operating | (163) | | (244) | | (450) |
| activities | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Reconciliation of net cash flow to | | | | | |
| movement in net funds | | | | | |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net cash inflow | 10,191 | | 496 | | 1,505 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Repayment of bank loan | - | | 2,625 | | 2,625 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Movement in net funds | 10,191 | | 3,121 | | 4,130 |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net funds (debt) brought forward | 2,247 | | (1,883) | | (1,883) |
+-------------------------------------+---------------+--+---------------+--+-------------+
| Net funds carried forward | 12,438 | | 1,238 | | 2,247 |
+-------------------------------------+---------------+--+---------------+--+-------------+
Note 1
The Returns per 2009 Share have been calculated using a weighted average number
of shares in issue during the period of 19,745,000 (30th June 2008 19,745,000;
31st December 2008 19,745,000).
Note 2
The Company consisted of the 2006 and 2009 Pools. The reconstruction of the 2006
Pool and the subsequent repayment of the 2006 Shares were completed on 6th
October 2006. At 30th June 2009, no assets remain within the 2006 Pool. The
2009 Pool therefore represents all assets and liabilities attributable to the
Company.
The total return columns on pages 6 to 8 are the profit and loss accounts of the
2009 Pool. All revenue and capital items derive from continuing operations. No
operations were acquired or discontinued in the period.A Statement of Total
Recognised Gains and Losses is not required as all gains and losses of the
Company have been reflected in the Income Statement.
Note 3
Endowment policies, listed investments and interest rate swaps are held at fair
value through profit or loss in accordance with FRS 26 "Financial Instruments:
Recognition and Measurement". Listed investments and interest rate swaps are
valued at bid market prices.
Note 4
This half-yearly financial report has been neither audited nor reviewed by the
Company's auditors.
The half-yearly financial report has been prepared using the same accounting
policies as those adopted in the annual financial statements for the year ended
31st December 2008.
The non-statutory financial statements for the year to 31st December 2008 are an
extract from the latest published financial statements of the Company which have
been delivered to the Registrar of Companies. The auditors' opinion on those
financial statements was unqualified and did not contain a statement under
Section 237(2) or (3) of the Companies Act 1985.
In accordance with recently introduced changes to the UK's disclosure
requirements for listed companies, the Company is now required to make limited
additional and updated disclosures, mainly relating to the first and third
quarters of the financial year. These Interim Management Statements will be
released via the Regulatory News Service and posted on the Company's website
www.rcm.com/investmenttrusts on or shortly before 19th May and 19th November
each year.
The half-yearly financial report will be sent to shareholders and made available
to the public at the Registered Office of the Company, 155 Bishopsgate, London
EC2M 3AD.
Principal bases and assumptions used in projecting the final net asset values on
page 3.
The final net asset values for the 2009 Pool have been calculated at 31st
December 2009 on the basis that:
1) All policies are held to maturity, no death claims or demutualisation
benefits arise and no further purchases or disposals of policies are made;
2) The latest reversionary and terminal bonus rates declared at 30th
June 2009 continue to apply until maturity or are reduced immediately by 20%,
50% or 100%, or increased by 20% or 50%;
3) The estimated mid-market gross redemption yields as at 30th June
2009, 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 June 2009;
5) No further shares are issued or repurchased, nor are any dividends
paid;
6) They include a provision of GBP200,000 for winding up costs.
For further information, please contact
Simon White, RCM (UK) Limited
Tel: 020 7065 1539
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR PUUUCRUPBGQC
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