Final Results
16 12월 2006 - 2:55AM
UK Regulatory
RNS Number:0631O
Schroder Split ZDP PLC
15 December 2006
15 December 2006
UNAUDITED PRELIMINARY RESULTS FOR THE YEAR ENDED 31 OCTOBER 2006
The Directors of Schroder Split ZDP plc announce the unaudited preliminary
results for the year ended 31 October 2006.
Highlights Year ended Year ended % Change
31 October 2006 31 October 2005
Zero Dividend Preference Share
Net asset value 142.59p 132.34p +7.75
Share price 146.00p 137.75p +5.99
Total return 10.26p 9.52p -
Income Statement
For the year ended 31 October 2006 For the year ended 31 October 2005
Revenue Capital Total Revenue Capital Total
Return Return Return* Return Return Return*
#'000 #'000 #'000 #'000 #'000 #'000
Accrued redemption premium - 2,817 2,817 - 2,614 2,614
receivable from parent company
Gross revenue and capital gains - 2,817 2,817 - 2,614 2,614
Net return before finance costs - 2,817 2,817 - 2,614 2,614
and taxation
Appropriations in respect of - (2,817) (2,817) - (2,614) (2,614)
Zero Dividend Preference Shares
Net return on ordinary activities - - - - - -
before taxation
Taxation on ordinary activities - - - - - -
Net return on ordinary activities - - - - - -
after taxation
Return per Zero Dividend - 10.26p 10.26p - 9.52p 9.52p
Preference Share
*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.
Balance Sheet
2006 2005
At 31 October 2006 #'000 #'000
Current assets
Debtors 39,216 36,399
Net current assets and net assets attributable to
Shareholders 39,216 36,399
Liabilities in respect of net assets attributable to
Shareholders represented by:
Called up share capital
- Ordinary Shares 50 50
- Zero Dividend Preference Shares 27,467 27,467
Reserve for redemption premium on Zero Dividend
Preference Shares 11,699 8,882
39,216 36,399
Funds attributable to:
- Ordinary Shareholders 50 50
- Zero Dividend Preference Shareholders 39,166 36,349
39,216 36,399
Net asset value per:
- Ordinary Share 100.00p 100.00p
- Zero Dividend Preference Share 142.59p 132.34p
The classification of called up share capital and reserves as liabilities (as
detailed in 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 financial statements have been prepared on the historical cost basis of
accounting.
The financial statements have been prepared in accordance with International
Financial Reporting Standards as adopted for use in the EU 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,
a company incorporated in Great Britain and operating in the United Kingdom.
2. The Company does not maintain any cash holdings and as such has not disclosed
a Cash Flow Statement.
3. The results for the year to 31 October 2006, 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.
Whilst the financial information included in this preliminary announcement has
been computed in accordance with International Financial Standards (IFRS), this
announcement does not itself contain sufficient information to comply with IFRS.
The Company will be publishing full financial statements that comply with IFRS.
This statement was approved by the Board of Directors on 15 December 2006.
ANNUAL REPORT
The Annual Report and Accounts will be mailed to registered shareholders at
their registered addresses in January 2007. Copies of the Annual Report and
Accounts will be made available from the date of release at the Company's
registered office, 31 Gresham Street, London EC2V 7QA.
Enquiries:
Louise Richard (020 7658 6501)
Schroder Investment Management Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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