Final Results
September 06 2005 - 2:14PM
UK Regulatory
RNS Number:9294Q
Allianz Dresdner Income Gwth IT PLC
06 September 2005
6th September 2005
For immediate release
Allianz Dresdner Income Growth Investment Trust plc
Preliminary Announcement of Results
For the Year Ended 30th June 2005
Highlights
* Total dividends increased to 6.90p net per share, with a fourth quarterly
interim payment of 1.85p per share. The total is over 13% above the
regular dividends paid for 2003/4.
* Revenue reserves now total #455,540, or 1.37p per Ordinary Share.
* Total Net Assets up 16.1% compared with the 14.5% rise recorded by the
FTSE100 Index and the 18% rise recorded by the FTSE 350 Higher Yield Index.
Dividend
A fourth quarterly interim dividend of 1.85p net per Ordinary Share has been
declared payable on 12th October 2005 to shareholders on the Register of Members
at 16th September 2005. With the first three quarterly interim dividends, this
makes a total payment for the year ended 30th June 2005 of 6.90p.
Net Asset Value
At the end of June the Trust's total assets were #60.8m, or 16.1% above the
#52.4m reported at 30th June 2004. Over the last twelve months the FTSE100
Index recorded growth of 14.5%, whilst the FTSE350 Higher Yield Index grew by
18.0%. In 2004/5, the assets attributable to the Zero Dividend Preference
shares rose by #2.8m, or by 7.6% to #40.1m. As a consequence assets
attributable to Ordinary Shareholders rose by #5.6m, or by 37% to #20.7m. Net
assets per ordinary share rose from 45.7p to 62.6p.
Prospects
As results for the first half of calendar 2005 show, companies have coped well
in general with the more sluggish business environment. Partly this reflects
the large overseas element in UK company profits. Within this, the high US
element is likely to be enhanced further by the recovery in the US dollar. This
latter change is particularly important for the Trust's portfolio, given that
over 20% of its dividend income is now derived from companies' earnings in US
dollars. With overall company cash flows remaining very positive, there are
encouraging prospects for dividend receipts in the months ahead, whilst the
Trust's revenue reserve at 30th June 2005 stood at 20% of dividends declared for
2004/5.
Future of the Trust
As shareholders will be aware, the Trust's Articles provide for it to be wound
up on 30th June 2006 They also provide for an alternative approach for those
investors who wish to continue with a similar vehicle if approved by a special
resolution at an Extraordinary General Meeting of Shareholders. The Board,
together with its advisers, is actively considering a number of options which
will be communicated to shareholders in good time.
Accounting Policy
The Preliminary Results for the year to 30th June 2005 have been prepared on the
basis of the accounting policies consistent with those in the most recent annual
financial statements.
Status
The Company operates as an approved investment trust within the meaning of
Section 842 of the Income and Corporation Taxes Act 1988, confirmation of which
has been granted by the Inland Revenue for the year ended 30th June 2004 and is
expected to be granted for the accounting year now under review. The Company is
not a close company. The Company is an Investment Company within the meaning of
Part VIII of the Companies Act 1985.
Annual General Meeting
The Annual General Meeting of the Company will be held at Stonecutter Court, 1
Stonecutter Street, London EC4A 4TR on Thursday 10th November 2005 at 12.30pm.
