TIDMAZD
RNS Number : 4483M
Allianz Dresdner End Pol Tst 2010
29 January 2009
The following replaces the "Half Yearly Report" announcement released on
Wednesday 28th January 2009 at 3.47pm under RNS 4002M, which omitted some
necessary information. The full amended text appears below.
For immediate release29th January 2009
ALLIANZ DRESDNER ENDOWMENT POLICY TRUST 2010 plc
Half-yearly financial report
for the six months to 31st December 2008
Interim Management Report
Investment Review
A summary of the results for the six months ended 31st December 2008 is set out
overleaf. The Net Asset Value as at 31st December 2008 was 115.9p per share
compared to 130.8p as at 30th June 2008 and 130.2p as at 31st December 2007.
This represents a decrease of 11.0% since 31st December 2007, and a decrease
of 11.4% over the last six months. Over the year to 31st December 2008 the
Company's share price declined by approximately 14% to 95.5p.
The Company currently has investments in policies valued at GBP23.5 million from
a total of 33 with-profits funds. The Board has determined that, in the absence
of sufficient transactional data, the most appropriate basis of valuation of the
Company's portfolio is that of estimated surrender value.
During the six month period the Company received proceeds of policy maturities
amounting to GBP2.4 million. The average annualised return on these policies was
4.7%, excluding benefits arising from demutualisation.As at 31st December 2008,
the Company had repaid in full all borrowings and had fixed interest, cash and
swap positions of GBP2.4 million, approximately 9.4% of total net assets.
The six month period to 31st December 2008 was a difficult one for financial
markets. Equities, corporate bonds, property and many commodity markets saw
steep falls. September witnessed the surprising failure of or rescue of, amongst
others, Lehman Brothers, AIG, Freddie Mac and Fannie Mae. The UK experience over
the past year has been almost as difficult as that of the US, with only
wholesale government intervention forestalling a sudden loss of liquidity at
several large commercial banks (HBOS, RBS) and preventing the collapse of
various smaller lenders (Bradford and Bingley and Northern Rock).
Outlook
In the short term at least, the outlook is likely to be one of continued
volatility in equity markets and a pattern of rising defaults within credit
markets. It is also probable that property markets will remain under pressure
given the negative outlook for both the commercial and residential sectors.
In this difficult context it is no surprise that many life offices have already
reduced bonus rates, and whilst this trend may continue, shareholders can take
some comfort from the fact that a significant proportion of the Company's net
asset value is represented by sums assured and declared reversionary bonuses.
Projected final net asset values
The Company publishes projected final net asset values on a regular basis. These
projections 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 31st December 2008 are given in the table
below.
+------------+-----------+------------+-------------+------------+-----------+
| | 120% | 100% | 80% | 50% | No |
| | Current | Current | Current | Current | Further |
| | Bonus | Bonus | Bonus Rates | Bonus | Bonuses |
| | Rates | Rates | | Rates | |
+------------+-----------+------------+-------------+------------+-----------+
| Projected | 130.9p | 126.4p | 122.0p | 116.0p | 105.0p |
| final net | | | | | |
| asset | | | | | |
| value at | | | | | |
| 31st | | | | | |
| December | | | | | |
| 2010 | | | | | |
+------------+-----------+------------+-------------+------------+-----------+
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 value to bonus
rate changes. They should not be taken as forecasts of any particular degree of
change in rate levels.
Accrued guaranteed benefits
Guaranteed benefits are included in the policy portfolio, comprising sums
assured and reversionary bonuses declared to date. Assuming no further bonuses,
but after deducting estimated future expenses, at 31st December 2008 they
represented a projected final net asset value of 105.0p.
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 Ordinary Shares were bought back for
cancellation.
VAT on Management Fees
Following the ruling of the European Court of Justice in the VAT case brought by
JP Morgan Fleming Claverhouse Trust plc in conjunction with the AIC, settlement
has been reached with the Manager, RCM (UK) Limited, in respect of recovery of
VAT paid in past years. On 16th October 2008 GBP110,291 was paid to the Company
by the Manager as a settlement in relation to VAT paid in the period to 30th
June 2007, when the Company ceased paying VAT on management fees.
