RNS Number:4143I
Allianz Dresdner Income Gwth IT PLC
09 February 2005
For immediate release 9 February 2005
Allianz Dresdner Income Growth Investment Trust plc
Announcement of Unaudited Interim Results
For the six months ended 31 December 2004
Highlights
Assets
As at As at
Net asset value per share 31 December 2004 30 June 2004 Change (%)
Ordinary Shares 55.6p 45.7p +21.7
Zero Dividend Preference Shares 161.1p 155.2p +3.8
Revenue
Six months to Six months to Change (%)
31 December 2004 31 December 2003
Dividends per Ordinary Share* 3.30p 3.04p +8.6
Earnings per Ordinary Share 2.68p 2.87p -6.6
* The Board also declared a special dividend of 0.75p net per Ordinary Share in
anticipation of the change to the tax regime for ISA and PEP holders
Second Quarterly Dividend
The board has declared a second quarterly dividend of 1.65p net per Ordinary
Share, totalling #546,852. This payment gives a total for the first half of
2004/5 of 3.30p net per share, some 8.6% greater than the equivalent payments in
2003/4. The Board declared a special dividend of 0.75p at the interim stage of
the previous financial year, in addition to the normal quarterly dividend
payments.
At 30 June 2004, the Trust's Revenue Reserve totalled #532,675 or 1.61p per
share. Company dividend payments are now showing a more positive trend than has
been the case for a number of years. Together with the Trust's Revenue Reserve,
this trend suggests that the outlook for the Trust's own dividend payments
remains encouraging.
The second quarterly dividend is payable on 1 April 2005 to Ordinary
Shareholders on the Register of Members at the close of business on 4 March
2005.
Investment Review
In the first half of the current financial year the Trust's total assets rose
from #52.4m to #57.1m or by 8.9%. This compares with the 7.8% appreciation
recorded by the FTSE 100 Share Index and the 9.9% recorded by the FTSE 350
Higher Yield Index. The net asset value attributable to the Trust's ordinary
shares rose by 21.7% to 55.6p per share, whilst the equivalent increase for the
Zero Dividend Preference shares was 3.8% to 161.1p per share. At the same time,
the Trust's Ordinary Share price rose by over 27% to 47.5p.
The UK equity market ended 2004 in quite robust shape and the results show that
the Trust participated well in these market conditions. Looking ahead, the
general tenor of expectations is for slower economic growth in 2005, not least
because a UK general election is expected during the year. With company balance
sheets benefiting from the current buoyant trend in corporate cashflows, there
are well based hopes for useful growth in dividend receipts in the first half of
2005. This is expected to be supportive of UK shares at their present levels.
By Order of the Board
P W I Ingram
Deputy Secretary
155 Bishopsgate
London EC2M 3AD
- 2 -
SUMMARY OF UNAUDITED RESULTS
STATEMENT OF TOTAL RETURN
for the six months ended 31 December 2004
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 5,000 5,000
Income from fixed asset investments 1,047 - 1,047
Other income 15 - 15
Investment management fee (48) (111) (159)
Expenses of administration (125) - (125)
Return on ordinary activities before finance costs
and taxation 889 4,889 5,778
Finance costs of borrowings - - -
Return on ordinary activities before taxation 889 4,889 5,778
Taxation - - -
Return on ordinary activities after finance costs
and taxation 889 4,889 5,778
Attributable to Zero Dividend Preference Shares - (1,415) (1,415)
Return attributable to Ordinary Shareholders 889 3,474 4,363
Dividends on Ordinary Shares
First interim 1.65p (547) - (547)
Second interim 1.65p (547) - (547)
3.30p (1,094) - (1,094)
Transfer (from) to reserves (205) 3,474 3,269
Return per Ordinary Share (Note 1) 2.68p 10.48p 13.16p
NET ASSET STATEMENT
as at 31 December 2004
#'000s
Fixed Asset Investments 57,174
Net Current Liabilities (98)
Total Net Assets 57,076
Called up Share Capital 7,657
Share Premium Account 48,550
Capital Reserves:
Realised (3,070)
Unrealised 3,611
Revenue Reserve 328
Shareholders' Funds 57,076
Net Asset Value per Ordinary Share 55.6p
Net Asset Value per Zero Dividend Preference Share 161.1p
The Net Asset Value is based on 33,142,522 Ordinary Shares and 23,999,757 Zero
Dividend Preference Shares in issue (Note 2).
- 3 -
SUMMARY OF UNAUDITED RESULTS
STATEMENT OF TOTAL RETURN
for the six months ended 31 December 2003
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 4,730 4,730
Income from fixed asset investments 1,073 - 1,073
Other income 11 - 11
Investment management fee (45) (105) (150)
Expenses of administration (88) - (88)
Return on ordinary activities before finance costs
and taxation 951 4,625 5,576
Finance costs of borrowings (1) - (1)
Return on ordinary activities before taxation 950 4,625 5,575
Taxation (1) - (1)
Return on ordinary activities after finance costs
and taxation 949 4,625 5,574
Attributable to Zero Dividend Preference Shares - (1,315) (1,315)
Return attributable to Ordinary Shareholders 949 3,310 4,259
Dividends on Ordinary Shares
First interim 1.52p (504) - (504)
Second interim 1.52p (504) - (504)
Special 0.75p (248) - (248)
3.79p (1,256) - (1,256)
Transfer (from) to reserves (307) 3,310 3,003
Return per Ordinary Share (Note 1) 2.87p 9.98p 12.85p
NET ASSET STATEMENT
as at 31 December 2003
#'000s
Fixed Asset Investments 51,891
Net Current Liabilities (269)
Total Net Assets 51,622
Called up Share Capital 7,657
Share Premium Account 48,550
Capital Reserves:
Realised (2,069)
Unrealised (2,817)
Revenue Reserve 301
Shareholders' Funds 51,622
Net Asset Value per Ordinary Share 47.3p
Net Asset Value per Zero Dividend Preference Share 149.7p
The Net Asset Value is based on 33,142,522 Ordinary Shares and 23,999,757 Zero
Dividend Preference Shares in issue (Note 2).
