Interim Results
17 6월 2006 - 3:34AM
UK Regulatory
RNS Number:7720E
Schroder Split ZDP PLC
16 June 2006
16 June 2006
UNAUDITED INTERIM RESULTS
The Directors of Schroder Split ZDP plc announce the unaudited preliminary
results for the six months ended 30 April 2006.
Highlights Six months ended Six months ended Year ended
30 April 2006 30 April 2005 31 October 2005
Net asset value
Zero Dividend Preference Share 137.33p 127.42p 132.34p
Mid market price
Zero Dividend Preference Share 140.50p 133.00p 137.75p
Total return to shareholders Six months ended 30 April Six months ended 30 Year ended
2006 April 2005 31 October 2005
#'000 #'000 #'000
Zero Dividend Preference Shares 1,371 1,265 2,614
Income Statement
(incorporating the revenue account)
Six months ended 30 April 2006 Six months ended 30 April 2005
(unaudited) (unaudited)
Revenue Capital Total* Revenue Capital Total*
#'000 #'000 #'000 #'000 #'000 #'000
Accrued redemption premium - 1,371 1,371 - 1,265 1,265
receivable from parent company
Gross revenue and capital gains - 1,371 1,371 - 1,265 1,265
Return before finance costs and - 1,371 1,371 - 1,265 1,265
taxation
Appropriations in respect of Zero - (1,371) (1,371) - (1,265) (1,265)
Dividend Preference Shares
Return on ordinary activities - - - - - -
before taxation
Tax on ordinary activities
Return on ordinary activities - - - - - -
after taxation
Zero Dividend Preference Share - 4.99p 4.99p - 4.60p 4.60p
*The total column of this statement is the Income Statement of the Company under
IFRS.
All revenue and capital items in the above statement derive from continuing
operations.
The classification of called-up share capital and reserves as liabilities (as
detailed in Note 1) means that appropriations in respect of Zero Dividend
Preference Shareholders are treated as a finance charge.
At 30 April 2006 At 31 October 2005
(unaudited)
Balance Sheet
#'000 #'000
Current assets
Debtors 37,770 36,399
Net current assets and net assets attributable to
Shareholders 37,770 36,399
Liabilities in respect of net assets attributable to
Shareholders represented by:
Called up share capital
- Ordinary Shareholders 50 50
- Zero Dividend Preference Shareholders 27,467 27,467
Reserve for redemption premium on Zero Dividend
Preference shares 10,253 8,882
37,770 36,399
Funds attributable to:
- Ordinary Shareholders 50 50
- Zero Dividend Preference Shareholders 37,720 36,349
37,770 36,399
Net asset value per:
- Ordinary Shareholders 100.00p 100.00p
- Zero Dividend Preference Share 137.33p 132.34p
The classification of called up share capital and reserves as liabilities (as
detailed in the Note 1) means there are no shareholders' funds and accordingly
neither a Reconciliation of Movements in Shareholders' Funds nor a Statement of
Changes in Equity have been presented.
Notes to the Preliminary Announcement
1. The interim financial statements have been prepared on the historical cost
basis of accounting.
The interim financial statements have been prepared in accordance with
applicable International Financial Reporting Standards and, where consistent
with these Standards, with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued in January 2003 and revised in
December 2005. The Company's previous financial statements were prepared under
applicable United Kingdom accounting standards. Other than the reclassification
of net assets attributable to Ordinary and Zero Dividend Preference
shareholders, from Shareholders' Funds to liabilities, the adoption of IFRS has
not lead to other adjustments to the Company's equity and net income. The
reclassification of Shareholders' Funds as liabilities has led to a significant
change in the presentation of the balance sheet. It should be noted, however,
that these changes are purely presentational, and have been made to comply with
the requirements of IAS 32, a new international accounting standard, and the
rights and obligations of both share classes remain unchanged.
All the Company's operations are of a continuing nature. The Company is a wholly
owned subsidiary of Schroder Split Investment Fund plc, another United Kingdom
company.
The Company is a wholly owned subsidiary of Schroder Split Investment Fund plc,
a company incorporated in Great Britain and operating in the United Kingdom.
2. The results for the six months to 30 April 2006 and 30 April 2005, which are
unaudited, constitute
non-statutory accounts within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the financial year ended 31 October 2005 are
not the Company's statutory accounts for that financial year. Those accounts
have been reported on by the Company's auditors and delivered to the registrar
of companies. The report of the auditors was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.
3. The Company has taken advantage of the exemptions permitted by FRS1 not to
prepare a cash flow statement as it is a wholly owned subsidiary of Schroder
Split Investment Fund plc.
The Interim Report will be mailed to shareholders at their registered addresses
in July 2006 and, from the date of release, copies will be available to the
public at the Company's registered office, 31 Gresham Street, London EC2V 7QA.
Enquiries: Schroder Investment Management Limited
Louise Richard (020 7658 6501)
16 June 2006
This information is provided by RNS
The company news service from the London Stock Exchange
END
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