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 accounting year ended 30th June 2007 and is expected to be
granted for the year ended 30th June 2008. The Company is not a close company.
Material events and transactions
In the six month period ended 31st December 2008 the following material events
and transactions have taken place.
At the Annual General Meeting of the Company held on 4th November 2008 all the
resolutions put to shareholders were passed.
There were no buy backs of shares and no related party transactions in the
period.
On 16th October 2008 settlement was reached with the Manager, RCM (UK) Limited,
in relation to VAT paid on management fees in past years.
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 4.2.7 R, 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 4.2.8 R.
The half-yearly financial report was approved by the Board on 27th January 2009
and the above responsibility statement was signed on its behalf by the Chairman.
Principal risks and uncertainties
The principal risks and uncertainties facing the Company over the next six
months are broadly unchanged from those described in the Annual Financial Report
for the year ended 30th June 2008. These are set out in the Business Review
beginning on page 12 of that Report, together with commentary on the Board's
approach to mitigating the risks and uncertainties.
155 Bishopsgate By Order of the Board
London EC2M 3ADF R Wales
29th January 2009 Chairman
+---------------------------------------+-------------------+----------------------+----------------------+
| SUMMARY OF UNAUDITED RESULTS |
| |
+---------------------------------------------------------------------------------------------------------+
| INCOME STATEMENT |
+---------------------------------------------------------------------------------------------------------+
| Six months ended 31st December 2008 | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| | Revenue | Capital | Total |
| | | | Return |
+---------------------------------------+-------------------+----------------------+----------------------+
| | GBP'000s | GBP'000s | GBP'000s |
+---------------------------------------+-------------------+----------------------+----------------------+
| Net gains on investments at fair | - | (3,532) | (3,532) |
| value | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Income | 39 | - | 39 |
+---------------------------------------+-------------------+----------------------+----------------------+
| Management and advisory fees | (213) | - | (213) |
+---------------------------------------+-------------------+----------------------+----------------------+
| Management fee VAT refund | 110 | - | 110 |
+---------------------------------------+-------------------+----------------------+----------------------+
| Administration expenses | (94) | - | (94) |
+---------------------------------------+-------------------+----------------------+----------------------+
| Net return before finance costs and | (158) | (3,532) | (3,690) |
| taxation | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Finance costs: interest payable and | 376 | - | 376 |
| similar charges | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Net return on ordinary activities | 218 | (3,532) | (3,314) |
| before taxation | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Taxation | - | - | - |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Net return attributable to Ordinary | 218 | (3,532) | (3,314) |
| Shareholders | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| Return per Ordinary Share | 0.97p | (15.82)p | (14.85)p |
+---------------------------------------+-------------------+----------------------+----------------------+
| | | | |
+---------------------------------------+-------------------+----------------------+----------------------+
| The total column of this statement is the profit and loss account of |
| the Company. |
+---------------------------------------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------------------------------------+
| The return per Ordinary Share is based on a weighted average number of |
| shares of 22,325,000. |
+---------------------------------------+-------------------+----------------------+----------------------+
+-----------------------------------------------------------+----------+
| BALANCE SHEET | GBP'000s |
+-----------------------------------------------------------+----------+
| As at 31st December 2008 | |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| Investments held at fair value through profit or loss | 24,802 |
+-----------------------------------------------------------+----------+
| Fair value of interest rate swaps | 285 |
+-----------------------------------------------------------+----------+
| Net current assets | 790 |
+-----------------------------------------------------------+----------+
| Total Net Assets | 25,877 |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| Called up Share Capital | 223 |
+-----------------------------------------------------------+----------+
| Share Premium Account | 4,750 |
+-----------------------------------------------------------+----------+
| Capital Redemption Reserve | 27 |
+-----------------------------------------------------------+----------+
| Capital Reserves: | |
+-----------------------------------------------------------+----------+
| Realised | 7,473 |
+-----------------------------------------------------------+----------+
| Unrealised | 4,209 |
+-----------------------------------------------------------+----------+
| Special Reserve | 17,419 |
+-----------------------------------------------------------+----------+
| Hedging Reserve | 8 |
+-----------------------------------------------------------+----------+
| Revenue Reserve | (8,232) |
+-----------------------------------------------------------+----------+
| Equity Shareholders' Funds | 25,877 |
+-----------------------------------------------------------+----------+
| | |
+-----------------------------------------------------------+----------+
| Net asset value per Ordinary Share * | 115.9p |
+-----------------------------------------------------------+----------+
* The net asset value is based on 22,325,000 Ordinary Shares in issue.