- 4 -
SUMMARY OF RESULTS
STATEMENT OF TOTAL RETURN
For the year to 30 June 2004
Revenue Capital Total
#'000s #'000s #'000s
Net gains on investments - 5,377 5,377
Income from fixed asset investments 2,449 - 2,449
Other income 20 - 20
Investment management fee (92) (213) (305)
Expenses of administration (187) - (187)
Return on ordinary activities before finance costs
and taxation 2,190 5,164 7,354
Finance costs of borrowings (1) - (1)
Return on ordinary activities before taxation 2,189 5,164 7,353
Taxation (1) - (1)
Return on ordinary activities after finance costs
and taxation 2,188 5,164 7,352
Attributable to Zero Dividend Preference Shares - (2,631) (2,631)
Return attributable to Ordinary Shareholders 2,188 2,533 4,721
Dividends on Ordinary Shares
First Interim 1.52p (503) - (503)
Second Interim 1.52p (503) - (503)
Third Interim 1.52p (504) - (504)
Fourth Interim 1.52p (504) - (504)
Special 0.75p (249) (249)
6.83p (2,263) - (2,263)
Transfer (from) to reserves (75) 2,533 2,458
Return per Ordinary Share (Note 1) 6.60p 7.64p 14.24p
NET ASSET STATEMENT
At 30 June 2004 #'000s
Fixed Asset Investments 52,626
Net Current Liabilities (234)
Total Net Assets 52,392
Called up Share Capital 7,657
Share Premium Account 48,550
Capital Reserves:
Realised (2,788)
Unrealised (1,560)
Revenue Reserve 533
Shareholders' Funds 52,392
Net asset value per Ordinary Share 45.7p
Net asset value per Zero Dividend Preference Share 155.2p
The net asset value is based on 33,142,522 Ordinary Shares and 23,999,757 Zero
Dividend Preference Shares in issue (Note 2).
- 5 -
CASH FLOW STATEMENT
for the six months ended 31 December 2004
and comparative periods
Six months Six months Year to
to 31 to 31 30
December December June
2004 2003 2004
#'000s #'000s #'000s
Net cash inflow from operating activities 1,006 846 1,929
Servicing of Finance
Interest paid - (1) (1)
Investing Activities
Purchase of investments (8,112) (9,162) (16,057)
Sale of investments 8,399 9,025 15,833
Net cash inflow (outflow) from investing activities 287 (137) (224)
Equity dividends paid (1,051) (1,007) (2,264)
Increase (decrease) in cash 242 (299) (560)
- 6 -
ALLIANZ DRESDNER INCOME GROWTH INVESTMENT TRUST plc
Twenty Largest Equity Holdings as at 31 December 2004
Valuation % of
#'000s Total Assets * Principal
Activities
BP 3,886 6.81 Oil & Gas
HSBC 3,736 6.55 Banking
GlaxoSmithKline 3,483 6.10 Pharmaceuticals
Shell 3,108 5.45 Oil & Gas
Royal Bank of Scotland 2,628 4.60 Banking
Barclays 2,520 4.41 Banking
HBOS 2,459 4.31 Banking
Lloyds TSB 1,987 3.48 Banking
BT 1,786 3.13 Telecom Services
Vodafone 1,660 2.91 Telecom Services
Slough Estates 1,347 2.36 Property
Land Securities 1,190 2.09 Property
Scottish & Southern Energy 1,178 2.06 Electricity
Diageo 1,152 2.02 Spirits & Brewing
Bradford & Bingley 1,122 1.97 Banking
Imperial Tobacco 1,070 1.88 Tobacco
Severn Trent 933 1.63 Water
Rio Tinto 920 1.61 Mining
National Grid 918 1.61 Electricity
British American Tobacco 853 1.49 Tobacco
37,936 66.47
* Total Assets are stated net of current liabilities
- 7 -
Note 1
The return per Ordinary Share is based on 33,142,522 Ordinary Shares of 5p in
issue.
Note 2
At current market levels, assuming no growth in net assets, on a winding up in
June 2006, shareholders would receive:
31 31 30
December December June
2004 2003 2004
Net Asset Value per Zero Dividend Preference Share 179.7p 179.7p 179.7p
Net Asset Value per Ordinary Share 42.1p 25.6p 28.0p
Note 3
The revenue column of this statement is the profit and loss account of the
Company. All revenue and capital items derive from continuing operations. No
operations were acquired or discontinued in the period.
Note 4
This interim statement has been neither audited nor reviewed by the Company's
auditors. The interim statement has been prepared using the same accounting
policies as those adopted in the annual accounts for the year ended 30 June
2004.
The non-statutory accounts for the year ended 30 June 2004 are an extract from
the latest published accounts of the Company which have been delivered to the
Registrar of Companies. The auditors' opinion on those accounts was unqualified
and did not contain a statement under Section 237(2) or (3) of the Companies Act
1985.
The Interim Report will be sent to Shareholders shortly and made available to
the public at the Registered Office of the Company, 155 Bishopsgate, London,
EC2M 3AD.
For further information, please contact:
RCM (UK) Ltd
Simon White, Head of Investment Trusts
Tel: 020 7065 1539
or
RCM (UK) Ltd
Nigel Lanning, Fund Manager
Tel: 020 7065 1474
This information is provided by RNS
The company news service from the London Stock Exchange
END
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