155 Bishopsgate By Order of the Board
London EC2M 3AD K J Salt
Company Secretary
STATEMENT OF TOTAL RETURN ("UNAUDITED")
For the year to 30th June 2005 Revenue Capital Total
#'000s #'000s #'000s
(Note 3)
Net gains on investments - 8,736 8,736
Income from fixed asset investments 2,516 - 2,516
Other income 28 - 28
Investment management fee (100) (234) (334)
Marketing and administration expenses (234) (4) (238)
Return on ordinary activities before finance costs 2,210 8,498 10,708
and taxation
Finance costs of borrowings - - -
Return on ordinary activities before taxation 2,210 8,498 10,708
Overseas taxation - - -
Return on ordinary activities after finance costs 2,210 8,498 10,708
and taxation
Attributable to Zero Dividend Preference Shares - (2,831) (2,831)
Return attributable to Ordinary Shareholders 2,210 5,667 7,877
Dividends on Ordinary Shares
1st Interim 1.65p (547) - (547)
2nd Interim 1.65p (547) - (547)
3rd Interim 1.75p (580) - (580)
4th Interim 1.85p (613 ) - ( 613)
( 2,287) - ( 2,287)
Transfer (from) to reserves ( 77) 5,667 5,590
Return per Ordinary Share (basic and diluted) Note 1 6.67p 17.10p 23.77p
BALANCE SHEET ("UNAUDITED")
At 30th June 2005 #'000s #'000s
Fixed Asset Investments 60,302
Debtors 327
Cash at bank 925
1,252
Creditors: Amounts falling due within one year (741)
Net Current Assets 511
Total Net Assets 60,813
Called up Share Capital 7,657
Share Premium Account 48,550
Capital Reserves - Realised (1,994)
Unrealised 6,144
4,150
Revenue Reserve 456
Shareholders' Funds 60,813
Net asset value per Ordinary Share 62.6p
Net asset value per Zero Dividend Preference Share 167.0p
The net asset value is based on 33,142, 522 Ordinary Shares and 23,999,757 Zero
Dividend Preference Shares in issue (Note 2).
STATEMENT OF TOTAL RETURN (Extracted from audited statement)
For the year to 30th June 2004 Revenue Capital Total
#'000s #'000s #'000s
(Note 3)
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)
Marketing and administration expenses (187) - (187)
Return on ordinary activities before finance costs 2,190 5,164 7,354
and taxation
Finance costs of borrowings (1) - (1)
Return on ordinary activities before taxation 2,189 5,164 7,353
Overseas taxation (1) - (1)
Return on ordinary activities after finance costs 2,188 5,164 7,352
and taxation
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
1st Interim 1.52p (503) - (503)
2nd Interim 1.52p (503) - (503)
3rd Interim 1.52p (504) - (504)
4th 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 (basic and diluted) Note 1 6.60p 7.64p 14.24p
BALANCE SHEET (Extracted from audited statement)
At 30th June 2004 #'000s #'000s
Fixed Asset Investments 52,626
Debtors 301
Cash at bank 75
376
Creditors: Amounts falling due within one year (610)
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)
(4,348)
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).
CASH FLOW STATEMENT
For the year ended 30th June 2005 and comparative period
(Unaudited) (Extracted from
audited statement)
Year to Year to
30th June 2005 30th June 2004
#'000s #'000s
Net cash inflow from operating activities 1,969 1,929
Servicing of Finance
Interest paid - (1)
Financial Investment
Purchase of fixed asset investments (13,891) (16,057)
Sale of fixed asset investments 14,950 15,833
Net cash inflow (outflow) from financial 1,059 (224)
investment
Equity dividends paid (2,177) (2,264)
Increase (decrease) in cash 851 (560)
CAPITAL STRUCTURE
As at 30th June 2005
#'000s %
Fixed Asset Investments 60,302 290.8
Net Current Assets 511 2.5
60,813 293.3
Less:
Attributable to Zero Dividend Preference Shares (40,077) (193.3)
Attributable to Ordinary Shares 20,736 100.0
Note 1
The returns per Ordinary Share are based on revenue or capital return to
Ordinary Shareholders, as appropriate, and on 33,142,522 Ordinary Shares in
issue.
Note 2
Assuming no growth in net assets, on winding up in June 2006, shareholders would
be entitled to the following Net Asset Values:
30th June 2005 30th June 2004
Per Ordinary Share 53.4p 28.0p
Per Zero Dividend Preference Share 179.7p 179.7p
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.
The financial information for the year to 30th June 2004 is derived from the
published statutory accounts of the Company for that year which have been
delivered to the Registrar of Companies. The Auditors reported on those
accounts; their report was unqualified and did not contain a statement under
Section 237 (2) or (3) of the Companies Act 1985.
Note 4
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the periods ended 30th June 2004 and 30th June
2005. The statutory accounts for the period ended 30th June 2005 will be
finalised on the basis of the financial information presented by the Directors
in this preliminary announcement and will be delivered to the Registrar of
Companies when they have been sent to shareholders.
For further information, please contact:
RCM (UK) Limited
Simon White
Tel: 020 7065 1539
Or
Nigel Lanning
Tel: 020 7065 1474
This information is provided by RNS
The company news service from the London Stock Exchange
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