+---------------------------------------+-------------------------+---------------+-------------------------+
| SUMMARY OF UNAUDITED RESULTS |
+-----------------------------------------------------------------------------------------------------------+
| INCOME STATEMENT |
+-----------------------------------------------------------------------------------------------------------+
| Six months ended 31st December 2007 | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | Revenue | Capital | Total |
| | | | Return |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | GBP'000s | GBP'000s | GBP'000s |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Net gains on investments at fair | - | 868 | 868 |
| value | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Income | 39 | - | 39 |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Management and advisory fees | (241) | - | (241) |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Administration expenses | (79) | - | (79) |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Net return before finance costs and | (281) | 868 | 587 |
| taxation | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Finance costs: interest payable and | (56) | - | (56) |
| similar charges | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Net return on ordinary activities | (337) | 868 | 531 |
| before taxation | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Taxation | - | - | - |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Net return attributable to Ordinary | (337) | 868 | 531 |
| Shareholders | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| Return per Ordinary Share | (1.51)p | 3.89p | 2.38p |
+---------------------------------------+-------------------------+---------------+-------------------------+
| | | | |
+---------------------------------------+-------------------------+---------------+-------------------------+
| The total column of this statement is the profit and loss account of |
| the Company. |
+-----------------------------------------------------------------------------------------------------------+
| |
+-----------------------------------------------------------------------------------------------------------+
| The return per Ordinary Share is based on a weighted average number of |
| shares of 22,325,000. |
+---------------------------------------+-------------------------+---------------+-------------------------+
+-----------------------------------------------------------+-----------+
| BALANCE SHEET | GBP'000s |
| As at 31st December 2007 | |
+-----------------------------------------------------------+-----------+
| | |
+-----------------------------------------------------------+-----------+
| Investments held at fair value through profit or loss | 32,545 |
+-----------------------------------------------------------+-----------+
| Fair value of interest rate swaps | 22 |
+-----------------------------------------------------------+-----------+
| Net current assets | 258 |
+-----------------------------------------------------------+-----------+
| Total assets less current liabilities | 32,825 |
+-----------------------------------------------------------+-----------+
| Loan repayable after more than one year | (3,750) |
+-----------------------------------------------------------+-----------+
| Total Net Assets | 29,075 |
+-----------------------------------------------------------+-----------+
| | |
+-----------------------------------------------------------+-----------+
| Called up Share Capital | 223 |
+-----------------------------------------------------------+-----------+
| Share Premium Account | 4,750 |
+-----------------------------------------------------------+-----------+
| Capital Redemption Reserve | 27 |
+-----------------------------------------------------------+-----------+
| Capital Reserves: | |
+-----------------------------------------------------------+-----------+
| Realised | 5,704 |
+-----------------------------------------------------------+-----------+
| Unrealised | 8,923 |
+-----------------------------------------------------------+-----------+
| Special Reserve | 17,419 |
+-----------------------------------------------------------+-----------+
| Hedging Reserve | 2 |
+-----------------------------------------------------------+-----------+
| Revenue Reserve | (7,973) |
+-----------------------------------------------------------+-----------+
| Equity Shareholders' Funds | 29,075 |
+-----------------------------------------------------------+-----------+
| | |
+-----------------------------------------------------------+-----------+
| Net asset value per Ordinary Share * | 130.2p |
+-----------------------------------------------------------+-----------+
* The net asset value is based on 22,325,000 Ordinary Shares in issue.
+---------------------------------------+----------------------------+--------------------+---------------------------+
| SUMMARY OF UNAUDITED RESULTS |
+---------------------------------------------------------------------------------------------------------------------+
| INCOME STATEMENT |
+---------------------------------------------------------------------------------------------------------------------+
| Year ended 30th June 2008 | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | Revenue | Capital | Total |
| | | | Return |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | GBP'000s | GBP'000s | GBP'000s |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Net gains on investments at fair | - | 1,455 | 1,455 |
| value | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Income | 78 | - | 78 |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Management and advisory fees | (465) | - | (465) |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Administration expenses | | - | |
| | (156) | | (156) |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Net return before finance costs and | (543) | 1,455 | 912 |
| taxation | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Finance costs: interest payable and | (271) | | |
| similar charges | | - | (271) |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Net return on ordinary activities | (814) | 1,455 | 641 |
| before taxation | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Taxation | - | - | - |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Net return attributable to Ordinary | (814) | 1,455 | 641 |
| Shareholders | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| Return per Ordinary Share | (3.65)p | | |
| | | 6.52p | 2.87p |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| | | | |
+---------------------------------------+----------------------------+--------------------+---------------------------+
| The total column of this statement is the profit and loss account of the |
| Company. |
+---------------------------------------------------------------------------------------------------------------------+
| |
+---------------------------------------------------------------------------------------------------------------------+
| The return per Ordinary Share is based on a weighted average number of |
| shares of 22,325,000. |
+---------------------------------------+----------------------------+--------------------+---------------------------+
+-----------------------------------------------------------+--------------+
| BALANCE SHEET | GBP'000s |
+-----------------------------------------------------------+--------------+
| As at 30th June 2008 | |
+-----------------------------------------------------------+--------------+
| | |
+-----------------------------------------------------------+--------------+
| Investments held at fair value through profit or loss | 30,433 |
+-----------------------------------------------------------+--------------+
| Fair value of interest rate swaps | (105) |
+-----------------------------------------------------------+--------------+
| Net current assets | 812 |
+-----------------------------------------------------------+--------------+
| Total assets less current liabilities | 31,140 |
+-----------------------------------------------------------+--------------+
| Loan repayable after more than one year | (1,950) |
+-----------------------------------------------------------+--------------+
| Total Net Assets | 29,190 |
+-----------------------------------------------------------+--------------+
| | |
+-----------------------------------------------------------+--------------+
| Called up Share Capital | 223 |
+-----------------------------------------------------------+--------------+
| Share Premium Account | 4,750 |
+-----------------------------------------------------------+--------------+
| Capital Redemption Reserve | 27 |
+-----------------------------------------------------------+--------------+
| Capital Reserves: | |
+-----------------------------------------------------------+--------------+
| Realised | 6,702 |
+-----------------------------------------------------------+--------------+
| Unrealised | 8,512 |
+-----------------------------------------------------------+--------------+
| Special Reserve | 17,419 |
+-----------------------------------------------------------+--------------+
| Hedging Reserve | 7 |
+-----------------------------------------------------------+--------------+
| Revenue Reserve | (8,450) |
+-----------------------------------------------------------+--------------+
| Equity Shareholders' Funds | 29,190 |
+-----------------------------------------------------------+--------------+
| | |
+-----------------------------------------------------------+--------------+
| Net asset value per Ordinary Share * | 130.8p |
+-----------------------------------------------------------+--------------+
* The net asset value is based on 22,325,000 Ordinary Shares in issue.
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
For the six months ended 31st December 2008 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 | | | | |
| | Capital | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s | GBP'000s |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Six months ended | | | | | | | | | |
| 31st December 2008 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 30th | 223 | 4,750 | 27 | 6,702 | 8,512 | 17,419 | 7 | (8,450) | 29,190 |
| June 2008 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Amortisation of | - | - | - | - | - | - | 1 | - | 1 |
| Hedging Reserve | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Revenue Return | - | - | - | - | - | - | - | 218 | 218 |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Capital Return | - | - | - | 771 | (4,303) | - | - | - | (3,532) |
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 31st | 223 | 4,750 | 27 | 7,473 | 4,209 | 17,419 | 8 | (8,232) | 25,877 |
| December 2008 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Six months ended | | | | | | | | | |
| 31st December 2007 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 30th | 223 | 4,750 | 27 | 5,278 | 8,481 | 17,419 | (3) | (7,636) | 28,539 |
| June 2007 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Amortisation of | - | - | - | - | - | - | 5 | - | 5 |
| Hedging Reserve | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Revenue Return | - | - | - | - | - | - | - | (337) | (337) |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Capital Return | - | - | - | 426 | 442 | - | - | - | 868 |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 31st | 223 | 4,750 | 27 | 5,704 | 8,923 | 17,419 | 2 | (7,973) | 29,075 |
| December 2007 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Year ended 30th | | | | | | | | | |
| June 2008 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 30th | 223 | 4,750 | 27 | 5,278 | 8,481 | 17,419 | (3) | (7,636) | 28,539 |
| June 2007 | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Amortisation of | | | | | | | 10 | | 10 |
| Hedging Reserve | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Revenue Return | - | - | - | - | - | - | - | (814) | (814) |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Capital Return | - | - | - | 1,424 | 31 | - | - | - | 1,455 |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| Net Assets at 30th | 223 | 4,750 | 27 | 6,702 | 8,512 | 17,419 | 7 | (8,450) | 29,190 |
| June 2008 | | | | | | | | | |
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
| | | | | | | | | | |
+---------------------+----------+----------+------------+----------+------------+----------+----------+----------+----------+
CASH FLOW STATEMENT
For the six months ended 31st December 2008 and comparative periods
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | Six months to | | Six months to | | Year to |
| | 31st December | | 31st December | | 30th June |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | 2008 | | 2007 | | 2008 |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | GBP'000s | | GBP'000s | | GBP'000s |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Net cash outflow from operating | (39) | | (256) | | (666) |
| activities | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Servicing of Finance | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Interest paid | (21) | | (92) | | (203) |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Capital expenditure and financial | | | | | |
| investment | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Purchases of fixed asset investments | (315) | | (356) | | (693) |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Sales of fixed asset investments | 2,414 | | 1,076 | | 4,111 |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Net cash inflow from capital | 2,099 | | 720 | | 3,418 |
| expenditure and financial investment | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Net cash inflow before financing | 2,039 | | 372 | | 2,549 |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Financing | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Decrease in loan | (1,950) | | (350) | | (2,150) |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Net cash outflow from financing | (1,950) | | (350) | | (2,150) |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| Increase in cash | 89 | | 22 | | 399 |
+-----------------------------------------+---------------+--+---------------+--+--------------+
| | | | | | |
+-----------------------------------------+---------------+--+---------------+--+--------------+
TWENTY LARGEST HOLDINGS BY LIFE OFFICE
As at 31st December 2008
+-----------------------------------+---------------+----------------+
| Life Office | Value of | % of Total |
| | Policies | Investments |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| | GBP'000s | % |
+-----------------------------------+---------------+----------------+
| Standard Life | 8,700 | 35.1 |
+-----------------------------------+---------------+----------------+
| Legal & General | 5,813 | 23.4 |
+-----------------------------------+---------------+----------------+
| Scottish Provident | 2,516 | 10.1 |
+-----------------------------------+---------------+----------------+
| Friends Provident | 1,356 | 5.5 |
+-----------------------------------+---------------+----------------+
| Scottish Widows | 1,231 | 5.0 |
+-----------------------------------+---------------+----------------+
| AVIVA (Norwich Union) | 629 | 2.5 |
+-----------------------------------+---------------+----------------+
| Prudential | 406 | 1.6 |
+-----------------------------------+---------------+----------------+
| Scottish Life | 398 | 1.6 |
+-----------------------------------+---------------+----------------+
| Clerical Medical | 383 | 1.5 |
+-----------------------------------+---------------+----------------+
| National Mutual Life | 354 | 1.4 |
+-----------------------------------+---------------+----------------+
| Prudential (Scottish Amicable) | 342 | 1.4 |
+-----------------------------------+---------------+----------------+
| AVIVA (Commercial Union) | 277 | 1.1 |
+-----------------------------------+---------------+----------------+
| Colonial | 214 | 0.9 |
+-----------------------------------+---------------+----------------+
| Royal & Sun Alliance (Royal Life) | 166 | 0.7 |
+-----------------------------------+---------------+----------------+
| Friends Provident (UKPI) | 86 | 0.3 |
+-----------------------------------+---------------+----------------+
| Sun Life of Canada | 76 | 0.3 |
+-----------------------------------+---------------+----------------+
| AXA Sun Life | 55 | 0.2 |
+-----------------------------------+---------------+----------------+
| AVIVA (Provident Mutual) | 49 | 0.2 |
+-----------------------------------+---------------+----------------+
| Irish Life | 44 | 0.2 |
+-----------------------------------+---------------+----------------+
| Friends Provident (FPLAL-ex NM | 39 | 0.2 |
| Life) | | |
+-----------------------------------+---------------+----------------+
| Total of twenty largest holdings | 23,134 | 93.2 |
+-----------------------------------+---------------+----------------+
| Holdings in other offices | 319 | 1.3 |
+-----------------------------------+---------------+----------------+
| Total holdings of endowment | 23,453 | 94.5 |
| policies | | |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| FIXED INTEREST HOLDINGS | | |
+-----------------------------------+---------------+----------------+
| As at 31st December 2008 | | |
+-----------------------------------+---------------+----------------+
| | GBP'000s | % |
+-----------------------------------+---------------+----------------+
| EIB 5.5% Bd 07/12/11 | 534 | 2.2 |
+-----------------------------------+---------------+----------------+
| EIB 4.25% Bd 07/12/10 | 815 | 3.3 |
+-----------------------------------+---------------+----------------+
| | 1,349 | 5.5 |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| Total of Invested Funds | 24,802 | 100.0 |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
| | | |
+-----------------------------------+---------------+----------------+
This Half Yearly Statement has been neither audited nor reviewed by the
Company's Auditors. It has been prepared using the same accounting policies as
those adopted in the Annual Financial Report for the year ended 30th June 2008,
which have been summarised above and delivered to the Registrar of Companies.
The Auditors' opinion on the Annual Financial Report was unqualified and did not
contain a statement under section 237(2) or (3) of the Companies Act 1985.
The Half Yearly 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 value
The final net asset value has been calculated at 31st December 2010 on the basis
that:
1. All policies are held to maturity, no death claims or demutualisation benefits
are received and no further purchases or disposals of policies are made.
2. The latest reversionary and terminal bonus rates declared at 31st December 2008
continue to apply until maturity or are reduced immediately by 20%, 50% or 100%
or increased by 20%.
3. The estimated mid-market gross redemption yields, as at 31st December 2008, 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 payable and receivable by
the Company over the Company's remaining life, in so far as not fixed by swaps,
are assumed to be consistent with the shape of the swap yield curve at 31st
December 2008.
5. No further shares are issued or repurchased, nor are any dividends paid.
6. Projections do not make any allowance for the expenses of winding up the
Company.
For further information, please contact:-
Simon White
Head of Investment Trusts, RCM (UK) Limited
Tel: 020 7065 1539
This information is provided by RNS
The company news service from the London Stock Exchange
END
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